New Report Predicts $45 Billion Value for Storage Market by 2023

July 07, 2017

By Ken Briodagh - Editorial Director

A recently released report from analyst firm MarketsandMarkets entitled “Network-Attached Storage (NAS) Market by Storage Solution (Scale-up, Scale-out), Deployment Type (On-Premise, Remote, Hybrid), End-User Industry (BFSI, Telecommunications & ITeS, Consumer Goods & Retail), and Geography - Global Forecast to 2023” is predicting that the global NAS marketplace will be worth $45.21 billion by 2023, with a CAGR of 20.1 percent from 2017 to 2023.

The full report is available here.

The authors identified secure data storage, file-based storage and multiple client access as key reasons for the adoption of NAS devices in end-user industries. Moving forward, the report indicates that there are several factors that will continue accelerating the NAS industry growth, including: SMBs increasing their dependence on digital content storage in the cloud, social media content proliferation, high-speed data transfer technologies like 4G and 5G, and the need for a large amount of secure data storage devices for video surveillance applications.

Scale-out storage solutions are predicted to be the largest portion of the market in 2023, the report says. In scale-out NAS systems, device capacity is expanded by adding clustered nodes for storing and managing data. The steepest NAS growth rate in the period covered in the report will be for the healthcare sector, which for the purposes of the study includes healthcare services and facilities, medical devices suppliers and manufacturers, medical insurance, and pharmaceuticals. Most of the uses in the medical industries will be for secure patient record management and analysis.

The companies that are profiled in the report are Dell (News - Alert) EMC, NetApp, Hewlett-Packard Enterprise, Hitachi Data Systems Corporation, Western Digital Corporation, NETGEAR, Synology, Buffalo Americas, Seagate Technology, and QNAP Systems.

The report describes the market trends, drivers, restraints, opportunities, and challenges for the NAS market and forecasts the market up to 2023. The report also includes a vendor DIVE matrix of the market, along with a detailed view of the market across four major regions: North America, Europe, Asia Pacific, and Rest of the World (which includes the Middle East, Africa and South America). The report profiles the 10 most promising players in the NAS market.

Edited by Alicia Young

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