Network Attached Storage (NAS) Solutions Market Consumption Volume, Value, Import, And Export And Sale Price Analysis 2

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Increasing Demand for High-performance NAS Devices that Complement Business Growth

As a customer, one understands the risks of losing data due to the technical drawbacks of systems and devices. Hence, vendors in the network attached storage solutions market are under constant pressure to support the backup and storage infrastructure of stakeholders in BFSI, IT telecommunications, and other sectors that reply on data, valued in terms of millions of dollars.

Since the backing up of data is just one aspect of running a successful business, there is growing demand for high-performance network attached storage devices in the IT and telecommunications landscape that can be upgraded as the organization grows. This explains why the IT and telecommunications sector is estimated for the highest revenue in the network attached storage solutions market, with a value projection of ~US$ 2 billion by the year 2027.

Performance-intensive NAS systems help stakeholders in the IT and telecommunications space to focus on other important aspects of the business. Hence, vendors in the NAS solutions market are simplifying the tasks for other business owners by creating easy-to-manage centralized systems that securely store documents, images, and other multimedia files.

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NAS Supports Growing Storage Streaming Demands in Media Entertainment Space

There is increasing demand for efficient and cost-competitive NAS devices that business owners can rely on for data security, with easy search and share options for the data. As such, stakeholders in the network attached storage solutions market are innovating new NAS systems that cater to the growing needs of media and entertainment.

Currently, the media and entertainment sector holds the third-largest position in terms of revenue amongst all the industries in the NAS solutions market, with a value of ~US$ 970 million in 2018. Since media and entertainment forms a significant part of any individual’s lifestyle, market players in the network attached storage solutions market are introducing ideal NAS devices that back-up the data of personal computers and smart devices.

As more and more individuals are becoming active on Over the Top (OTT) media services platforms, they are increasingly adopting NAS technology to store and stream videos and digital photos. NAS devices come in handy for individuals, as these systems are more reliable than cloud service platforms, in cases when a file gets accidentally deleted and in cases of recovery of data from crashed systems.

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Hybrid Cloud-based Software Alleviate Problems of Unstructured Data Storage

Stakeholders are facing a threat from substitute storage solution options that are more efficient and scalable. Since NAS devices are built on legacy software, consumers demand the integration of these devices with Artificial Intelligence and analytics. This creates substantial evidence for the modest CAGR of ~4% of the network attached storage solutions market.

The network attached storage solutions market is highly consolidated. This is another aspect that is inhibiting market growth. The consolidated nature of the market restricts emerging players from entering the market. Since emerging players lack the capital and resources to compete with leading vendors, it is even more difficult for smaller players to strengthen their business in the market.

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Market Dynamics - Network Attached Storage Solutions Market

  • Network attached storage is a cost-effective technology as compared to traditional file servers, as the spending on expensive hardware, labor, and licensing is reduced significantly. NAS also provides an integrated solution, wherein, hardware, storage devices, and operating systems are combined in a single device. Furthermore, operating system and client access licenses are not required in an NAS environment, further reducing the enterprise cost on storage. Updates of the system are applied end-to-end in a single instance; it helps in easy up-gradation of the entire system, saving time and cost. File sharing protocols such as network file system (NFS) and server message block (SMB) are supported by NAS, further increasing their popularity among end users for data sharing.
  • High volume data requiring high level of performance may not be suitable for network attached storage, as it consumes higher bandwidth of the network. Ethernet implementation is expected to result in congestion and data loss, unless a lossless architecture is implemented. Furthermore, the performance level of NAS depends on the available bandwidth of the network, and it may perform at a lower level in case of limited bandwidth.
  • The network attached storage solutions market is segmented on the basis of component, enterprise size, and industry. Based on component, the NAS solutions market has been segmented into hardware and services (consulting, system integration, support maintenance). The hardware component held a major share of the NAS solutions market in 2018, and is expected to dominate the network attached storage solutions market till the end of 2027. In terms of industry, the network attached storage solutions market has been bifurcated into BFSI, retail e-Commerce, government education, military defense, healthcare, IT telecom, energy utilities, manufacturing, and others (logistics transportation). Small and medium enterprises and large enterprises are covered under the enterprise size segment in the network attached storage solutions market.

North America Network Attached Storage Solutions Market – Snapshot

  • North America is projected to hold a majority share in the global network attached storage solutions market, due to increasing digitization and the need for an effective solution to storage large volumes of data. The responsiveness of enterprises toward implementing advanced storage architecture is also responsible for the proliferation of network attached storage systems in the North America region. The network attached storage solutions market in Asia Pacific is expected to generate attractive opportunities during the forecast period, due to growing IT budgets and increased data storage requirements.

IT Telecom

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