Network Attached Storage Market Will Reach USD 63,151 Million By 2030, Says P&S Intelligence

NEW YORK, Feb. 9, 2023 /PRNewswire/ -- In 2022, the network-attached storage market was worth around USD 22,850 million, and it is projected to advance at a 13.55% CAGR from 2022 to 2030, hitting USD 63,151 million in 2030, as per P&S Intelligence.

This growth can be credited to the rise in the use of smartphones, 5G networks, and the internet of things, which leads to vast volumes of data, including audio, text files, videos, and photographs.

By 2025, approximately 80% of the global digital data will be unstructured, which will propel the demand for network-attached storage. 

Growing Security Risk to Data

With the surge in the size of digital information, its theft and illegal access have become major worries for companies and people. Firms need to be ready in the case of virus, DDoS, malware, and ransomware attacks.

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This is possible with a complete end-to-end recovery strategy and NAS backup devices. With the help of these devices, when any ransomware occurrence encrypts the data, a business can rapidly restore all its earlier versions and get back to functioning as soon as possible, without paying any ransom.

Network-attached Storage at Data Centers Is Highly Demanded

The requirement for data centers throughout the globe is growing at a considerable rate because of the thriving utilization of enhanced computer technologies. Because of this, the demand for network-attached storage is on the rise.

Companies have several NAS units on their premises, but these days, such solutions are being utilized as edge data centers. Because of the increasing requirement for mobile, analytics, social, and cloud services throughout the globe, numerous new facilities are needed to store the collected data.

Additionally, with the growing R&D expenditure in such facilities in advanced economies, including the U.S. and Germany; and the launch of next-generation data centers, which are more technically enhanced and efficient in terms of managing data, the demand for network-attached storage will grow.

NAS Integration Rates Are Highest in North America

In 2022, North America held the largest revenue share, of approximately 40%. The acceptance of cloud-based data centers, the surge in the usage of the IoT technology in smartphones in the U.S. and Canada, and the noteworthy expenditure on R&D boost regional industry growth.

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Furthermore, because of the substantial enhancements in technologies and acceptance of smart devices, including, health trackers, mobile phones, and laptops, in China, South Korea, Malaysia, Japan, and India, NAS demand in APAC is projected to develop significantly in the coming years.

Role of COVID-19 in Boosting Demand for NAS

In present times, the COVID-19 pandemic has been an important force driving the demand for NAS. With people confined indoors, their consumption of digital data rose at unprecedented levels.

In the same way, the WHF trend and focus of governments on population health management led to a wide adoption of videoconferencing software and mobile apps, which made data centers and NAS even more important than before.

Network Attached Storage Market Report Coverage

By Product Type

• Enterprise/ High-end
• Midmarket
• Low-end

By Storage Solution

• Scale-Up Storage
• Scale-Out Storage
• Object Storage

By Deployment

• On-premise
• Remote/Cloud
• Hybrid

By End User

• Banking, Financial Services, and Insurance (BFSI)
• IT & Telecom
• Healthcare
• Retail & E-commerce
• Manufacturing
• Consumer Goods & Retail
• Others (Energy, Education & Research, Logistics, Aerospace & Defence, Automotive Food Processing, Government)

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Spain
• Asia-Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East and Africa
• Saudi Arabia
• South Africa

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 About P&S Intelligence

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SOURCE P&S Intelligence