The global Network Attached Storage (NAS) market is anticipated to exhibit significant CAGR of 16.8% during the forecast period (2021-2027). NAS is a file-level computer data storage server connected to a computer network providing data access to a heterogeneous group of clients. The rising need to access data anytime and anywhere in a corporate network is a primary factor driving the growth of the global NAS market. Rapid digitalization across the globe along with rapid integration of wireless communication technologies is further offering growth to the NAS market. 

Moreover, as NAS systems are highly effective, scalable, and economic in cost they are gaining considerable prominence in small & medium enterprises across the globe. However, NAS backup are difficult to take as backups made from one NAS device can’t be restored to one from another maker owing to the fact that underlying OSs are proprietary. Hence, difficult backup process may hamper the growth of the NAS market. The integration of on-premise NAS with cloud storage is anticipated to gain traction in the future, hence is expected to fuel the market growth during the forecast period. 

Impact of COVID-19 pandemic on NAS market

The COVID-19 pandemic has increased the demand for the NAS systems. Although, businesses across the globe has been hardly hit by the pandemic. The hike in demand for NAS systems has been noticed across the globe. According to the quarter report of the Seagate technologies, Inc. of 2020, The company has made 120.2 exabyte of hard disc drive (HDD) storage capacity shipment which was less by 9.3% the HDD shipment in 2019. However the cost of HDD has been increased by 12.5%. Therefore, the company’s HDD revenue has increased. 

Segmental Outlook  

The NAS market is segmented on the basis of storage type and end-user type. Based on storage type, the NAS market is segmented into scale-up and scale out. Scale-up NAS held major market share in 2020 based on storage type. The high adoption rate of NAS in medium and small scale enterprises owing to its low cost and high efficiency is a key factor contributing to the high share of the regional market. Based on end-user industry, the NAS market is segmented into BFSI, IT & Telecom, healthcare, aviation, retail, media & entertainment, and others. 

BFSI held Considerable Share based on End-User Industry

BFSI held major market share based on end-user industry. The high adoption of NAS system in BFSI industry to store high volume of sensitive data is a key factor contributing to the high share of this market segment. Growing digitalization in BFSI sector to make its functioning more transparent is further contributing to the high share of this market segment.  

Global NAS Market Share by End-User Industry, 2020 (%)

Regional Outlook 

The global NAS market is further segmented on the basis of geography including North America, Europe, Asia-Pacific and Rest of the World. In 2020, the North America held considerable market share of XX% in NAS market. The well-established IT industry of the US and rapid adoption of NAS system in medium and small enterprises owing to their higher scalability and cost efficiency is a key factor driving the growth of the regional market. According to the Executive Office of the President of the US, the US’ 30 million SMEs account for nearly two-thirds of net new private sector jobs in recent decades. The high presence of SMEs & MSMEs across the region is further promoting the growth of the regional market. The US is home to several multi-nationals; the growing need to store high volume data is further promoting need for NAS market across the region.

Global NAS Market Growth, by Region 2021-2027

Asia-Pacific will augment With the Significant Growth Rate in the NAS Market 

Asia-Pacific is projected to showcase highest CAGR of XX% during the forecast period. The rising development of 4G & 5G technologies, rising digital content, and increasing usage of smart electronic devices are major factors driving the growth of the regional market. In 2021, China Premier Li set a goal for China to get 56% of the country on 5G networks this year, and China is aiming to complete the installation of 5G network infrastructure during the 14th Five-Year Plan (2021-25) period. According to the Ministry of Industry and Information Technology (MIIT), as of the end of 2020, China has built the largest 5G network across the globe, with over 718,000 5G base stations throughout the country and 5G coverage for all prefecture-level cities, as well as over 200 million 5G terminal connections. Such huge adoption of 5G technology across the region is fuelling the regional market growth. 

Market Players Outlook

The global NAS market is characterized by the presence of several market players that are catering to a wide range of customers across the globe. Some of the key vendors of NAS include Intel Corp., Hewlett-Packard Development Company, Dell EMC, Synology Inc., Buffalo Technology Inc. and so on. Product advancement is the core focus of key players operating in the market. Mergers & acquisition, collaboration, and partnership, and so on are some other growth strategies that are being adopted by key market players to remain competitive in the NAS marketplace. 

The Report Covers

• Market value data analysis of 2020 and forecast to 2027.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global NAS market. Based on the availability of data, information related to services, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.