The Network Attached Storage market is projected to grow from USD 25.7 billion in 2022 to reach USD 51.0 billion by 2028; it is expected to grow at a Compound Annual Growth Rate (CAGR) of 12.1% from 2022 to 2028.

Rising data generation with surge in use of mobile computing devices, surging adoption of Internet of Things (IoT) technologies and connected devices, and growing use of 5G technology are the factors driving the growth of the NAS market.

The growing amount of unstructured data sets is the output of increased internet usage. This unstructured data is in the form of audio files, videos, or images. However, storing this data safely and securely has become a tough task. Cloud storage has become vital with the rapid growth in data generation.

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The scale-out NAS segment to grow at high CAGR during the forecast period
The scale-out NAS is projected to be a fast-growing storage solution segment during the forecast period. Scale-out is an improved technique used in NAS devices, enabling capacity expansion based on the requirement of end-use applications. This is achieved with the help of clustered nodes, resulting in a reduction in upgrade costs. These are deployed in industries such as BFSI, healthcare, and government, wherein a large volume of data is generated, and data security is of utmost importance. However, these solutions are more costly compared to scale-up solutions. Thus, considering the importance of data security, the market for scale-out NAS is expected to grow significantly during the forecast period and eventually surpass the scale-up NAS solution market.

The on-premises segment is expected to hold high market share from 2022 to 2028
The on-premises segment is expected to hold high market share from 2022 to 2028. The dominance of this segment is due to the high adoption of this model by existing NAS users. The on-premises deployment of NAS devices is the most preferred option as it offers users complete control over data accessibility, ensuring high data security. Also, utilizing in-house hardware and software solutions ensures stored data’s safety, privacy, and security. Advancements in NAS hardware systems will further contribute to the growth of the on-premises segment. For instance, in September 2021, PAC Storage (US) launched a new U.2 NVMe all-flash network attached storage suitable for on-premises applications. The new NAS solution excels in high-performance-demanding requirements for high throughput and low latency workloads from high-performance computing, big data, and media and entertainment applications.

Market for telecommunications & information technology-enabled services (ITES) segment to hold the largest share throughout the forecast period
The telecommunications & ITES segment accounted for a high market share, in terms of value, in 2021. The segment’s growth is driven by increasing demand for NAS for data mobility, storage virtualization, backup, and recovery across the industry. The industry is witnessing high growth in digital media content, which includes consumer-generated audio files, images, documents, videos, and other digital content. This data is valuable for both the provider and the consumer, which increases the need for reliable and secure data storage solutions for telecom companies. With an increasing number of internet and advanced technology users, telecom service providers are experiencing challenges pertaining to data storage. Storage solutions having huge data storage capacity are required to address these challenges and store the customer records of telecommunications and related services. NAS devices provide a large storage capacity and high security required by the telecommunications & ITES industry.

NAS market in Asia Pacific to grow at highest CAGR during the forecast period
The Asia Pacific NAS market is expected to grow at the highest CAGR during the forecast period. The market growth is driven by the increasing penetration of micro, small, and medium enterprises (MSMEs) across the region. According to the “Asia Small and Medium-Sized Enterprise Monitor 2021” report by Asian Development Bank (ADB), the total number of micro, small, and medium enterprises (MSMEs) with respect to the total number of enterprises across Asia accounted for around 99.6% in 2021. The presence of a large number of MSMEs across the region has led to an increase in the generation of unstructured data volumes, creating the need for modern-day data storage solutions to maintain secured backups across IT infrastructures. This, in turn, is expected to fuel the adoption of NAS solutions in MSMEs across Asia Pacific economies in the coming years.

Key NAS Companies in the market are Dell Technologies Inc. (US), NetApp, Inc. (US), Hewlett Packard Enterprise Company (US), Hitachi, Ltd. (Japan), Western Digital Corporation (US), Seagate Technology Holdings Public Limited Company (US), NETGEAR, Inc. (US), Synology Inc. (Taiwan), Buffalo Americas, Inc. (US), Pure Storage, Inc. (US), and QNAP Systems, Inc. (Taiwan).