The global consumer network attached storage (NAS) market is anticipated to grow at steady CAGR over the forecast period (2018 to 2022), according to a report available on Radiant Insights, Inc. Growing requirement for network based data storage technology among consumer can drive demand for consumer NAS. NAS can allow consumers access their files stored in a drive by connecting to business or personal network using personal computers or mobile devices.
Increasing disposable income is likely to boost purchasing power of consumers. This, in turn, can augment growth of market. Growing adoption of technologically advanced products among consumers being more tech savvy can drive market expansion in the forthcoming years. In addition, rising need for data surveillance can also influence market growth. Moreover, shifting preference from server-based networking ecosystems to data-based models can augment growth of market during the forecast period. Rising demand for cost-effective storage systems, speedy data transfer, and data backup systems can further boost market growth in the coming years.
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To cater to rising demand for consumer NAS, most companies are estimated to invest in R&D activities to develop innovative products. For instance, Google recently introduced new storage option for developers in its cloud. Cloud Filestore is likely to offer fully managed network attached storage (NAS) service in the cloud. Developers can now spin up storage as required to access standard file system. Hence, companies can now easily run their applications using Filestore. In addition, this new service is expected to offer low latency, high input/output operations per second (IOPS), and high throughput.
The consumer NAS market can be segregated on the basis of design, end-user, and region. Based on design, the market can be categorized into 1-Bay, 2Bays, 4 Bays, 5-Bays, and above 6-Bays. 2-Bays segment is expected to grow at significant CAGR during the forecast period.
Based on end-user, the market cab be classified into business and home. Business segment is projected to account for substantial growth during the forecast period. Increasing use of network attached storage in small medium enterprises can reduce ownership cost. This, in turn, can augment product demand in businesses. Management of centralized storage location can be cost-effective compared to conventional client/server storage models. In addition, NAS systems are likely to eliminate situations like disk failure and space going unused. This factor can further reduce storage costs. Similarly, home segment is expected to follow business segment in terms of market share attributed to rising adoption of technology among consumers for home surveillance, media streaming device, and as backup system.
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Regional segmentation includes Asia Pacific (Asia Pacific), Americas, and Europe, Middle East & Africa (EMEA). North America is expected to hold substantial market share attributed to notable investments made in R&D. In addition, increasing number of large technology companies in the region can drive market expansion during the forecast period. Rising adoption of network attached storage by start-up companies in United States can further augment regional growth.
Europe is anticipated to follow North America in terms of market share owing to rising consumer awareness regarding advantages of consumer NAS.
In Asia Pacific, the market is projected to grow at high CAGR attributed to rising consumer awareness regarding advantages of the technology. Growing disposable income and rising standard of living can drive market growth in this region.
Some of the leadingcompanies operating in the consumer NAS market are Dell Technologies, Apple, Western Digital, Seagate technology, NEC.
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