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Network Attached Storage (NAS) Market Worth $51.0 billion by 2028 - Exclusive Report by MarketsandMarkets™
[November 22, 2022]

Network Attached Storage (NAS) Market Worth $51.0 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Nov. 22, 2022 /PRNewswire/ -- NAS market is projected to grow from USD 25.7 billion in 2022 and is projected to reach USD 51.0 billion by 2028; it is expected to grow at a CAGR of 12.1% from 2022 to 2028 according to a new report by MarketsandMarkets™. The growth of this market is driven by factors such as growing requirement for real-time data, growing use of 5G technology, and increasing adoption of hybrid cloud storage.

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More than 20 bays segment is expected to grow at the high CAGR from 2022 to 2028.

More than 20 bays segment is expected to grow at high rates over the forecast period. The high growth rate is driven by various features offered by the more than 20-bay NAS solutions, such as fast response, data recovery, high performance, and high storage capacity. These features have increased their adoption in the telecommunications, banking, financial services, and insurance (BFSI), and manufacturing sectors. The growing number of users of smart devices, coupled with the rising number of financial banks across the world, is expected to spur the demand for NAS systems with more than 20 bays in the coming years.

The hybrid segment in NAS market is expected to be the fastest growing deployment type segment during the forecast period.

The hybrid segment is projected to be the fastest growing node size segment during the forecast period. The hybrid system consists of both on-premises and remote/cloud deployments, where active data is stored in the on-premises system, and inactive data is shifted to remote location-based systems. This is also known as disaster recovery management. The inclination toward such deployment models is increasing day by day as companies need to keep a backup of crucial data to avoid the loss of critical information in the case of any disaster. One of the benefits of hybrid cloud storage is that it combines on-premises control over infrastructure, security, and data with the flexible nature of cloud technology. These intuitive features provided by hybrid deployment type network attached storages is expected to fuel the segment growth over the forecast period. 

Healthcare segment of the NAS market to record highest CAGR from 2022 to 2028.

The healthcare segment is expected to account for the highest CAGR of the NAS market from 2022 to 2028. The segment's growth can be attributed to the surging adoption of data analytics, the growing use of wearable technology to monitor health status, and the increasing focus of healthcare professionals on scientific research. A massive volume of data needs to be analyzed for several patients in a hospital. Each patient's records include e-mail addresses, back-office data, earlier medical reports, etc. Storing, managing, and accessing vast amounts of information require high-speed NAS systems. Therefore, the industry is anticipated to record the highest CAGR during the forecast period.

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North America will hold the largest share in the NAS market durin the forecast period.

North America will hold the largest NAS market share from 2022 to 2028. The market growth is credited to the presence of tech giants across the NAS ecosystem in the region, such as NetApp, Inc. (US), Western Digital Corporation (US), Dell Technologies Inc. (US), Hewlett Packard Enterprise Company (US), NETGEAR, Inc. (US), and Seagate Technology Holdings PLC (US), among others. These players are extensively focusing on R&D to develop and provide innovative offerings and to stay competitive in the market. For instance, in FY2022, NetApp, Inc. (US) invested USD 881 million in R&D. Similarly, in FY2022, Dell Technologies Inc. (US) invested USD 2,577 million in R&D. These companies are emphasizing upgrading their existing NAS portfolio to achieve a competitive edge in the market. For instance, in September 2021, Dell Technologies Inc. (US) boosted its PowerScale NAS solution, which provides high flexibility, protection, management, and security capabilities to eliminate data silos and effectively use unstructured data.

Key players in the NAS market include Dell Technologies Inc. (US), Hewlett Packard Enterprise Company (US), NetApp, Inc. (US), Western Digital Corporation (US), Hitachi, Ltd. (Japan), NETGEAR, Inc. (US), Synology Inc. (Taiwan), Buffalo Americas, Inc. (US), Seagate Technology Holdings Public Limited Company (US), Pure Storage, Inc. (US), and QNAP Systems, Inc. (Taiwan). Apart from these, Thecus Technology Corp. (Taiwan), D-Link Corporation (Taiwan), Infortrend Technology Inc. (Taiwan), iXsystems, Inc. (US), Spectra Logic Corporation (US), and Panasas (US) are among a few emerging companies in the NAS market.

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