Ocean View, DE -- (SBWIRE) -- 05/08/2020 -- IT & telecom application within the business segment has been estimated to own an network attached storage market share of nearly 25% by the year 2024 owing to the growing need among companies to be able to store, manage as well as access contents in the network. Such solutions are like the central hub that allows firms to share data with numerous users and devices.

Growing amount of large unstructured data has coerced IT & telecom firms to use these solutions and manage their data effectively. Data storage technologies of next-generation help them store and allow prompt data recovery, replacing traditional data storage solutions. Network attached storage solutions market from the business segment has been expected to achieve more than 15% CAGR over the forecast timeframe.

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The commercialization of global network attached storage market has indeed taken up a remarkable pace in the recent years, courtesy – the increasing number of enterprises diving into big data analytics & data mining. The rapid adoption of NAS solutions in home and consumer applications to offer storage that can be accessed by multiple devices have provided significant impetus to the growth statistics of network attached storage industry share. With NAS gaining considerable traction across SMEs and other businesses incorporating cloud-based network, analysts speculate the network attached storage architectural layout to witness a revolution of sorts in the coming years. Not to mention, technology interventions are deemed to remain the focal point of this transition.

Users have the freedom to expand the storage through scale-out NAS which depends on the consumer's requirements. This makes the system a preferable option for the management of storage in an economical manner. Enterprises can easily manage, consolidate and protect the unstructured data with the capabilities of server virtualization by having these systems deployed, bolstering network attached storage market forecast.

The scale-out architecture segment in network attached storage market is estimated to record more than 30% CAGR over the projected time period owing to its convenience of letting consumers expand their disk space by using additional connected devices.

North America, being a major technological hub stands poised to hold significant share in the global network attached storage market. The region moreover retains the presence of large scale enterprises that have adopted the cloud platforms and big data analytics – a factor further expected to garner high demand for NAS solutions in the coming years. The rapid adoption of consumer and home network attached storage systems in U.S. and Canada across various end-use sectors such as the BFSI and IT & Telecom market have significantly driven North America network attached storage market share. The United States NAS industry share is forecast to record a y-o-y growth rate of 20% over 2018-2024.

Elaborating further on the geographical landscape, Europe is projected to procure second largest share in the NAS industry. The growth is mainly attributed to the rapid adoption of this technology by the SMEs in tandem with the massively growing data center developments in the region. Add to it, the continent, over the recent years, has been one of the top-notch spots for the network attached storage market players adopting regional expansion as their chief growth strategy.

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Key Companies in Network Attached Storage Market: - Cisco, Dell EMC, D-Link USA, Hitachi Data Systems, NetApp, NETGEAR, Seagate Technology, Synology, Western Digital

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 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 to surpass USD 20 billion by 2024.

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