The global consumer NAS market was valued at $2.18 billion in 2016 is expected to reach $8.20 billion by 2025, according to a report, Consumer Network Attached Storage (NAS) Market Analysis by End-user (Home, Business), By Design (1-Bay, 2-Bays, 4-Bays, 5-Bays, 6-Bays, Above 6 Bays) and By Region, And Segment Forecasts, 2014 – 2025 ($4,950, 84 pages), published last June by Grand View Research, Inc.
US Consumer NAS Market by End-user, 2014 – 2025
(in $ million)
Globally growing demand for efficient backup systems, speedy data transfer, and cost-effective storage systems are some of the key drivers for the consumer NAS market. Home segment is one of the largest segment in 2016 and is expected to maintain a high growth rate over the forecast period. The deployment of NAS in SMBs is expected to drive the consumer NAS market.
The growth of consumer NAS market is primarily driven due to the low cost of product and easy installation, along with network sharing of data, which enhances the user’s accessibility of data among the in-house or office network. Innovative solution offerings such as cloud backup offerings which can be integrated with the consumer NAS system further drives the demand for consumer NAS market. The increase in purchasing power of individuals due to growth in disposable income is expected to fuel the growth of the consumer NAS market. The modern-age population is becoming more tech savvy and acceptable toward technologically advanced products that promote. Furthermore, increase in the data such as movies, photos among the individuals which need to be stored are some of the major factors driving the growth of the consumer NAS market.
2-bay design are expected to observe the fastest growth over the next nine years. The home segment of consumer NAS devices will increase in USA and Europe, which is expected to boost the market demand over the forecast period.
Global Consumer NAS Market by Design, 2016
Further key findings from the report suggest:
- The increasing need storage, data management and data sharing is expected to drive the global market demand of consumer NAS market
- Business segment emerged as the largest end user segment in 2016 and is estimated to grow by CAGR of 15.4% by 2025
- Global consumer NAS demand of 4-bay design segment is expected to witness the largest growth over the years
- The 2-bay in design segment is estimated to grow at a CAGR of 16.9% by 2025
- The industry in AsiaPac is projected to witness substantial growth over the next decade owing to various developments across major economies. and the regional market is expected to grow at a CAGR of 18.8% from 2016 to 2025
The presence of large technology companies and significant investments made in the R&D, are some of the major factors driving the growth of the market in the North American region. Currently, North America occupies a significant market share in the overall global market, which is followed by Europe due to the increasing awareness among individuals about the benefits offered by consumer NAS.
Increasing usage NAS by technology start-ups in USA would lead to a significant increase in the demand for the overall US market. Additionally, the region is one of the start-up hubs of the world and it is also expected to boost the market revenue significantly.
The AsiaPac regional market is anticipated to account for a comparatively higher CAGR, owing to the increasing awareness among users regarding the benefits offered by the technology. Growth in the standard of living and increasing disposable income are the driving factors for the growth of the market in this region.
Key players dominating the global consumer NAS market include Western Digital Corporation, Netgear Inc, Synology Inc., QNAP Systems, Inc., Asustor Inc, Buffalo America Inc., ZyXEL Communications Inc, and Thecus Technology Corporation.