Sellbyville, DE -- (SBWire) -- 01/09/2019 --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.
Network Attached Storage (NAS) market is projected to surpass USD 20 billion by 2024. NAS is a dedicated file storage system that operates through a standard Ethernet connection to offer a file-based shared storage to LAN nodes. The device operates as an independent network node on the LAN and has its own unique IP address. A NAS system provides data access to a heterogeneous cluster of clients. Organizations use NAS solutions as a reliable data storage method, which can be easily managed and controlled with their established network systems.
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Global NAS market is projected to register a lucrative growth with an impressive CAGR of over 20% between 2018 and 2024. This 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.
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 NAS market in the healthcare industry leading to a robust growth with a CAGR of over 20% during the forecast period.
The competition in the 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.
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North America held the majority NAS 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 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.
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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Global NAS Market to Grow at 20% CAGR Till 2024: SoftNAS, Synology, Panasas, NetApp, Hitachi and 15 Other Companies Profiled
NAS market is witnessing an accelerated growth and is projected to register robust growth over the forecast timeline