Network Attached Storage Global Market Report 2024

The network attached storage market size has grown rapidly in recent years. It will grow from $33.97 billion in 2023 to $39.75 billion in 2024 at a compound annual growth rate (CAGR) of 17.0%. The expansion observed during the historical period can be attributed to various factors, including the emphasis on business continuity planning, the integration of cloud services and hybrid solutions, the increased adoption for home and personal use, the growing emphasis on security and compliance needs, and the rising demand from the media and entertainment industry.

The network attached storage market size is expected to see rapid growth in the next few years. It will grow to $76.04 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The anticipated growth in the forecast period can be linked to various factors, including the proliferation of data and big data applications, the prevalence of remote work and collaboration, heightened focus on security and data protection, increased consumption in the media and entertainment sector, and the growing adoption by small and medium enterprises (SMEs). Key trends expected in the forecast period encompass the implementation of disaster recovery and backup solutions, expanded usage in SMEs and home environments, continued demand from the media and entertainment industry, increased integration of AI and analytics workloads, and the incorporation of edge computing.

The anticipated widespread adoption of 5G technology is poised to drive the growth of the network-attached storage market. 5G, the latest iteration of cellular technology, aims to significantly enhance the speed and responsiveness of wireless networks. The increasing implementation of 5G technology has resulted in substantial data generation, and the subsequent handling and storage of this data by network-attached storage systems have led to an increased demand. For example, in 2022, Global Wireless Solutions reported a noteworthy shift, with the percentage of users accessing 5G networks in the United States increasing from 43% in 2021 to 61% in 2022. This indicates a substantial 42% rise in 5G network users in 2022 compared to the previous year's single-digit increase of 7% from 2020 to 2021. Consequently, the surge in data generation is a key driver propelling the network-attached storage market.

The rise in the adoption of work-from-home (WFH) practices is expected to contribute to the growth of the network-attached storage market. WFH refers to a work arrangement where employees perform their job duties remotely, often from their homes. Remote work necessitates access to shared files and collaborative tools, for which network-attached storage (NAS) serves as a centralized and easily accessible storage solution. This facilitates efficient collaboration and data sharing among remote team members. As of June 2023, Forbes reported that 12.7% of full-time employees work from home, and 28.2% follow a hybrid model. The projection is that by 2025, 32.6 million Americans will be working remotely. Hence, the increasing demand for WFH mechanisms is a significant factor driving the growth of the network-attached storage market.

Product innovation stands out as a noteworthy trend in the network-attached storage market. Leading companies in the market are actively engaged in developing new NAS solutions to enhance their market positions. An example is StorCentric, a US-based data-centric security company, which launched Nexsan EZ-NAS in June 2022. This platform, designed for edge deployments of large organizations and small to medium-sized businesses (SMBs), offers advanced enterprise-class capabilities, including in-line compression, AD support, and data-at-rest encryption. The Nexsan EZ-NAS product distinguishes itself in terms of usability, functionality, and cost compared to other products in its category.

Major companies in the network-attached storage market are focusing on the development of powerful components, such as dual-port expansion cards, to fortify their market presence. A dual-port expansion card is a hardware component added to a computer system to provide additional functionality or connectivity. For instance, QNAP Systems, Inc., a Taiwan-based company specializing in NAS solutions, launched the QXG-100G2SF-CX6 in August 2022. This powerful dual-port 100GbE PCIe 4.0 expansion card, equipped with an NVIDIA Mellanox ConnectX-6 Dx controller, is designed for installation in QNAP all-flash NAS or Windows/Linux workstations and servers. It offers an impressive total throughput of up to 200 GB/s, addressing performance bottlenecks with low latency, making it suitable for bandwidth-intensive tasks in data centers, virtualization, multimedia streaming, and critical backup and restore operations.

In June 2022, Nasuni Corporation, a US-based file data services provider, acquired Storage Made Easy, a UK-based data management company, for an undisclosed amount. This strategic acquisition positions Nasuni Corporation to integrate remote work and compliance capabilities into the Nasuni platform, offering businesses additional incentives to update their file data infrastructures while reducing capital and operating expenses.

Major companies operating in the network attached storage market report are Dell Technologies Inc., Western Digital Corporation, Synology Inc., QNAP Systems Inc., NetApp Inc., Hewlett Packard Enterprise Company, Hitachi Ltd., Seagate Technology Holdings Public Limited Company, NETGEAR Inc., Buffalo Americas Inc., ASUSTeK Computer Inc., International Business Machines Corporation (IBM), Huawei Technologies Co. Ltd., Drobo Inc., Cisco Systems Inc., Zyxel Communications Corporation, D-Link Corporation, Nasuni Corporation, SoftNAS Inc., Panasas Inc., Infortrend Technology Inc., Thecus Technology Corp., Promise Technology Inc., LenovoEMC, Open-E Inc., Syneto S.R.L., Overland Storage Inc., Nexsan Corporation., Super Micro Computer Inc., Oracle Corporation, NEC Corporation, Fujitsu Limited.

North America was the largest region in the network attached storage market in 2023. The regions covered in the network attached storage market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the network attached storage market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary categories of NAS products include high-end or enterprise, midmarket, and low-end NAS. High-end or enterprise NAS solutions constitute expansive computer data storage systems integrated into a network, utilizing specific data transmission protocols. These solutions are employed to furnish data to large organizations. NAS storage primarily encompasses scale-out, scale-up, and other solutions, deployed on-premise, in the cloud, or through a hybrid approach. NAS finds utility in both home or consumer settings and businesses, serving diverse sectors such as BFSI, healthcare, retail, e-commerce, IT and telecom, automotive, and other end-users.

The network attached storage market research report is one of a series of new reports that provides network attached storage market statistics, including network attached storage industry global market size, regional shares, competitors with a network attached storage market share, detailed network attached storage market segments, market trends and opportunities, and any further data you may need to thrive in the network attached storage industry. This network attached storage market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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