Network Attached Storage Market to observe 20% CAGR till 2024, 1-bay to 8-bay deployment mode to register the fastest growth

Network Attached Storage Market is witnessing an accelerated growth and is projected to register robust growth over the forecast timeline due to the rapidly increasing applications of Big Data analytics & data mining, increasing popularity of NAS solutions in home/consumer applications, and the growing adoption of cloud-based network attached storage solutions. Businesses are increasingly storing large volumes of data onto these storage systems due to the enhanced benefits of scalability and ease-of-access. These solutions offer a scalable and a comprehensive data storage mechanism to collectively store and retrieve critical data associated with different systems operating within a network. Network attached storage market has emerged to be one of the most viable investment avenues over the recent years with the massively proliferating cloud technology adoption. Big data and advanced analytics have brought a dramatic turnaround of sorts for network operators with regard to managing the large data volume. Consumer applications of the storage technology are growing rapidly due to the vast amount of data being generated by social networking platforms, digital entertainment platforms, and smart home automation & surveillance systems. This increasing trend of storing and sharing multimedia content among consumers has prompted NAS manufacturers to aggressively develop and commercialize consumer-oriented solutions to gain a competitive advantage in the rapidly growing market. To access a sample copy or view the network attached storage market report in detail along with the table of contents, please click the link BFSI applications were valued at around USD 1.5 billion in 2017, and is expected to maintain a major network attached storage market share by 2024. All in all, endorsed with a rich competitive and application gamut comprising BFSI, IT & Telecom, healthcare, retail, consumer electronics, etc., the global network attached storage market is certain to become one of the most remunerative business spheres for potential stakeholders. In terms of commercialization, Global Market Insights, Inc., projects network attached storage industry size to surpass USD 20 billion by 2024. The 1-bay to 8-bay NAS market is projected to register high growth over the forecast period wit a CAGR of over 25% due to the growing popularity of the storage technology for home-based consumer applications. With increasing multimedia data being generated from consumer mobile devices, home entertainment systems and smart IoT devices used for home automation purposes, the storage needs of the consumers are expected to increase consistently over the next five years. Consequently, manufacturers are focusing on introducing NAS solutions that are designed to address the specific storage requirements for these consumer-level applications. North America held the majority network attached storage market share of around 48% in 2017 due to early adoption of the advanced storage technology by the enterprises in the U.S. Also, with large-scale adoption of cloud platforms and extensive presence of cloud infrastructure by the leading global players such as Amazon Web Services (AWS), Microsoft, and IBM in the region, the adoption of NAS solutions in North America is expected to grow consistently over the forecast timeline. The rapid adoption of consumer and home network attached storage systems in U.S. and Canada across various end-use sectors such as the BFSI and IT & Telecom market have significantly driven North America network attached storage industry share. The United States NAS industry share is forecast to record a y-o-y growth rate of 20% over 2018-2024. Asia Pacific network attached storage market is expected to register the fastest growth during the timeline due to the increasing awareness regarding the benefits of NAS solutions among SMEs, favorable government initiatives for digitalization of economy, and administrative framework along with the rapid emergence of technology startups, demanding affordable and scalable data storage solutions.