Network Attached Storage Market Trends
The Business Research Company recently released a comprehensive report on the Global Network Attached Storage Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The network attached storage market size has grown rapidly in recent years. It will grow from $33.97 billion in 2023 to $39.75 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The growth in the historic period can be attributed to business continuity planning, cloud integration and hybrid solutions, expansion of home and personal use, security and compliance needs, media and entertainment industry demand..
The network attached storage market size is expected to see rapid growth in the next few years. It will grow to $76.04 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to data proliferation and big data, remote work and collaboration, security and data protection, rise in media and entertainment consumption, small and medium enterprises (smes) adoption.. Major trends in the forecast period include disaster recovery and backup solutions, sme and home usage, media and entertainment industry demands, ai and analytics workloads, edge computing integration..
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Market Drivers and Trends:
The growing use of 5G technology is expected to propel the network-attached storage market. Fifth-generation wireless (5G) is the most recent iteration of cellular technology, designed to improve wireless networks’ speed and responsiveness significantly. The increasing use of 5g has led to immense data generation. The generated data is handled and stored by network-attached storage, increasing demand. For instance, in 2022, according to a report by Global Wireless Solutions, a US-based telecommunication company, the number of customers who used 5G networks increased from just 43% in 2021 to 61% in 2022 in the US. This indicates that 42% more users used 5G networks in 2022 than in 2021, a considerable increase compared to the 7% increase in 5G access the previous year in the single digits (2020-2021). Therefore, the rising data generation is driving the network-attached storage market.
Product innovation is a key trend in the network-attached storage market. Major companies operating in the network-attached storage market are focused on developing new NAS solutions to strengthen their position. For instance, in June 2022, StorCentric, a US-based data-centric security company, launched Nexsan EZ-NAS for the edge deployments of large organizations and small and medium-sized businesses (SMBs). Advanced enterprise-class capabilities, including in-line compression, AD support, and data-at-rest encryption, are offered by the Nexsan EZ-NAS platform. Nexsan EZ-NAS product stands out from all other products in its category because of its usability, functionality, and cost.
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Major Key Players of the Market:
Dell Technologies Inc.; Western Digital Corporation; Synology Inc.; QNAP Systems Inc.; NetApp Inc.; Hewlett Packard Enterprise Company; Hitachi Ltd.; Seagate Technology Holdings Public Limited Company; NETGEAR Inc.; Buffalo Americas Inc.; ASUSTeK Computer Inc.; International Business Machines Corporation (IBM); Huawei Technologies Co. Ltd.; Drobo Inc.; Cisco Systems Inc.; Zyxel Communications Corporation; D-Link Corporation; Nasuni Corporation; SoftNAS Inc.; Panasas Inc.; Infortrend Technology Inc.; Thecus Technology Corp.; Promise Technology Inc.; LenovoEMC; Open-E Inc.; Syneto S.R.L.; Overland Storage Inc.; Nexsan Corporation.; Super Micro Computer Inc.; Oracle Corporation; NEC Corporation; Fujitsu Limited
Network Attached Storage Market 2024 Key Insights:
• The network attached storage market will grow to $76.04 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%.
• 5G Technology Boosts Network-Attached Storage Market
• Product Innovation Driving Network-Attached Storage Market
• North America was the largest region in the network attached storage market in 2023
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