The global network-attached storage market is expected to be worth USD 45.2 billion by 2023 from USD 15.1 billion in 2017.

Market Dynamics

The Network-Attached Storage market for hybrid deployment type is expected to grow at the highest rate from 2017 to 2023.

Hybrid storage solutions have advantages and disadvantages over both on-premise and remote storage. The hybrid storage solution behaves like a homogeneous storage. These are virtually transparent and possess mechanisms that keep active and frequently used data on-premise and move inactive data to the remote location-based systems.

BFSI held the largest share in Network-Attached Storage market in terms of value.

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. A large amount of data is generated every day with day-to-day financial transactions getting done worldwide. These data from the customers are very crucial. The security of such data is a big concern for the banking and financial sector. Network-attached storage devices offer secure data storage at a lower cost with several scalability options.

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Network-Attached Storage Market in 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 network-attached storage 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.

Key Market Players

Dell EMC (US), NetApp, Inc. (US), Hewlett-Packard Enterprise Company (US), Hitachi Data Systems Corporation (US), Western Digital Corporation (US), NETGEAR, Inc. (US), Synology, Inc. (Taiwan), Buffalo Americas (US), Seagate Technology PLC. (US), and QNAP Systems, Inc. (Taiwan) are some of the leading players in the network-attached storage market as of 2016.

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