Network Attached Storage Market size is anticipated to surpass USD 127 Billion by the end of 2036, expanding around 12% CAGR during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of network-attached storage was over USD 26 Billion. The rising demand for smartphones is one of the primary reasons responsible to the market growth. Huge amounts of data have been generated by the rising use of smartphones, tablets, and laptops. The smartphone usage is anticipated to reach around 7.7 billion people by 2027. This factor is escalating the market growth rapidly.
Furthermore, due to the rising demand for data backup and redundancy, the implementation of cloud storage is the main factor driving the use of network-linked solutions. Higher data manageability and scalability for managing and storing the data are made possible by network-attached systems.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
~ 12% |
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Base Year Market Size (2023) |
~ USD 26 Billion |
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Forecast Year Market Size (2036) |
~ USD 127 Billion |
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Regional Scope |
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Product (Enterprise, Midmarket)
Network attached storage market from the midmarket segment is expected to hold 54% of the revenue share during the forecast period. The generation of today is highly advanced in technology and makes use of cutting-edge items like smartphones, tablets, and other smart devices. The volume of digital content in the form of unstructured data has increased as a result of the increasing use of various electronic devices. People are using NAS systems to manage these massive data quantities. Consumers also choose centralized NAS solutions to store data produced by backup systems, media streaming devices, and video surveillance systems. Midmarket NAS systems can be used for personal purposes, but they are the best and most expensive options for small and medium-sized organizations.
End-User (BFSI, Healthcare, Retail & E-Commerce, IT & Telecom, Automotive)
The IT & telecom segment is expected to account for 36% share of the global network attached storage market during the forecast period. The industry's growing need for NAS for data mobility, storage virtualization, backup, and recovery can be linked with the growth of this segment. Digital media material, which includes user-generated audio files, photos, documents, videos, and other digital information, is expanding rapidly in the market. This data is significant to both the provider and the customer, therefore, telecom firms have an increased need for dependable and secure data storage solutions. The storage of data is becoming a problem for telecom service providers due to the rise in internet and advanced technology users. The telecoms and ITES industries use NAS devices because they offer a big storage capacity and strong security.
Our in-depth analysis of the global network attached storage market includes the following segments:
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Design |
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Product |
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Storage Solution |
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End-User |
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North American Market Forecast
North America network attached storage market is expected to account for 35% of the revenue share by 2036. Various leading companies, like Buffalo AMERICAS Inc, Dell Technologies Inc., Western Digital Corporation, and others, are responsible for the market growth. The market is expanding as a result of rising private and public investment in wireless technologies in this region. According to a Survey, the American wireless sector spent close to USD 35 billion in 2021 on expanding, enhancing, and operating their networks. The investment set a new record and was the fourth year in a row that capital expenses rose. Thus, these factors are driving the segment’s growth. Additionally, a number of telecom companies intended to build 5G networks all over the nation. In order to store the enormous volume of data generated by linked devices using wireless technology, there was a necessity for better storage solutions.
APAC Market Statistics
The network attached storage market in Asia Pacific is anticipated to hold a share of 27% during the forecast period. The NAS market is expanding due to improved network infrastructure and a rise in the use of mobile and portable devices to access data, the region is predicted to have significant growth throughout the projection period. For instance, in China, the penetration rate of smartphones was about 72% as of 2022. By 2027, it is predicted that 83 percent of Chinese citizens would be smartphone users. In 2022, there will be more than one billion smartphone users worldwide. Escalating customer need for cost-efficient, quick, and easy to evaluate media file sharing. The sector is expected to increase positively during the next seven years as a result of the developing economies of nations like China and India.
Author Credits: Abhishek Verma, Hetal Singh
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