Network Attached Storage Market to Reach $96.1 Billion, Globally, by 2032 at 14.56% CAGR: Allied Market Research

The network attached storage market is driven by factors such as surge in use of mobile computing devices with increase in data generation and rise in popularity of cloud-based services.

WILMINGTON, Del., Nov. 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Network Attached Storage Market by Storage Solution (Scale up and Scale out), Product (Enterprise and Midmarket), and Industry Vertical (BFSI, Healthcare, Retail & E-commerce, IT & Telecom, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022–2032″. According to the report, the global network attached storage industry generated $25.65 billion in 2022, and is projected to reach $96.1 billion by 2032, registering a CAGR of 14.56% from 2023 to 2032.

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Prime Determinants of Growth

The network-attached storage industry market is expected to witness notable growth owing to surge in use of mobile computing devices with growing data generation and propelling the growth and demand for Nas devices and related solutions. Moreover, surge in demand for hybrid cloud storage is expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, performance-related issues associated with network-attached storage (Nas) systems limits the growth of the network-attached storage industry market.

Report Coverage & Details:

 

Covid-19 Scenario:

The network attached storage market was significantly impacted by the COVID-19 outbreak. Production and manufacturing facilities across the globe were shut down due to the outbreak of the health crisis and the unavailability of the workforce. This further impacted the economy and caused economic hardship for business and communities in the world. Countries across the globe suffered major loss in terms of business and revenue, owing to lockdown and lack of availability of raw materials across the globe.

The Scale up (NAS) Segment to Maintain its Leadership Status Throughout the Forecast Period

Based on storage solution, the scale up (NAS) segment held the highest market share in 2022, accounting for more than two-thirds of the global network attached storage market revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in use of these solutions by small and mid-sized businesses (SMEs), residences, media & entertainment companies, research & education institutions, and consulting services. However, the scale out (NAS) segment is projected to attain the highest CAGR of 15.1% from 2023 to 2032 due to increase in need for data-driven applications and services.

The Midmarket Segment to Maintain its Leadership Status throughout the Forecast Period

Based on product, the midmarket segment held the highest market share in 2022, accounting for more than half of the global network attached storage industry revenue and is estimated to maintain its leadership status throughout the forecast period, owing to the increase in emphasis on data security and privacy compliance. However, the enterprise segment is projected to attain the highest CAGR of 15.31% from 2023 to 2032 due to rise in enterprise network-attached storage (NAS). There is also a greater emphasis on data security and privacy compliance, increased integration with cloud services and hybrid cloud environments, and the emergence of AI-driven analytics to improve storage management and data insights.

The IT and Telecom Segment to Maintain its Leadership Status throughout the Forecast Period

Based on industry vertical, the IT and Telecom segment held the highest market share in 2022, accounting for nearly one-third of the global network attached storage market revenue and is estimated to maintain its leadership status throughout the forecast period, as telecom providers integrate NAS solutions, granting seamless data access and enabling swift sharing. They also utilize their networks to boost NAS connectivity, especially in remote settings. Collaboration between IT and telecom sectors lead to cloud-based NAS advancements, capitalizing on high-speed data transmission and secure cloud architecture. However, the BFSI segment is projected to attain the highest CAGR of 16.31% from 2023 to 2032 due to rise of edge computing is set to reshape financial services.

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North America to Maintain its Dominance by 2032

Based on region, North America held the highest market share in terms of revenue in 2022, accounting for more than half of the global network attached storage market revenue owing to rise in demand for network attached storage in IT and telecom sector.

Key Industry Development

In April 2023, Seagate Technology Holdings plc, and QNAP Systems Inc., a leading network attached storage (NAS) vendor, announced an integrated portfolio of edge to cloud enterprise storage solutions. The portfolio delivers a range of innovative enterprise-scale solutions that include Seagate’s IronWolf Pro Hard Drives (HDD), QNAP’s high-capacity NAS solutions with Exos E series JBOD systems and Seagate Lyve Cloud.

Leading Market Players:

Intel Corporation Dell TechnologiesNetapp, Inc.Hewlett Packard Enterprise Development LpHitachi Ltd.Western Digital CorporationSeagate Technology PlcNetgear Inc.Synology Inc.IBM CorporationBuffalo Technology

The report provides a detailed analysis of these key players of the global network attached storage market. These players have adopted different strategies such as product launch, product development, partnership, investment, acquisition, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.

Key Benefits For Stakeholders:

As per the network attached storage market outlook, this report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the network attached storage market analysis from 2022 to 2032 to identify the prevailing network attached storage market opportunities.The network attached storage Market Forecast research is offered along with information related to key drivers, restraints, and opportunities.Porter’s five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.In-depth analysis of the network attached storage market segmentation assists to determine the prevailing market opportunities.Major countries in each region are mapped according to their revenue contribution to the global market.Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.The report includes the analysis of the regional as well as global network attached storage market trends, key players, market segments, application areas, and network attached storage Market growth strategies.

Network Attached Storage Key Segments:

By Storage Solution

Scale up (NAS)Scale out (NAS)

By Product

EnterpriseMidmarket

By Industry Vertical

OthersBFSIHealthcareRetail and E-commerceIT and TelecomAutomotive

By Region

North America  (U.S., Canada, Mexico)Europe  (Germany, UK, France, Spain, Italy, Rest of Europe)Asia-Pacific  (China, Japan, India, South Korea, Australia, Rest of Asia-Pacific)LAMEA  (Brazil, Saudi Arebia, United Arab Emirates, South Africa, Rest of LAMEA)

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