Network Attached Storage (NAS) Market Size to Reach USD 11540 Million by 2027 at CAGR 27.8% - Valuates Reports
BANGALORE, India, Nov. 22, 2021 /PRNewswire/ -- The Network Attached Storage Market is Segmented by Type (Cloud Deployment, On-premises Deployment), End User (Small and Medium Enterprises (SMEs), Large enterprises). The report covers global opportunity analysis and industry forecasts from 2021 to 2027. It is published in Valuates Reports under Computer Hardware Category
The global Network Attached Storage market size is projected to reach USD 11540 Million by 2027, from USD 2013.2 Million in 2020, at a CAGR of 27.8% during the forecast period 2021-2027.
Major Factors Driving The Growth Of Network Attached Storage Market Are:
NAS devices are quickly gaining popularity among big and small organizations in a variety of industries as a reliable, scalable, and cost-effective storage option. This factor is expected to drive the growth of the network attached storage market.
Because NAS functions similarly to a private cloud, data may be accessed remotely via a network connection, allowing employees to work from any location at any time. This capability is expected to boost the NAS market even further.
The increased reliance on digital content saved in the cloud by SMBs can be related to the expansion of the NAS industry. Furthermore, the expansion of social media information, as well as high-speed data transport technologies like 4G and 5G, as well as the demand for a significant number of secure data storage devices for video surveillance applications.
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Trends Influencing The Growth Of Network Attached Storage Market
Network-attached storage devices have made it easy to unload and backup data from computers while still having remote access to the information. These units store data in a centralized location and provide secure dedicated IP addresses to allow authorized on-site and network access. These devices come with a variety of useful and adaptable capabilities that cater to the demands of both home users and small and large companies. The use of the cloud to implement these solutions provides more convenience because the service provider is responsible for ensuring optimal uptime, data security, and regular upgrades, lowering the total cost of ownership. These features are expected to increase the adoption thereby driving the growth of the network attached storage market.
When compared to other storage types such as DAS (Direct Attached Storage) and SAN (Storage Area Network), most midmarket and enterprise organizations use NAS for some tier of storage in excess of capacity (Storage Area Network). The growth of unstructured data, the growing footprint of scale-out NAS in business IT systems, and the focus on network virtualization and software-defined NAS are all driving the network attached storage market growth.
Vendors are developing customized NAS solutions for enterprises that want to use NAS as a full-fledged data management solution. Integration of on-premise NAS with cloud storage is projected to gain popularity in the future, allowing for complete control over data in the NAS as well as cloud backup and archiving. For storage provisioning, several providers are working to integrate the existing NAS system with popular cloud storage services, particularly Amazon S3.
Furthermore, features such as ease of access, reasonably low cost, and high capacity are attracting enterprises to adopt the NAS solution. In many circumstances, it also outperforms DAS, especially when several devices need to access the same store. For some workloads, NAS may be more effective than SAN, depending on network traffic and storage communication protocol preferences. Thus, the increasing adoption by various enterprises is expected to drive the NAS market.
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Network Attached Storage (NAS) Market Share Analysis
Based on the end-user industry, the BFSI sector held the largest market share during the forecast period.
Based on the Region, Because of its early adoption of advanced analytics solutions including large data storage requirements, North America is likely to be the most lucrative market over the projection period. In the region, the United States is expected to have the largest share.
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Key Players in the Network Attached Storage (NAS) Market
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- The global Consumer and SMB NAS market size is projected to reach USD 19230 Million by 2027, from USD 11400 Million in 2020, at a CAGR of 7.3% during 2021-2027.
- The global Consumer Network Attached Storage (NAS) market size is projected to reach USD 15070 Million by 2027, from USD 6892.2 Million in 2020, at a CAGR of 11.3% during 2021-2027.
- The global Next Generation Storage Devices market size is projected to reach USD 149980 Million by 2027, from USD 72390 Million in 2020, at a CAGR of 10.5% during 2021-2027.
- The global media & entertainment storage market size was valued at USD 6,635.7 Million in 2019, and is projected to reach USD 17,879.5 Million by 2027, registering a CAGR of 13.7% from 2020 to 2027.
- The global Storage Area Network (SAN) Solutions market size is projected to reach USD 18260 Million by 2027, from USD 14900 Million in 2020, at a CAGR of 2.5% during 2021-2027.
- The cloud storage market size was valued at USD 46.12 billion in 2019, and is projected to reach USD 222.25 billion by 2027, growing at a CAGR of 21.9% from 2020 to 2027.
- The global Cloud Storage Gateway market size is projected to reach USD 6194.3 Million by 2027, from USD 1901.3 Million in 2020, at a CAGR of 17.9% during 2021-2027.
- The global Cloud DLP market size is projected to reach USD 2213.2 Million by 2027, from USD 797.3 Million in 2020, at a CAGR of 15.6% during 2021-2027.
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