Sellbyville, DE -- (SBWire) -- 10/18/2018 --Network attached storage market is projected to register a lucrative growth with an impressive CAGR of over 20% between 2018 and 2024. This growth is attributed to the growing adoption of cloud-based storage solutions by SMEs, increase in big data analytics & data mining applications, and ease-of-installation & automatic data backup capabilities. Increasing volume of social media content and rapid proliferation of high-speed data transfer technologies are also expected to largely assist the market growth during the forecast timeline.
Network Attached Storage (NAS) Market is projected to surpass USD 20 billion by 2024. NAS is a dedicated file storage system that operates through a standard Ethernet connection to offer a file-based shared storage to LAN nodes. The device operates as an independent network node on the LAN and has its own unique IP address. A NAS system provides data access to a heterogeneous cluster of clients. Organizations use NAS solutions as a reliable data storage method, which can be easily managed and controlled with their established network systems.
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As companies are increasingly turning toward server virtualization, the network attached storage market are gaining renewed attention. They facilitate flexible, reliable, and highly scalable networked storage in virtualized environments. Small businesses are majorly adopting the storage technology to benefit from the features such as lower cost of storage infrastructure, easy and reliable data backup capability, centralized data storage, and continuous availability of enterprise data. This makes it easier for employees to seamlessly collaborate and respond to customers in a timely fashion. SMBs can leverage NAS solutions to add the storage capacity in an affordable way, share capacity with other parties (customers, suppliers), and automatically & continuously backup their critical business data.
NAS systems are offered in a diverse set of configurations by the manufacturers wherein they act as a central media hub for a family in consumer applications and can scale up to the largest data centers for enterprise applications. The companies offer these systems in different variations such as preconfigured storage systems with drives, or as unpopulated enclosures having open bays where customers can insert hard-disk drives to add to the overall storage capacity. Moreover, the devices with multiple hard drives often come equipped with Redundant Array of Independent Disks (RAID) capability, which enables the storage of duplicated data across multiple hard drives. When one drive stops functioning properly, users can simply replace it and the data automatically repopulate the new drive.
The competition in the network attached storage market is primarily characterized by the consistent product development and innovation initiatives by the companies to strengthen their NAS product portfolio and diversify it with solutions specifically meant for different target market segments such as home/consumer, SMBs, and enterprise customers. Consumer applications of the storage technology are growing rapidly due to the vast amount of data being generated by social networking platforms, digital entertainment platforms, and smart home automation & surveillance systems. This increasing trend of storing and sharing multimedia content among consumers has prompted NAS manufacturers to aggressively develop and commercialize consumer-oriented solutions to gain a competitive advantage in the rapidly growing market.
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North America held the majority market share of around 48% in 2017 due to early adoption of the advanced storage technology by the enterprises in the U.S. Also, with large-scale adoption of cloud platforms and extensive presence of cloud infrastructure by the leading global players such as Amazon Web Services (AWS), Microsoft, and IBM in the region, the adoption of NAS solutions in North America is expected to grow consistently over the forecast timeline.
Europe is projected to remain the second largest market for network attached storage market by 2024. The significant market coverage can be attributed to the widespread adoption of the storage technology by SMEs in the region, consistently expanding the data center infrastructure, and increasing the emphasis by key market players on extending their presence in the European market.
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Network Attached Storage Market to Cross US $20bn by 2024: Buffalo Americas, Seagate, DELL EMC, Hitachi, Cisco and 15 Other Companies Profile
Europe is projected to be the second largest network attached storage market by 2024 due to a growing data center ecosystem in the region along with large-scale adoption of the storage technology by SMEs.