Increasing Data Generation Globally to Create Growth Opportunities for Consumer Network Attached Storage (NaS) Companies: Fact.MR Report
Rockville , Jan. 09, 2024 (GLOBE NEWSWIRE) -- The global consumer network attached storage (NaS) market is estimated to reach US$ 7,483.8 million in 2024 and US$ 18,459.7 million by 2034. Over the forecast period, demand for consumer network attached storage devices is predicted to rise with 9.4% CAGR.
Several factors are anticipated to stimulate growth in the consumer NAS market. These include increasing data generation, growing need for reliable and cost-effective storage solutions, and surging popularity of work-from-home trends.
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Rapid digital transformation and high penetration of internet & mobile devices are creating enormous amounts of digital data. This, in turn, is expected to drive demand for storage solutions like NAS devices during the forecast period.
People are widely using consumer network attached storage devices to store and stream media content in their homes. The proliferation of 4K and higher resolution content will likely increase adoption of consumer NAS devices, thereby fostering market growth.
Rising usage of consumer network attached devices by small and medium enterprises due to their cost-effectiveness is another key factor expected to boost the target market. Small & medium enterprises are increasingly adopting network attached storage systems as they offer benefits like shared storage and centralized control.
Favorable government initiatives and growing adoption of connected homes will likely create growth opportunities for consumer network attached storage device manufacturers. Governments worldwide are concentrating on digitalization of data. This, in turn, is anticipated to propel demand for NAS systems during the assessment period.
| Report Attribute | Details |
| Value Projection (2034) | US$ 18,459.7 Million |
| Growth Rate (2024-2034) | 9.4% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 112 Tables |
| No. of Figures | 336 Figures |
Key Takeaways from Market Study
- The global market for consumer network attached storage (NaS) is projected to expand at 9.4% CAGR through 2034.
- Based on mount type, demand for standalone NAS devices is set to grow at a CAGR of 10.5%.
- By end-user, the large enterprises segment is forecast to thrive at a 9.9% CAGR through 2034.
- The North America market is expected to rise at a healthy CAGR of 9.6% through 2034.
- Demand in the United States is projected to rise at a 9.9% CAGR between 2024 and 2034.
- The consumer NAS industry in China is expected to total US$ 4,138.3 million in 2034.
“As small and medium enterprises continue to seek reliable and affordable storage solutions, demand for consumer network attached storage devices will rise rapidly. Besides this, increasing government initiatives for digital transformation can present growth prospects for the consumer NAS industry," says a Fact.MR analyst.
Who is Winning?
Seagate Technology Public Limited Company, NEC Corporation, ASUSTOR INC., Western Digital Corporation, D-Link Corporation, Drobo Inc., EMC Corporation, Synology Inc., and Netgear, Inc. are few of the leading providers of consumer network attached storage devices profiled in the report.
Key companies are mainly concentrating on developing novel storage solutions to meet the evolving needs of end users like small and medium enterprises. They are incorporating new technologies and software in their products to improve their performance and energy efficiency.
Top players like QNAP are emerging as consumer NAS market game changers. They are introducing new, smarter, and faster NAS solutions integrated with novel technologies, including NPU-equipped 8-core chips, hot-swappable E1.S NVMe SSDs, etc. Similarly, strategies like acquisitions, partnerships, and collaborations are prevalent in the market.
Recent developments:
- In October 2022, the TVS-hx74 ZFS NAS featuring 12th Gen Intel Core multi-thread processors was launched by QNAP Systems, Inc. The new solution is designed for virtualization applications.
- In 2023, ASUSTOR unveiled the new Lockerstor Gen2 series of NAS devices.
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Country-wise Insights
Why is Demand for Consumer NAS Solutions Rising in the United States?
“The rising popularity of intelligent technologies is driving increased demand in the United States.”
The United States' consumer network attached storage market is anticipated to hit US$ 3,948.3 million by 2034, showcasing a projected 9.9% CAGR in the adoption of consumer NAS devices. This surge is attributed to the burgeoning embrace of IoT and smart home technologies across the country. The resultant demand for centralized storage solutions, notably NAS devices, is expected to fuel market expansion significantly.
The role of NAS devices is increasingly pivotal in efficiently managing the data generated by smart home devices, serving as a centralized repository for this information. Furthermore, the escalating storage requirements stemming from remote work and online collaborations will further propel sales growth in the United States until 2034.
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About Fact.MR:
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