Network Attached Storage (NAS) Market to Witness Sales Slump in Near Term Due to COVID-19; Long-term Outlook Remains Positive.

 The network attached storage (NAS) market is projected to reach a valuation of US$ 116.6 Bn by 2032 from US$ 31 Bn in 2022, rising rapidly at a CAGR of 14.2% throughout the forecast period.  The increasing adoption of 4G and 5G technologies, the creation of high-volume digital content, and the growing usage of smartphones, laptops, and tablets, which result in the generation of massive amounts of data, are the primary drivers driving the growth of network attached storage (NAS) market.

The key drivers of the network attached storage market are the rising requirement to access data in the corporate network and the internet at any time and from any location. The increasing usage of remote and virtual office settings, business continuity planning, and the requirement to offer employees with remote access to corporate networks, in turn, are driving demand for network attached storage (NAS) technology.

Business operations need the backup of sensitive data, and network attached storage (NAS) systems are the ideal solution. The increased use of network attached storage (NAS) technology is due to the use of backup targets and files to store data copies.

Key Takeaways  

  • The market size for network attached storage (NAS) in the United States is expected to reach US$ 41.5 Bn by 2032, growing at a CAGR of 13.9% during the research period.
  • United Kingdom is expected to reach a market size of US$ 4.8 Bn in network attached storage (NAS) by 2032, with a CAGR of 12.8% during the research period.
  • China’s network attached storage (NAS) market is expected to be worth US$ 8.4 Bn by 2032, with a CAGR of 13.5% over the forecast period.
  • Japan is expected to have a market size for network attached storage (NAS) of US$ 6.7 Bn by 2032, with a CAGR of 12.4% during the research period.
  • By 2032, South Korea is expected to reach a market size of US$ 4.2 Bn in network attached storage (NAS), with a CAGR of 11.7% during the research period.
  • In the design sector, 1 Bay to 8 Bays from the network attached storage (NAS) market is anticipated to flourish at the quickest CAGR of 14.2% through 2032.
  • With a CAGR of 14.0% through 2032, midmarket NAS solutions are predicted to grow significantly in the product sector of the network attached storage (NAS) market.

 Competitive Landscape: 

The market for network-attached storage is very fragmented. Previously, the network attached storage (NAS) market was dominated by the key companies. However, an increased business need for data storage is driving many new companies into the network attached storage (NAS) market, making it competitive.

ZyXEL Communications Corporation, Thecus Technology Corporation, Drobo Inc., Asustor Inc., Dell EMC, Buffalo Technology Inc., Hewlett-Packard Development Company, Hitachi Data Systems Corporation, NetApp Inc., International Business Machines (IBM) Corporation, Seagate Technology PLC, and others are among the key network attached storage (NAS) market players.

How are Some Challenges Stifling Network Attached Storage (NAS) Market Growth

As network attached storage (NAS) is a type of storage connected to a computer system and delivers file services, cyber attackers can access this data, posing a cyber security concern. This is anticipated to be a challenge that might hamper the growth of the network attached storage (NAS) market during the forecast period.

Data security and privacy are critical characteristics for network-connected storage systems servers and hardware. Failing to provide data security, the network attached storage (NAS) market is likely to face challenges throughout the forecast period.

For More Info - https://www.futuremarketinsights.com/reports/network-attached-storage-nas-Market

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