The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The network attached storage (NAS) market has experienced significant growth in recent years, driven by various factors contributing to its expansion. These factors include:

• Business continuity planning
• Cloud integration and hybrid solutions
• Expansion of home and personal use
• Security and compliance needs
• Increasing demand from the media and entertainment industry

Current and Future Market Size

The market size of network attached storage reached $33.97 billion in 2023 and is projected to grow to $39.75 billion in 2024, reflecting a compound annual growth rate (CAGR) of 17.0%. Looking ahead, the market is expected to continue its rapid expansion, reaching $76.04 billion by 2028, with a CAGR of 17.6%. This growth trajectory is attributed to:

• Data proliferation and big data management
• Remote work and collaboration trends
• Enhanced focus on security and data protection
• Rise in media and entertainment consumption
• Increasing adoption by small and medium enterprises (SMEs)

Trends Shaping the Future

Several trends are expected to influence the NAS market in the forecast period, including:

• Disaster recovery and backup solutions
• Increased adoption in SMEs and home usage
• Growing demands from the media and entertainment industry
• Integration of AI and analytics workloads
• Expansion of edge computing integration

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5G Technology Boosts Network-Attached Storage Market

Impact of 5G Technology

The proliferation of 5G technology is anticipated to drive substantial growth in the NAS market. With its promise of significantly improved speed and responsiveness, 5G technology has led to a surge in data generation, which is effectively managed and stored by NAS systems. For instance:

• In 2022, the number of 5G network users in the US increased by 42% compared to the previous year, showcasing a substantial rise in data consumption.

Key Players in the Market

Major companies contributing to the NAS market include:

• Dell Technologies Inc.
• Western Digital Corporation
• Synology Inc.
• QNAP Systems Inc.
• NetApp Inc.
• Hewlett Packard Enterprise Company
• And many more

Product Innovation Driving Network-Attached Storage Market

Focus on Product Innovation

Innovation in NAS solutions is a prominent trend among market players. Companies are continually developing new products to enhance their market position. For example:

• StorCentric launched Nexsan EZ-NAS, catering to the edge deployments of both large organizations and SMBs, offering advanced capabilities such as in-line compression and data-at-rest encryption.

Recent Acquisitions

In June 2022, Nasuni Corporation acquired Storage Made Easy, integrating remote work and compliance capabilities into its platform, providing businesses with enhanced file data infrastructures.

Market Segmentation and Regional Insights

Segmentation Overview

The NAS market is segmented based on various factors, including product type, storage solution, deployment model, application, and end-user. This segmentation enables a deeper understanding of market dynamics and consumer preferences.

Regional Insights

North America emerged as the largest region in the NAS market in 2023, showcasing the region’s significant contribution to market growth.

In conclusion, the network-attached storage market continues to expand rapidly, driven by technological advancements, evolving consumer needs, and innovative solutions offered by key market players. With the integration of 5G technology and a focus on product innovation, the NAS market is poised for sustained growth in the coming years.

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The Network Attached Storage Global Market Report 2024 provides an overview of the network attached storage market for the time series: historic years (2010 -2021) and ten years forecast (2023 – 2032).The network attached storage market forecast analyzes network attached storage market size, network attached storage market share, leading competitor and their market positions.

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