Network Attached Storage (NAS) Market Insights and Growth by 2031
The network attached storage (NAS) market size is projected to reach US$ 113.49 billion by 2031 from US$ 31.02 billion in 2023. The market is expected to register a CAGR of 17.60% in 2023–2031. The integration of on-premises NAS with cloud storage is likely to remain a key network attached storage (NAS) market trend.
Network Attached Storage (NAS) Market Analysis
The network attached storage (NAS) market has grown significantly in recent years, owing to technical improvements, a growing demand for effective storage solutions, and an increase in digitalization. It provides a storage and retrieval service that allows several clients to retrieve data from a centralized place. The NAS industry is primarily driven by advantages such as ease of setup, flexibility, and scale-out, as well as low installation and maintenance costs. The increase in data flow necessitates an effective storage system, which raises the demand for NAS solutions.
The increase in data flow necessitates an effective storage system, which promotes the demand for NAS. The increase in unstructured data highlights the necessity for a scale-out NAS system to drive the NAS business. Furthermore, the government is working to improve SMEs' ability to grow their businesses efficiently. It offers incentives, initiatives, and investments to help SMEs embrace digital solutions, resulting in the adoption of NAS systems and driving the NAS market.
Network Attached Storage (NAS) Market Overview
Network-attached storage (NAS) is a file storage system that allows multiple users and different client devices to access data from a centralized disk capacity. It offers large capacity, easy access, and minimal cost. Network-attached storage (NAS) devices consolidate storage into a single location and support cloud tiers and functions such as archiving and backup. Network-attached storage (NAS) handles unstructured data such as video, audio, text files, websites, and Microsoft Office documents. The goal of network-attached storage (NAS) is to help users collaborate and share more data efficiently.
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Network Attached Storage (NAS) Market: Strategic Insights
Market Size Value in US$ 26.38 billion in 2022 Market Size Value by US$ 96.54 billion by 2030 Growth rate CAGR of 17.6% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Network Attached Storage (NAS) Market: Strategic Insights
| Market Size Value in | US$ 26.38 billion in 2022 |
| Market Size Value by | US$ 96.54 billion by 2030 |
| Growth rate | CAGR of 17.6% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Network Attached Storage (NAS) Market Drivers and Opportunities
Increase in Data Traffic to Favor Market
The rising connected device usage, simple internet access, and lower internet service costs all contribute to increased data storage demand and fuel the network attached storage (NAS) market. Furthermore, the growing use of big data analytics and cloud-based services, such as online content, apps, videos, and social media, increases the demand for an effective storage solution like a NAS system and serves as a catalyst for NAS market growth. According to Telefonaktiebolaget LM Ericsson's 'Mobile data traffic outlook,' total global mobile data traffic, excluding fixed wireless access (FWA), reached around 93 Exabytes (EB) per month at the end of 2022 and is expected to reach 392 EB per month by the end of 2031. Furthermore, when 4G traffic falls, 5G will account for 100% of mobile data traffic increase by 2031.
Deployment of 5G Network to Favor Market
The development of 5G networks is dramatically boosting data traffic because it provides bigger data volumes and lower latency than 4G and other networks. According to Cisco's estimate, 5G is expected to serve more than 10% of global mobile connections by the end of 2023, with an average speed of 575 Mbps. Because of rising data traffic, organizations and enterprises need services to store, process, and distribute their data effectively and reliably, leading to the demand for network attached storage solutions.
Demand for Real-time Data – An Opportunity in the Network Attached Storage (NAS) Market
The growing requirement for real-time data is driving the growth of the NAS market. The surging adoption of Internet of Things (IoT) technologies and connected devices, as well as the increasing adoption of hybrid cloud storage, are creating lucrative opportunities for NAS market players.
Network Attached Storage (NAS) Market Report Segmentation Analysis
Key segments that contributed to the derivation of the network attached storage (NAS) market analysis are storage solution, deployment, organization size, product, and end-user.
- Based on storage solution, the market is divided into Scale-up NAS, Scale-out NAS. The Scale-out NAS segment held a significant market share in 2023.
- Based on deployment, the market is bifurcated into on-premise, remote, and hybrid. The on-premise segment held a larger market share in 2023.
- Based on organization size, the market is bifurcated into SMEs and large enterprises. The large enterprises segment held a larger market share in 2023.
- In terms of product, the market is segmented High-end Enterprise NAS, Midmarket NAS, Low-end NAS. The High-end Enterprise NAS segment held a significant market share in 2023.
- Based on end-user, the market is bifurcated into BFSI, consumer goods and retail, telecommunications and ites, healthcare, energy, government, education and research, media and entertainment, manufacturing, business and consulting, and others. The consumer goods segment held a significant market share in 2023.
Network Attached Storage (NAS) Market Share Analysis by Geography
The geographic scope of the Network Attached Storage (NAS) market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
APAC has established itself as one of the most rapidly expanding network attached storage (NAS) markets. Several reasons have contributed to APAC's dominant position in the market. For starters, APAC has been at the forefront of sophisticated technology adoption and digitization. Furthermore, increases in consumer disposable income, changes in lifestyle, and shopping patterns are only a few of the variables driving the growing purchase of goods and products through online platforms. Consumers prefer to purchase online because it provides a wider assortment of products and saves time and money when compared to traditional stores. Furthermore, increased internet and smartphone penetration is increasing customers' desire for online purchasing, accelerating the expansion of the e-commerce business.
According to the India Brand Equity Foundation, India's online consumer base was 150 million in 2021 and is projected to reach 350 million by 2031. Thus, the rising e-commerce industry creates a demand for massive volumes of data storage. With the increasing volume of online transactions, e-commerce businesses require an efficient solution for storing, accessing, and processing their data. Network attached storage (NAS) is regarded as an efficient and scalable solution for data storage in order to boost the e-commerce sector and digitalization, resulting in increased use of network attached storage (NAS) solutions and driving the market.
Network Attached Storage (NAS) Market Report Scope
Network Attached Storage (NAS) Market News and Recent Developments
The network attached storage (NAS) market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for innovations, business expansion, and strategies:
- In October 2023, Ugreen added Ugreen NAS devices to its portfolio. (Source: Ugreen, Press Release)
- In October 2023, QNAP Systems, Inc. launched the QGD-1600 and QGD-160, new smart edge switches, to provide enhanced LAN security and versatile network management solutions. These switches are developed to integrate the functions of NAS (Network-Attached Storage) and switches. (Source: QNAP Systems, Inc, Newsletter)
Network Attached Storage (NAS) Market Report Coverage and Deliverables
The “Network Attached Storage (NAS) Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering the following areas:
- Network Attached Storage (NAS)Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Network Attached Storage (NAS) Market trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Network Attached Storage (NAS) market analysiscovering key market trends, Global and regional framework, major players, regulations, and recent market developments
- Network Attached Storage (NAS)Industry, landscape, and competition analysis, covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Storage Solution, Deployment, Organization Size, Product, End-user
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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