The network-attached storage (NAS) market is expected to be worth USD 45.21 billion by 2023, growing at a CAGR of 20.1% from 2017 to 2023.

The major drivers for the growth are increasing dependence on digital content being stored in the cloud environment by small and mid-sized businesses (SMBs), the proliferation of social media content along with high-speed data transfer technologies such as 4G & 5G and the need for a large amount of secure data storage devices for video surveillance application.

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The market for hybrid deployment type is expected to grow at the highest rate in the NAS market 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.

Among the various end-user industries covered in this report, in 2016, BFSI held the largest market share in terms of value, followed by telecommunications & ITeS vertical. 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.

Of all the regions, North America held the largest Network-Attached Storage 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

The security of data is a concern when the data are stored in a remote place, which restraints the growth of the NAS market. Dell EMC (US), NetApp (US), Hewlett-Packard Enterprise Company (US), Hitachi Data Systems (US), and Western Digital Technologies (US) are some of the leading players in the NAS market as of 2016.

These companies are focusing on their market expansion through technological innovation, product launch, and focus on inorganic growth strategies for development. Dell EMC (US) and NetApp (US) are the key players that are expanding their market through product launch and inorganic growth strategies. On the other hand, companies such as Hewlett-Packard Enterprise Company (US), Hitachi Data Systems (US), and Western Digital Technologies (US) are focusing on the market development through product launches and product development.

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For instance, in April 2016, Hitachi Data Systems Corporation has announced the addition of native NAS to its Hitachi Virtual Storage Platform (VSP) G series portfolio. This adds the option to include 2 high-performance NAS modules in VSP G400, VSP G600, and VSP G800 systems.

The companies that are profiled in the report are 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).

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