Pune, India, December 14, 2021 (GLOBE NEWSWIRE) – The world Network Attached Storage Market is expected to take advantage of its growing demand from small and medium-sized businesses. It allows users to easily access their data using network connection. This information is provided by Fortune Business Insights ™ in a new report titled “Network Attached Storage Market Size, Share & COVID-19 Impact Analysis, By Component (Solution & Services), By Product Type (High End / enterprise, midmarket and low-end), by storage solution (Scalable NAS and Scalable NAS), by deployment (cloud and on-premise), by end user (BFSI, healthcare, retail and e-commerce, IT and telecommunications, automotive and others) and regional forecast, 2020-2027. The report further states that the NAS market size was $ 14.74 billion in 2019 and is expected to reach $ 54.57 billion by 2027, posting a CAGR of 18.2% during the forecast period.
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COVID-19 Pandemic: Companies Raise Average Selling Prices to Balance Revenue
The outbreak of the COVID-19 pandemic is wreaking havoc on businesses around the world. Many network storage vendors take immediate action to prevent serious losses. Seagate’s 2020 Quarterly Report states that the company shipped approximately 120.2 exabytes of hard disk drive (HDD) storage capacity. It was 9.3% lower in 2019. But, the average NAS selling price jumped to $ 86.21. The main reason behind this is to balance income amid reduced shipments. Our genuine report would help customers to better understand the current market scenario.
The list of key companies profiled in the Network Attached Storage market are:
- Dell Technologies Inc. (Texas, United States)
- NetApp, Inc. (California, United States)
- Hewlett Packard Enterprise Company (HPE) (California, United States)
- Hitachi, Ltd. (Tokyo, Japan)
- Western Digital Corporation (California, United States)
- Seagate Technology Public Limited Company (PLC) (California, United States)
- NETGEAR, Inc. (California, US)
- Synology, Inc. (Taipei, Taiwan)
- Buffalo Americas, Inc. (Texas, United States)
- QNAP Systems, Inc. (Taipei, Taiwan)
- Drobo, Inc. (California, US)
- ASUSTOR Inc. (Taipei, Taiwan)
- IBM Corporation (New York, United States)
| Cover of the report | Details |
| Forecast period | 2020 to 2027 |
| Forecast period 2020 to 2027 CAGR | 14.74% |
| 2027 value projection | $ 54.57 billion |
| Year of reference | 2019 |
| Market size in 2019 | $ 14.74 billion |
| Historical data for | 2016 to 2018 |
| Number of pages | 160 |
| Covered segments | Component, product type, storage solution, deployment, end user, by region |
| Growth drivers | Users turn to e-commerce and mobile commerce platforms |
| Mid-Market Segment to Show Significant Growth Supported by Ability to Provide Enterprise Storage | |
| Increased business investment to drive digitization and drive growth in Asia-Pacific | |
| Renowned NAS vendors focus on new product launches to meet high demand | |
| Pitfalls and challenges | Increased incidence of data fraud and decreased availability of qualified professionals to hamper growth |
Click here to learn about the short and long term impact of COVID-19 on this market. Please visit: https://www.fortunebusinessinsights.com/checkout-page/100505
This report answers the following questions:
- What are the current trends propelling the growth of the Network Attached Storage market?
- What innovations have been made by reputable organizations?
- What are the key segments to focus on in the near future to prioritize investments?
- What are the challenges and opportunities for the market?
Conductors and constraints-
Introduction of 5G network by telecom service providers to drive growth
Several telecommunications service providers, such as Telefonica, Nokia, AT&T and Ericsson are rapidly introducing 5G services. It is capable of connecting millions of devices, which in turn is expected to boost the development of smart agriculture, smart factories and smart cities. In addition, the growing smart city development projects would generate increased demand for NAS systems, as cities will be connected to the cloud. However, growing concerns over privacy and security may hamper the growth of the network attached storage market in the years to come.
Segment-
Mid-Market Segment to Show Significant Growth Supported by Ability to Provide Enterprise Storage
On the basis of product type, the mid-market segment held 50.1% in terms of network storage market share in 2019. This growth is attributable to their ability to improve the efficiency and performance of the storage of business.
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Regional analysis-
Increased business investment to drive digitization and drive growth in Asia-Pacific
Geographically, in 2019, North America generated $ 5.60 billion in revenue. The United States and Canada are the main contributors to growth. Asia-Pacific, on the other hand, is expected to open doors to lucrative opportunities in the coming years due to the expansion of the IT and telecommunications industry in the region. Google, for example, plans to invest around $ 10 billion in India through equity investments and partnerships to propel digitization across the country.
Competitive landscape-
Renowned NAS vendors focus on new product launches to meet high demand
The major network storage vendors are adopting the strategy of launching new products to meet the growing demand and generate more revenue. Below are two latest industry developments:
- july 2020: QNAP® Systems, Inc. introduced the TS-x53DU Series NAS. It is available in 12, 8 and 4 bay models. It offers efficient daily use and multimedia playback.
- May 2020: Buffalo Americas has released its new TeraStation 6000 + Snapshot series. It is a high performance and flexible network storage solution available in desktop and rack mount enclosures.
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