The Network Attached Storage (NAS) Market is estimated to grow from USD 23.2 billion in 2020 to USD 48.0 billion by 2025, at a CAGR of 15.7%. The increased use of smartphones, laptops, and tablets resulting in the generation of large volumes of data and the rapid adoption of 4G and 5G technologies are the key factors fueling the growth of this market.
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NAS Market for 1-bay to 8-bay NAS solutions accounted for largest share of NAS market in 2019
In 2019, NAS systems with 1 bay to 8 bays held the largest market share, and a similar trend is likely to be observed during the forecast period owing to the growing adoption of 1-bay to 8-bay NAS solutions by small and medium-sized businesses, homes, education and research centers, media and entertainment companies, and business and consulting service providers. An increase in the volume of data generated across these industries, is leading to the increased demand for 1-bay to 8-bay NAS solutions.
NAS Market for midmarket NAS solutions is expected to grow at highest CAGR during forecast period
The midmarket NAS solutions held a larger market share in 2019, and a similar trend is likely to be observed in the near future. It is also projected to grow with a higher CAGR during the forecast period. The increased use of smart devices products such as smartphones, tablets, and other smart devices led to the rise of digital media. Midmarket NAS solutions are ideal and inexpensive solutions for small- and mid-sized businesses and homeowners.
NAS Market for scale-up NAS solutions accounted for largest share of NAS market in 2019
Scale-up NAS solutions held a larger market share in 2019. These solutions are usually deployed in industries such as small and medium-sized offices, homes, educational institutions, and hotels, wherein a moderate volume of data is generated, and the only requirement is to store this data. Also, these solutions are available at a lower cost compared to scale-out solutions.
NAS Market for hybrid deployment is expected to grow at highest CAGR during forecast period
The hybrid segment is expected to register the highest CAGR in the NAS market during the forecast period. The hybrid system consists of both on-premises and remote deployments where active data is stored in the on-premises system, and inactive data is shifted to remote location-based systems. The inclination toward such deployment models is increasing day by day as companies need to keep a backup of the crucial data to avoid the loss of critical information in the case of any disaster.
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Banking, financial services, and insurances (BFSI) industry accounted for largest share of NAS market in 2019
In 2019, the BFSI industry held a major share of the NAS market. Large volumes of data is being generated in the BFSI industry; hence, the industry requires reliable and huge capacity storage devices to store generated data. These requirements can be fulfilled by NAS devices. Moreover, data security is a major concern of the players in this industry. Therefore, they are focused on using highly scalable and reliable NAS solutions to avoid security-related issues.
NAS Market in APAC is expected to grow at highest CAGR during forecast period
The market in APAC is expected to grow at the highest CAGR during the forecast period owing to the presence of numerous small and mid-scale industries in the region. Also, the increasing number of small and medium-sized enterprises (SMEs) and increasing investments by these companies on the development of IT infrastructure are driving the growth of the NAS market in these countries.
Dell Technologies Inc. (US), NetApp, Inc. (US), HEWLETT PACKARD ENTERPRISE COMPANY (HPE) (US), Hitachi, Ltd. (Japan), and WESTERN DIGITAL CORPORATION (US) are the key players in the NAS market. These players are increasingly undertaking strategies such as product launches, expansions, partnerships, contracts, collaborations, agreements, and acquisitions to increase their market share.