Network Attached Storage (NAS) Market Is Expected To See a growth of 14.2% CAGR during Forecast 2022 to 2032

December 6, 2022December 6, 2022 ankush

The network attached storage (NAS) market is projected to appear at a valuation of US$ 116.6 Bn by 2032 from US$ 31 Bn in 2022, rising quickly at a CAGR of 14.2% all through the check period.

The rising social event of 4G and 5G advances, the production of high-volume robotized content, and the making usage of telephones, computers, and tablets, which accomplish the time of goliath extents of information, are the key drivers driving the improvement of network attached storage (NAS) market.

The fundamental drivers of the network attached storage market are the rising fundamental to get to information in the corporate network and the web whenever and from any area. The rising use of remote and virtual office settings, business development organizing, and the need to offer workers with far off authorization to corporate networks, thusly, are driving interest for network attached storage (NAS) progression.

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Business activities need the reinforcement of touchy information, and network attached storage (NAS) frameworks are the best arrangement. The expanded utilization of network attached storage (NAS) innovation is because of the utilization of reinforcement targets and records to store information duplicates.

Key Takeaways 

The market size for network attached storage (NAS) in the United States is expected to reach US$ 41.5 Bn by 2032, growing at a CAGR of 13.9% during the research period.
United Kingdom is expected to reach a market size of US$ 4.8 Bn in network attached storage (NAS) by 2032, with a CAGR of 12.8% during the research period.
China’s network attached storage (NAS) market is expected to be worth US$ 8.4 Bn by 2032, with a CAGR of 13.5% over the forecast period.
Japan is expected to have a market size for network attached storage (NAS) of US$ 6.7 Bn by 2032, with a CAGR of 12.4% during the research period.
By 2032, South Korea is expected to reach a market size of US$ 4.2 Bn in network attached storage (NAS), with a CAGR of 11.7% during the research period.
In the design sector, 1 Bay to 8 Bays from the network attached storage (NAS) market is anticipated to flourish at the quickest CAGR of 14.2% through 2032.
With a CAGR of 14.0% through 2032, midmarket NAS solutions are predicted to grow significantly in the product sector of the network attached storage (NAS) market.

Competitive Landscape:

The market for network-attached storage is very fragmented. Previously, the network attached storage (NAS) market was dominated by the key companies. However, an increased business need for data storage is driving many new companies into the network attached storage (NAS) market, making it competitive.

ZyXEL Communications Corporation, Thecus Technology Corporation, Drobo Inc., Asustor Inc., Dell EMC, Buffalo Technology Inc., Hewlett-Packard Development Company, Hitachi Data Systems Corporation, NetApp Inc., International Business Machines (IBM) Corporation, Seagate Technology PLC, and others are among the key network attached storage (NAS) market players.

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How are Some Challenges Stifling Network Attached Storage (NAS) Market Growth

As network attached storage (NAS) is a type of storage connected to a computer system and delivers file services, cyber attackers can access this data, posing a cyber security concern. This is anticipated to be a challenge that might hamper the growth of the network attached storage (NAS) market during the forecast period.

Data security and privacy are critical characteristics for network-connected storage systems servers and hardware. Failing to provide data security, the network attached storage (NAS) market is likely to face challenges throughout the forecast period.

Recent Development:

HITACHI VSP 5000 was released in March 2021. It is the fastest NVME flash array in the world. It provides workload diversity, which means it can handle any workload, from mainframe to container. It has the appropriate size capacity and service levels. It is built with a combination of NVMe and SAS, which helps to maximize performance and workload cost. Powerful virtualization extends the capabilities of older systems. It is a quick and simple transition to NVMe and SCM over Fabrics (NVMe-oF).
June 20, 2021 – The sheer performance of Dell EMC’s Unity XT hybrid storage systems ensures that controllers do not become the limiting factor, allowing users to extend as needed to stay up with application IOPS, latency, and capacity expansion, and are built for 5-9 availability. The IO of the Unity XT hybrid array is boosted with FAST Cache or SSD Read Cache to offer flash performance with lower-cost MLC flash drives.
QNAP Systems Inc. published the QTS 4.4.2 NAS operating system in April 2020. QTS 4.4.2 not only improves system security and storage scalability but also improves storage expandability with physical JBOD devices to meet file storage and backup requirements.
NetApp Inc. purchased Talon Storage (US) in March 2020, a pioneer in next-generation software-defined storage solutions, to help global companies centralise and consolidate IT storage infrastructure to public clouds.
Synology Inc. released the DiskStation DS420j (a 4-bays network attached storage (NAS) server) in January 2020, a file syncing and sharing solution that covers the diverse capacity demands of home customers.
Acronis, a global leader in cyber protection, awarded WESTERN DIGITAL CORPORATION a contract in March 2020 to deliver its Ultrastar Data60 and Ultrastar Data102 high-capacity hybrid storage platforms, which will assist Acronis in meeting capacity demands and supporting the business’ long-term expansion plans efficiently and cost-effectively.