Network Attached Storage Market Dynamics: Global Size and Share Analysis 2023-2038

The Network Attached Storage market is projected to grow from USD 25.7 billion in 2022 to reach USD 51.0 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.1% from 2022 to 2028.

Rising data generation with surge in use of mobile computing devices, surging adoption of Internet of Things (IoT) technologies and connected devices, and growing use of 5G technology are the factors driving the growth of the NAS market.

Key players in the NAS market are Dell Technologies Inc. (US), NetApp, Inc. (US), Hewlett Packard Enterprise Company (US), Hitachi, Ltd. (Japan), Western Digital Corporation (US), Seagate Technology Holdings Public Limited Company (US), NETGEAR, Inc. (US), Synology Inc. (Taiwan), Buffalo Americas, Inc. (US), Pure Storage, Inc. (US), and QNAP Systems, Inc. (Taiwan).

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Opportunity: Increasing adoption of hybrid cloud storage
The growing amount of unstructured data sets is the output of increased internet usage. This unstructured data is in the form of audio files, videos, or images. However, storing this data safely and securely has become a tough task. Cloud storage has become vital with the rapid growth in data generation. Hybrid NAS solutions are a combination of traditional NAS devices and cloud storage. They enable the creation of a virtual database where information can be stored in a single volume and accessed from anywhere. This, in turn, improves replication, remote mirroring, and data security. It also allows for data compressing to minimize space. With the help of hybrid NAS, companies can efficiently share and manage their critical data. With the increase in data volumes, the interest of customers and organizations is shifting toward adopting hybrid NAS.

Challenge: Lack of proper infrastructure to secure data
At present, the world is moving toward digitization; hence, data has emerged as a new, valuable asset. Increased data quantity has pressurized enterprises to get adequate infrastructure to secure and leverage the data generated. In the case of inappropriate or insufficient infrastructure, there is a threat of data loss or theft. Sometimes, implementing an apt infrastructure is costlier for enterprises. However, the growing demand for data security is forcing organizations to plan for proper infrastructure investments.