Oct 20, 2020 (The Expresswire) -- The global network attached storage (NAS) market is anticipated to gain traction from its increasing demand from small and mid-sized businesses. It enables users to easily access their data by using a network connection. This information is given by Fortune Business Insights™ in a new report, titled, “ Network Attached Storage Market Size, Share and COVID-19 Impact Analysis, By Component (Solution, and Services), By Product Type (High-end/Enterprise, Midmarket, and Low-end), By Storage Solution (Scale-up NAS, and Scale-out NAS), By Deployment (Cloud, and On-premises), By End-user (BFSI, Healthcare, Retail and e-commerce, IT and Telecomm, Automotive, and Others) and Regional Forecast, 2020-2027 .” The report further states that the NAS market size was USD 14.74 billion in 2019 and is projected to reach USD 54.57 billion by 2027, exhibiting a CAGR of 18.2% during the forecast period.
COVID-19 Pandemic: Companies Surge Average Selling Prices to Balance Revenues
The outbreak of the COVID-19 pandemic is taking a toll on businesses across the globe. Numerous network attached storage vendors are taking immediate steps to prevent heavy losses. Seagate’s 2020 quarterly report declares that the company shipped approximately 120.2 Exabytes of hard disk drive (HDD) storage capacity. It was lesser by 9.3% in 2019. But, the average selling price of NAS has surged to USD 86.21. The main reason behind this is to balance revenues amid reduced shipments. Our authentic report would help clients to better understand the current scenario of the market.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/enquiry/covid19-impact/network-attached-storage-market-100505
This Report Answers the Following Questions:
What are the current trends propelling growth of the network attached storage market?
What are the innovations done by reputed organizations?
Which are the key segments to focus in the near future for prioritizing investments?
What are the challenges and opportunities for the market?
Drivers and Restraints-
Introduction of 5G Network by Telecom Service Providers to Bolster Growth
Several telecom service providers, such as Telefonica, Nokia, ATandT, and Ericsson are introducing 5G services rapidly. It is capable of connecting millions of devices, which, in turn, is set to boost the development of smart agriculture, smart factories, and of smart cities. Besides, the rising plans to develop smart cities would generate more demand for NAS systems as the cities will be connected to the cloud. However, the increasing concerns regarding privacy and security may hinder the network attached storage market growth in the coming years.
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Mid-market Segment to Show Considerable Growth Backed by Ability to Provide Enterprise Storage
Based on product type, the mid-market segment held 50.1% in terms of network attached storage market share in 2019. This growth is attributable to their ability to provide improved efficiency and performance for enterprise storage.
Rising Investments by Firms to Spur Digitalization to Favor Growth in Asia Pacific
Geographically, in 2019, North America procured 5.60 billion in terms of revenue. The U.S. and Canada are the major contributors to growth. Asia Pacific, on the other hand, is set to open doors to lucrative opportunities in the forthcoming years because of the expansion of the IT and telecom industry in the region. Google, for instance, is planning to invest around USD 10 billion in India through equity investments and partnerships for propelling digitalization across the country.
Renowned NAS Providers Focus on New Product Launches to Cater to High Demand
Prominent network attached storage providers are adopting the strategy of new product launches to cater to the growing demand and to generate more revenues. Below are two latest industry developments:
July 2020 : QNAP® Systems, Inc. introduced the TS-x53DU series NAS. It is available in 12-bay, 8-bay, and 4-bay models. It provides efficient everyday usage and multimedia playback.
May 2020 : Buffalo Americas released its new TeraStation 6000 + Snapshot series. It is a high-performance and flexible network storage solution available in desktop and rack mount enclosures.
Fortune Business Insights™ lists out the names of the reputed network attached storage providers operating worldwide. They are as follows:
Dell Technologies Inc. (Texas, United States)
NetApp, Inc. (California, United States)
Hewlett Packard Enterprise Company (HPE) (California, United States)
Hitachi, Ltd. (Tokyo, Japan)
Western Digital Corporation (California, United States)
Seagate Technology Public Limited Company (PLC) (California, United States)