Network Attached Storage Market to reach $20bn by 2024

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Network Attached Storage Market to reach 20bn by
2024 Global Market Insights Inc.
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Industry Overview

• 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.

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• 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 while reducing their
  data storage costs incurred from the procurement
  of on-premise storage infrastructure. Hybrid
  deployment is projected to register the fastest
  growth deployment model segment in network
  attached storage market during the forecast
  period as it allows users to store critical data
  on-premise while leveraging scalable cloud-based
  storage platform to accommodate dynamic storage
  requirements.

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North America NAS Market Size, By Business
Application, 2017 2024 (USD Million)

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Industry Coverage

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Network Attached Storage Market

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• With increasing emphasis on digitalization in the
  healthcare sector, the adoption of healthcare
  management systems is increasing steadily in the
  developed as well as the developing economies.
  This has resulted in the growing demand for
  efficient network storage solutions from the
  healthcare sector. Growing popularity of advanced
  systems such as electronic medical records will
  further contribute to the adoption of network
  attached storage market in the healthcare
  industry leading to a robust growth with a CAGR
  of over 20 during the forecast period.
• North America is projected to hold a major share
  of the NAS market throughout the forecast
  timeline due to the early adoption of the
  advanced storage technology by enterprises in the
  U.S. With the large-scale adoption of cloud
  platforms by enterprises in the region,
  cloud-based and hybrid NAS solutions are expected
  to garner a high demand over the forecast period.

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• Europe is projected to be the second largest
  network attached storage 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.
• The companies operating in the network attached
  storage market are involved in aggressively
  expanding their global presence by introducing
  their products in untapped regional markets by
  partnering with local online and offline
  distribution channels. The companies are also
  focusing on diversifying their product portfolio
  by introducing NAS systems that are tailor-made
  for SMBs and home enterprise customers. Some of
  the key players operating in the NAS market are
  Netgear, Buffalo Americas, QNAP, Western digital,
  Thecus Technology, Hitachi Data Systems
  Corporation, Synology, DELL EMC, Seagate, D-Link,
  NetApp, Zyxel, SoftNas, Avere Systems, Asustor,
  Infortrend, Pansas, Broadberry, and Cisco.

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