Network Attached Storage (NAS) Market is likely to be worth nearly US$ 116.6 Bn by 2032

The market for network attached storage (NAS) is expected to grow at a CAGR of 14.2% between 2022 and 2032. The market for network attached storage (NAS) is anticipated to grow from US$ 26.8 billion in 2021 to US$ 116.6 billion in 2032.

The increased need for data backup and redundancy is expected to increase adoption of network attached storage (NAS) solutions. Furthermore, as network-attached systems offer greater data manageability and scalability for handling and storing data, the demand for network attached storage (NAS) solutions is rising.

The key drivers of the network attached storage market are the rising requirement to access data in the corporate network and the internet at any time and from any location.

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The increasing usage of remote and virtual office settings, business continuity planning, and the requirement to offer employees with remote access to corporate networks, in turn, are driving demand for network attached storage (NAS) technology.

Business operations need the backup of sensitive data, and network attached storage (NAS) systems are the ideal solution. The increased use of network attached storage (NAS) technology is due to the use of backup targets and files to store data copies.

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.

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 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. 

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. 

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