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Network Attached Storage (NAS) Market show exponential growth in consumer applications of the storage technology

Author : Ronak Bora | Published Date : 2019-04-10 

Global Market Insights, Inc. has launched a report on network attached storage (NAS) market that elucidates an in-depth synopsis of this business vertical over the forecast period. The report is inclusive of the prominent industry drivers and provides an accurate analysis of the key growth trends and market outlook in the years to come in addition to the competitive hierarchy of this sphere.

Network Attached Storage (NAS) Market in consumer applications of the storage technology are growing rapidly due to the vast amount of data being generated by social networking platforms, digital entertainment platforms, and smart home automation & surveillance systems. This increasing trend of storing and sharing multimedia content among consumers has prompted NAS manufacturers to aggressively develop and commercialize consumer-oriented solutions to gain a competitive advantage in the rapidly growing market.

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The competition in the network attached storage (NAS) market is primarily characterized by the consistent product development and innovation initiatives by the companies to strengthen their NAS product portfolio and diversify it with solutions specifically meant for different target market segments such as home/consumer, SMBs, and enterprise customers. 

network attached storage (NAS) market growth is attributed to the growing adoption of cloud-based storage solutions by SMEs, increase in big data analytics & data mining applications, and ease-of-installation & automatic data backup capabilities. Increasing volume of social media content and rapid proliferation of high-speed data transfer technologies are also expected to largely assist the market growth during the forecast timeline.

The traditional architecture segment held a major share of the network attached storage (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 network attached storage (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.   

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North America held the majority market share of around 48% in 2017 due to early adoption of the advanced storage technology by the enterprises in the U.S. Also, with large-scale adoption of cloud platforms and extensive presence of cloud infrastructure by the leading global players such as Amazon Web Services (AWS), Microsoft, and IBM in the region, the adoption of NAS solutions in North America is expected to grow consistently over the forecast timeline.

Europe is projected to be the second largest network attached storage (NAS) market by 2024 due to a growing data center ecosystem in the region along with large-scale adoption of the storage technology by SMEs. As the major global players are aggressively extending their presence in the European market through distribution agreements with local companies, the adoption of NAS systems is likely to increase steadily between 2018 and 2024.

All in all, endorsed with a rich competitive and application gamut comprising BFSI, IT & Telecom, healthcare, retail, consumer electronics, etc., the global network attached storage (NAS) market is certain to become one of the most remunerative business spheres for potential stakeholders. In terms of commercialization, Global Market Insights, Inc., projects network attached storage industry size to surpass USD 20 billion by 2024.

Browse Full Report: www.gminsights.com/industry-analysis/network-attached-storage-nas-market

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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