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According to the latest report by IMARC Group, titled “Consumer Network Attached Storage: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global consumer network attached storage market reached a value of US$ 24.5 Billion in 2021. A consumer network-attached storage (NAS) refers to a device that is connected to a network for storing, retrieving, and sharing data from the central location to the computer systems. It consists of a central processing unit (CPU), memory unit and an operating system. It is mainly designed for heavy networks and relies on software, hardware and file-based protocols, such as common internet file system (CIFS) and network file system (NFS). NAS is widely used to manage torrent files, create, test, and develop a personal website, host a personal cloud server, manage security systems and create a media stream service. It assists in enhancing storage space and data protection, simplifying server setup procedures, automating data backup and reducing costs.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Consumer Network Attached Storage Market Trends:
The global consumer network attached storage market can be attributed to the increasing demand for digital content being stored in the cloud environment by small and medium enterprises (SMEs). In line with this, the growing preference for enhancing physical security with video surveillance, coupled with the launch of IP cameras, is favoring the market growth. Additionally, the increasing backup operation competence with server-less backup offered by NAS architecture is creating a positive outlook for the market. Apart from that, the introduction of consumer NAS devices that can be combined with the storage area network (SAN) to act as a translator between the file-level and block-level protocols is providing an impetus to the market growth. Moreover, the implementation of various government initiatives towards digitization leading to enormous development in digital data and the widespread utilization of smartphones, laptops, and tablets is positively impacting the market growth. Other factors, including the rising disposable incomes of consumers and increasing demand for smart and connected homes, are anticipated to drive the market toward growth. On account of the aforementioned factors, the market value is expected to reach US$ 58.8 Billion by 2027, exhibiting a CAGR of 16.2% during 2022-2027.
Market summary
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