The network-attached storage (NAS) market is expected grow from USD 12.78 billion in 2016 to USD 45.21 billion in 2023, at a CAGR of 20.1 percent from 2017 to 2023, predicts MarketsandMarkets. Secure data storage and features such as file-based storage and multiple client access are the reasons for the adoption of NAS devices across various end-user industries and hence propelling the growth of the NAS market. Following this, increasing dependence on digital content being stored in the cloud environment by SMBs, the proliferation of social media content along with high-speed data-transfer technologies such as 4G and 5G, and the need for a large amount of secure data-storage devices for video surveillance application is further driving the growth of the NAS market.
In deployment type, on-premise holds the largest share of the NAS market, in terms of market value. Moreover, the market for hybrid deployment type is expected to grow at the highest rate in the NAS market from 2017 to 2023.
BFSI held the largest market share in terms of value, followed by telecommunications and ITeS vertical. The BFSI sector, a highly customer-centric sector, is transforming and adopting new processes to make its customers avail easy solutions such as mobile applications, online transactions, and others.
The NAS market for scale-out storage solution is expected to hold the largest market share in 2023. In the scale-out NAS system, the capacity of the device can be expanded by adding clustered nodes to store and manage data. With the capacity of the scale-out array, its performance increases, and at the same time, there is a change in the overall system with the addition of nodes. With additional features to upgrade the storage capacity, scale-out storage-solution–based NAS devices have been considered as an alternative to scale-up storage-solution-based–NAS devices.
The NAS market for the healthcare end-user industry is expected to grow at the highest rate over the next six years. The healthcare industry comprises healthcare services and facilities, medical devices suppliers and manufacturers, medical insurance, and pharmaceuticals. These organizations need to keep record of the patients. To keep track of the patients, the healthcare organizations use NAS devices. These devices enable the organizations to keep records and to analyze and keep track of patients' history.
Among all regions, North America held the largest market share in terms of revenue, while APAC is expected to grow at the second-highest CAGR from 2017 to 2023. Industrialization, the growth of small- and medium-sized businesses, and start-ups are major contributors to the growth of the NAS market in APAC and RoW. The economic development in Japan and China is very high. Enterprises in these countries have adopted latest technologies to sustain and grow in the rigorous competition. To remain competitive in increasing operational efficiency, operational outcomes, and financial profitability, companies in this region are investing a lot in upgrading their IT capabilities.