Network Attached Storage Market to Record a CAGR of 16.5% Over 2023-2030; Emergence of Gigabit Ethernet and High-speed Transport Protocols to Propel Market Development

The global network attached storage market size stood at USD 29.72 billion in 2022. The market is predicted to rise from USD 34.62 billion in 2023 to USD 100.83 billion by 2030, recording a CAGR of 16.5% from 2023 to 2030.

Fortune Business Insights™ presents this information in its report titled, “Network Attached Storage Market Size, Share & COVID-19 Impact Analysis, By Enterprise Type (SoHo: <10 FTEs, Mid-size: <1,000 FTEs, and Large Enterprise: >1,000 FTEs), By Storage Solution (Scale-up NAS and Scale-out NAS), and Regional Forecast, 2023 – 2030”.  

Network Attached Storage (NAS) is a data storage solution device attached to the network, allowing consumers to collect and retrieve data from one central location. The emergence of Gigabit Ethernet and high-speed transport protocols is contributing to market expansion. Increasing adoption of network attached storage over conventional private cloud storage due to its affordability is driving market growth.

Increased Investments in Data Storage Solutions amid the Pandemic Fostered Market Growth

The coronavirus pandemic positively impacted the market growth. Increased investments in data storage solutions amid the pandemic propelled market growth. Higher demand for effective storage solutions due to increased data generation during the COVID-19 outbreak fostered demand for network attached storage services.

QNAP Introduced a Network Expansion Card, QXG-10G2T 10 GbE

In September 2023, a network expansion card, QXG-10G2T 10 GbE, exclusive for users that require simultaneous data access with lower latency was introduced by QNAP. These end users are professional videographers, photographers, or are part of a collaborative team. It is a dual-port, innovative, 5-speed 10 GbE (RJ45) network expansion card, which is an affordable and energy-efficient solution for many networking requirements. By providing them a smooth experience, the card improves the workflow efficiency of both NAS and PC users.

Increasing Adoption of Cloud Data Storage Solutions by Organizations to Augment Market Progress

NAS producers need cloud storage for data backup, synchronization, and remote access. Rapid integration of effective cloud platforms and storage equipment is expected to boost market expansion in the coming years. This integration enables users to organize their data between a network attached storage device and a cloud service, thus boosting accessibility and redundancy of information.

Network attached storage devices support users to access files on mobile phones, tablets, or computers and are compatible with cloud services. Moreover, the increasing adoption of cloud data storage solutions by organizations to avoid physical limitations and enable convenient and easy access to significant documents, media files, and other data is boosting market expansion.

However, market growth is hampered by concerns related to data theft and server breaches.

Major Companies Focus on Product Introductions to Maintain their Market Positions

Prominent companies are implementing different strategic initiatives, including product introductions and partnerships. These initiatives are supporting them to boost their market presence. Moreover, market leaders are focusing on product efficiency and global expansion through investments in no-code/low-code technologies, shift to a service-oriented (recurring) business model, and generative artificial intelligence (AI).

Notable Industry Development

• October 2023 – Hitachi Vantara introduced the Hitachi Virtual Storage Platform One, an advancement in its conventional data storage portfolio. With the help of this solo hybrid cloud data solution, the company focuses on addressing the intricate difficulties faced by IT leaders who aim to scale data and innovate applications across critical, multi-cloud, and distributed hybrid infrastructure.

List of Key Companies Profiled in the Report:

• Dell Technologies Inc. (U.S.)


• IBM Corporation (U.S.)


• QNAP Systems, Inc. (Taiwan)


• Hitachi Vantara LLC (Hitachi Ltd.) (Japan)


• Western Digital Corporation (U.S.)


• Seagate Technology Holdings plc (Ireland)


• Synology Inc. (Taiwan)


• Buffalo Americas, Inc. (U.S.)


• NetApp, Inc. (U.S.)


• NetGear, Inc. (U.S.)

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/network-attached-storage-market-100505

Further Report Findings:

• The market in North America was valued at USD 12.70 billion in 2022. The presence of well-established data centers in the U.S. is driving market growth in the region.


• The market in Europe is growing steadily due to an increase in governmental investments in emerging technologies.


• The MEA and South American region is anticipated to rise gradually in recent years. This is attributed to the rapid shift from traditional storage systems to NAS solutions across both regions.

• Based on enterprise type, the mid-size segment commands the network attached storage market share due to the increasing accessibility of customized NAS solutions' availability.


• On the basis of storage solution, the scale-up NAS segment dominates the market. The segment growth is driven by lower costs associated with licensing.

Table of Segmentation