Network Attached Storage (NAS) Market by Competitive Analysis, Growth Prospects and Demand Insights to 2027

In terms of application, the network attached storage (NAS) market has been divided into business and home. Under business, the market has been segregated into government, BFSI, media & entertainment, IT & telecom, retail & consumer goods, healthcare, and others. The BFSI sub-segment held a 25% market share in 2020 and is slated to witness robust growth over the forecast period on account of growing digitalization across the banking industry.

The MEA network attached storage (NAS) market is poised to grow at a CAGR of over 5% through the forecast timeline. Rising investments in the ICT sector in the MEA are estimated to boost regional expansion over the forthcoming years.

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The LATAM network attached storage (NAS) market is anticipated to gain significant traction by 2027, growing at a CAGR of almost 10% over the study period on account of increasing data center penetration in the region.

Network-attached storage (NAS) is a file-level storage system that enhances the accessibility of stored data to networked devices. A rise in data mining applications and Big Data analytics along with consistently rising data volumes, have escalated product demand globally, which has fostered industry prospects in recent years.

The network attached storage (NAS) market is projected to record substantial growth by 2027 owing to the widespread adoption of Cloud NAS file storage as a service across key regions and rapidly expanding ICT sector.

The healthcare sub-segment in network attached storage (NAS) market is projected to garner notable gains by 2027, expanding at a 10% CAGR through the estimated timeline. Mounting demand for remote health services is likely to fuel segmental expansion in coming years. In 2020, the retail & consumer goods sub-segment accounted for a market share of nearly 10% and is expected to observe optimistic growth over the review period due to rising popularity and demand for e-commerce platforms.

In 2020, the media & entertainment sub-segment attained more than 5% market share and is speculated to exhibit steady expansion through 2021-2027 owing to surging demand for digital content among consumers.

The network attached storage (NAS) market has been segmented on the basis of deployment model, architecture, application, design, and region.

Recently, industry players have been employing profitable strategies to monetize on emerging trends in the market, creating notable revenue streams for the industry landscape. For instance, in November 2021, NetApp, a U.S-based data management company, and hybrid cloud data service provider, announced the acquisition of CloudCheckr, a prominent cloud management platform.

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With respect to design, the network attached storage (NAS) market has further been categorized into 1-bay to 8-bay, 8-bay to 12-bay, 12-bay to 20-bay, and above 20-bay. The 12-bay to 20-bay sub-segment is expected to progress at a CAGR of more than 15% through the analysis period. Growth is attributed to soaring demand for cloud storage services across various industry verticals.

The acquisition allowed NetApp to strengthen its cloud storage solutions with the expansion of its Spot portfolio, which offers security services and helps customers optimize cloud infrastructure.

Meanwhile, the government sub-segment in network attached storage (NAS) market is set to showcase a solid growth trajectory, registering a CAGR of approximately 10% over the projected timeframe. This growth is attributable to increasing digitalization across government offices.

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