The network attached storage market was valued USD 22,850 million in 2022, and it will grow at a rate of 13.55% during 2022–2030, to touch USD 63,151 million by 2030, as stated by a market research institution, P&S Intelligence.
The market is powered by the increase in the use of smart devices, the IoT, and 5G networks, leading to the generation of huge unstructured data volumes, for example audio, photographic, video, and text files.
By 2025, about 80% of the world’s digital info will be unstructured. As such info requires to be stored and protected, the requirement for network-attached storage will surge globally.
The need for data centers globally is growing significantly because of the boom in the use of cutting-edge computer technologies. On account of this, the requirement for NAS is growing.
Organizations have numerous NAS units on-premises, but now, these solutions are used as an edge data center. Owing to the increasing requirement for, mobile, analytics, and cloud services globally, many new facilities are required to store the gathered info.
Also, with the growing R&D investments in these facilities in Germany and the U.S.; and the creation of next-gen centers, more tech advanced and efficient in managing info, the industry will prosper.
North America had the largest share of about 40% in the network attached storage market in the recent past. The acceptance of cloud-based data centers, substantial investments in R&D, and surge in the use of the IoT technology in smart devices in Canada and the U.S. will contribute to the growth of the market.
Furthermore, as a result of the momentous advancements in technologies and acceptance of smart devices, for instance mobiles, laptops, and health trackers in China, Japan, India, South Korea, and Malaysia, NAS requirement in APAC will significantly grow in the future.
Moreover, because of the surge in the use of micro, small, and medium enterprises, the volume of unstructured data is on the rise, creating the necessity for efficient storage solutions, for appropriate and secured backup. About 98% of the companies in North America are MSMEs.
The on-premises category will have the largest share in the near future. This allows companies to store all the important data on their own servers, ensuring high security of information and also offers the leverage of grading the storage for any dynamic need.
Though, market players also bid solutions with end-to-end disaster recovery functionality, as most companies are moving tin the direction of cloud-based storages.
It is due to the increasing volume of unstructured data, the demand for network attached storage will rise in the near future.
The global Network-Attached Storage Market is expected to be worth USD 45.21 Billion by 2023, growing at a CAGR of 20.1% from 2017 to 2023.For secure data storage and features such as file-based storage and multiple client access are the reason for the adoption of NAS devices across various end-user industries and hence propelling the growth of the NAS market.
Following to this, increasing dependence on digital content being stored in the cloud environment by SMBs, the proliferation of social media content along with high-speed data transfer technologies such as 4G & 5G and the need for a large amount of secure data storage devices for video surveillance application is further driving the growth of the network-attached storage market.Request Free Sample Pages:https://www.marketsandmarkets.com/requestsampleNew.asp?id=35395533Scale-out NAS is expected to hold the largest market share in 2023The network-attached storage market for scale-out storage solution is expected to hold the largest market share in 2023.
With additional features to upgrade the storage capacity, scale-out storage solution–based NAS devices have been considered as an alternative to scale-up storage solution based–NAS devices.Network-attached storage market for the healthcare sector to witness the highest growth rate from 2017 to 2023The NAS market for the healthcare end-user industry is expected to grow at the highest rate during the forecast period.
The healthcare industry comprises healthcare services and facilities, medical devices suppliers and manufacturers, medical insurance, and pharmaceuticals.
These organizations need to keep the record of the patients.
These devices enable the organizations to keep records and to analyze and keep track of patients’ history.North America leads the network-attached storage market in terms of market sizeNorth America, being the early adopter of advanced data storage technologies, held the largest share of the NAS market in 2016, followed by Europe and APAC.
The global network-attached storage market is expected to be worth USD 45.2 billion by 2023 from USD 15.1 billion in 2017.Market DynamicsThe Network-Attached Storage market for hybrid deployment type is expected to grow at the highest rate from 2017 to 2023.
Hybrid storage solutions have advantages and disadvantages over both on-premise and remote storage.
These are virtually transparent and possess mechanisms that keep active and frequently used data on-premise and move inactive data to the remote location-based systems.BFSI held the largest share in Network-Attached Storage market in terms of value.BFSI sector, a highly customer-centric sector, is transforming and adopting new processes to make its customers avail easy solutions such as mobile applications, online transactions, and others.
A large amount of data is generated every day with day-to-day financial transactions getting done worldwide.
These data from the customers are very crucial.
Network-attached storage devices offer secure data storage at a lower cost with several scalability options.Download Free PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=35395533Network-Attached Storage Market in APAC is expected to grow at the second-highest CAGR from 2017 to 2023.
