Network Attached Storage Market Size, Industry Share and Growth Rate 2027

The global network attached storage market is anticipated to gain traction from its increasing demand from small and mid-sized businesses. It enables users to easily access their data by using a network connection. This information is given by Fortune Business Insights™ in a new report, titled, “Network Attached Storage Market Size, Share & COVID-19 Impact Analysis, By Component (Solution, and Services), By Product Type (High-end/Enterprise, Midmarket, and Low-end), By Storage Solution (Scale-up NAS, and Scale-out NAS), By Deployment (Cloud, and On-premises), By End-user (BFSI, Healthcare, Retail & e-commerce, IT & Telecomm, Automotive, and Others) and Regional Forecast, 2020-2027.” The report further states that the NAS market size was USD 14.74 billion in 2019 and is projected to reach USD 54.57 billion by 2027, exhibiting a CAGR of 18.2% during the forecast period.

COVID-19 Pandemic: Companies Surge Average Selling Prices to Balance Revenues

The outbreak of the COVID-19 pandemic is taking a toll on businesses across the globe. Numerous network attached storage vendors are taking immediate steps to prevent heavy losses. Seagate’s 2020 quarterly report declares that the company shipped approximately 120.2 Exabytes of hard disk drive (HDD) storage capacity. It was lesser by 9.3% in 2019. But, the average selling price of NAS has surged to USD 86.21. The main reason behind this is to balance revenues amid reduced shipments. Our authentic report would help clients to better understand the current scenario of the market.

This Report Answers the Following Questions:

What are the current trends propelling growth of the network attached storage market?

What are the innovations done by reputed organizations?

Which are the key segments to focus in the near future for prioritizing investments?

What are the challenges and opportunities for the market?

Drivers & Restraints-

Introduction of 5G Network by Telecom Service Providers to Bolster Growth

Several telecom service providers, such as Telefonica, Nokia, AT&T, and Ericsson are introducing 5G services rapidly. It is capable of connecting millions of devices, which, in turn, is set to boost the development of smart agriculture, smart factories, and of smart cities. Besides, the rising plans to develop smart cities would generate more demand for NAS systems as the cities will be connected to the cloud. However, the increasing concerns regarding privacy and security may hinder the network attached storage market growth in the coming years.

Fortune Business Insights™ lists out the names of the reputed network attached storage providers operating worldwide. They are as follows:

Dell Technologies Inc. (Texas, United States)

NetApp, Inc. (California, United States)

Hewlett Packard Enterprise Company (HPE) (California, United States)

Hitachi, Ltd. (Tokyo, Japan)

Western Digital Corporation (California, United States)

Seagate Technology Public Limited Company (PLC) (California, United States)

NETGEAR, Inc. (California, United States)

Synology, Inc. (Taipei, Taiwan)

Buffalo Americas, Inc. (Texas, United States)

QNAP Systems, Inc. (Taipei, Taiwan)

Drobo, Inc. (California, United States)

ASUSTOR Inc. (Taipei, Taiwan)

IBM Corporation (New York, United States)

Regional Analysis-

Rising Investments by Firms to Spur Digitalization to Favor Growth in Asia Pacific

Geographically, in 2019, North America procured 5.60 billion in terms of revenue. The U.S. and Canada are the major contributors to growth. Asia Pacific, on the other hand, is set to open doors to lucrative opportunities in the forthcoming years because of the expansion of the IT & telecom industry in the region. Google, for instance, is planning to invest around USD 10 billion in India through equity investments and partnerships for propelling digitalization across the country.