Network-Attached Storage Market To Generate $63,151 Million Revenue by 2030

The network-attached storage market size is expected to advance at a CAGR of 13.55% during 2022–2030, to reach USD 63,151 million by 2030.

The market is driven by the advancements in technology, due to which the volume of unstructured data that is being generated is increasing year on year. By 2025, 80% of the world’s digital information will be unstructured, and to store and secure it, NAS solutions are one of the leading technologies in use.

Apart from NAS, currently, a number of technologies are used to store and retrieve data, such as storage area network (SAN) and direct-attached storage (DAS). Unlike SAN and DAS, NAS solutions are less complicated to set up and maintain, more scalable, accessible from remote places, and cost-effective.

Certain companies, such as Amazon Web Services and Alibaba Cloud, are providing network-attached storage as a service. These services provide a high performance and easy access to files on cloud servers at data centers and between geographically distributed offices with higher security, using key authentication, repudiation, and AES-256 encryption.

Enterprise/High-End Category To Grow at High Rate

The enterprise category of the product type segment is expected to grow at a significant rate in the forecast period, due to the increase in the need for high storage capacities among organizations and the rise in the demand for the transferability of the data, due to the hybrid models of working in the modern world. Solutions marketed to enterprises are scalable and can handle a ton of client computers, thus offering enterprises quick access to digital information. Additionally, with the increasing demand for enterprise-grade solutions, vendors have started to offer customized NAS solutions for complete data management.

IT & Telecom Industry Holds Largest Share

Out of all the end users, the IT & telecom sector dominated the network-attached storage market in 2022, due to the quick adoption of data-intensive technologies, such as the internet of things (IoT) and over-the-top (OTT) at-home TV, which has driven the volume of unstructured digital information. The surge in the spending of enterprises on ICT infrastructure is also one of the factors behind the rapid growth in the usage of NAS solutions in the IT & telecom sector. The revolution in the ICT sector, coupled with a loosening of trade restrictions, has encouraged its growth. As a result, Investment in the ICT infrastructure has grown substantially in both developed and developing countries.

The usage of NAS also provides solutions for big datasets, which are common with artificial intelligence and machine learning. Machine information is never-ending, with lots of sensors placed in various places, such as connected cars and smart homes, microscopes, and weather tracking stations and instruments. With this massive rate of increase in the volume of unstructured data, there is a need for storing it with a scalable solution. This is, thus, one of the strongest factors driving the NAS market.

Fast Growth in E-commerce Sector

Moreover, the e-commerce sector is expected to grow at a significant rate in the forecast period, due to the increasing number of e-commerce platforms. Online shopping has become an essential part of the global retail framework, and with the ongoing digitalization of life, consumers in every part of the world now avail of the perks of online transactions. With the increasing adoption of the internet, the number of people making online purchases is increasing day by day; hence, customer data is also growing. To store it, companies are investing significantly in easily scalable, secure, and accessible storage.

The biggest network-attached storage market players are Dell Inc., QNAP Systems. Inc., Western Digital Corporation, Synology Inc., NetApp Inc., Hewlett Packard Enterprise, International Business Machines Corporation (IBM), Hitachi Vantara LLC, Seagate Technology Holdings plc, and Buffalo Technology.