Network Attached Storage Market to reach $20bn by 2024 Network Attached Storage Market

Network Attached Storage Market to grow at
20% CAGR from 2018 to 2024: Global Market
Insights Inc.
Network Attached Storage (NAS) Market to exceed USD 20 billion by 2024, driven
by increase in Big Data analytics and data mining applications. The NAS market
growth is attributed to the increasing adoption of the storage technology by SMEs for
extended and scalable storage applications along with the growing demand for NAS
systems from the home/consumer market. Also, features such as ease-of-installation
and automatic backup capabilities are further contributing to the rising demand for
NAS solutions. The proliferation of social media content and the growing popularity
of on-demand entertainment services are also expected to contribute to the
increasing demand for the storage technology from the home/consumer sector. For
these applications, the NAS systems are being used as home backup devices, mail
servers, media streamers, and video surveillance recorders.
The traditional architecture segment held a major share of the NAS market in 2017
due to the large-scale utilization of legacy scale-up systems for storage functions by
enterprises. However, with the growing popularity of scale-out NAS systems for
affordable and less complex network storage, the scale-out architecture market is
expected to exhibit accelerated growth between 2018 and 2024. As scale-out
systems efficiently support High-Performance Computing (HPC) applications as
compared to scale-up architecture in terms of reduced hardware cost for procuring
additional data storage resources, the demand for scale-up NAS systems is
expected to exponentially increase over the forecast period.
The 1-bay to 8-bay NAS market is projected to register high growth over the forecast
period wit a CAGR of over 25% due to the growing popularity of the storage
technology for home-based consumer applications. With increasing multimedia data
being generated from consumer mobile devices, home entertainment systems and
smart IoT devices used for home automation purposes, the storage needs of the
consumers are expected to increase consistently over the next five years.
Consequently, manufacturers are focusing on introducing NAS solutions that are
designed to address the specific storage requirements for these consumer-level
applications.
Due to the growing adoption of cloud platforms for storing enterprise data in a
flexible and dynamically scalable architecture, the cloud deployment segment is
projected to register an accelerated growth in network attached storage market with
a CAGR of around 24% between 2018 and 2024. The businesses that require a
powerful, agile, and frictionless storage, can benefit from cloud-based NAS solutions
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