The “Global Consumer Network Attached Storage (NAS) Market, by End-User (Residential, Small & Medium Enterprises and Large Enterprises), By Design (Rackmount and Standalone) and by Geography (North America, Europe, Asia Pacific, and Latin America, Middle East & Africa) - Global Forecast to 2027”, is expected grow at a CAGR of 9.5% during the forecast period (2019-2027), as highlighted in a report published by Coherent Market Insights.
The network attached storage (NAS) is a file server that can be opened from a home or enterprise network as opposed to a single computer storage. NAS devices are flexible and scale out, i.e. additional storage can be added whenever it is required. In layman’s term, NAS is similar to cloud in the office, which means it is faster, less expensive, and provides all the benefits of public cloud on site, thereby providing complete control. NAS system allows continuous access to data, easy for employees to collaborate and respond to consumers in a timely fashion and quickly follow up on sales and other issues.
The global Consumer Network Attached Storage (NAS) market was valued at US$ 2318.9 Mn in terms of value in 2019
Increasing adoption of cost-effective storage solutions in various enterprises is expected to propel the global consumer network attached storage (NAS) market over the forecast period
Growing utilization of network attached storage systems can enable reduction in total cost of ownership for enterprises and small business owners. Managing centralized storage location is more convenient and cost-effective than managing client/server storage models. Moreover, NAS architecture removes the potential disk failure or space going unused since storage devices are consolidated. This further reduces overall storage costs. Thus, Benefits such as lower cost of ownership and a Higher Return on Information Management (ROIM) offered by network attached storage devices are expected to boost the global consumer network attached storage (NAS) market growth over the forecast period.
Proactive initiative by government to increase digitalization of data is expected to pose lucrative business opportunity
Governments of various countries are focused on digitalization of data, which in turn, has increased adoption of NAS systems. For instance, in July 2015, the Government of India launched an initiative Digital India Platform (DIP) to provide digital services for scanned document images or physical documents of any organizations. The primary objective of this initiative is to digitize and make usable all the existing content in different formats, media, and languages. Hence, such initiatives are expected to pose lucrative business opportunity for market players over the forecast period.
Risk associated with the risk of data, especially when it is stored in a remote place is expected to hinder the global consumer network attached storage (NAS) market growth over the forecast period
There is always risk of hacking and malicious viruses affected the data stored at a remote location. Such threats are major factors being hinder the adoption of NAS. Moreover, unreliability of security of data stored at a remote place is expected to restrain growth of the global consumer network attached storage market over the forecast period.
Key companies operating in the global consumer network attached storage (NAS) market are D-Link Corporation, Seagate Technology Public Limited Company, Synology Inc., Netgear, Inc., Drobo Inc., Western Digital Corporation, QNAP Systems, Inc., NEC Corporation, ASUSTOR Inc., and EMC Corporation.