The global consumer network attached storage market size was valued at USD 3.44 billion in 2019 and is expected to expand at a compound annual growth rate (CAGR) of 15.8% from 2020 to 2025. Primarily the growth in the Consumer NAS market is expected to be driven by an increase in the data storage capacities and network sharing capabilities.
NAS is a storage device that allows you to connect to a personal or business network so that the user can access the files stored in the drive, from mobile devices and PCs without plugging in the drive externally. Innovative offerings such as access to high-quality data content and access to the stored data from any computerized system or mobile device to a user or others will enhance the customer experience and thus is expected to drive the demand for Consumer NAS market.
Growth in disposable income has increased the purchasing power of an individual, thus it is expected that this will improve Consumer NAS market growth. The modern-age population is becoming more tech savvy and acceptable toward technologically advanced products. Furthermore, increasing need of surveillance is a major factor driving the growth of the Consumer NAS market.
A typical Consumer Network Attached Storage consists of a central processing unit (CPU), memory unit and an operating system. It is available in diverse types such as NAS with preinstalled drives, diskless NAS and so on. It also offers an advanced way of retrieving the stored data without the need of a physical device.
The improved level of security has resulted in increased the regulatory needs to store and share data security within the organization, which in turn has boosted the usage of Consumer NAS.
Enterprises operating particularly in BFSI, telecommunications, IT, media, healthcare, retail, and hospitality, among other industries, and government agencies are continuously generating large volumes of data at very high rates. The need to store all this data in an effective and secure manner and facilitate convenient retrieval for analysis whenever required is also growing as a result.
The increasing security concerns have triggered the demand for video surveillance solutions for residential as well as commercial establishments. The growing preference for replacing physical security with video surveillance coupled with the advent of IP cameras are also driving the demand for video surveillance solutions. Video surveillance proves to be very useful in countering thefts and gathering evidence for legal purposes. On the other hand, law enforcement agencies, government agencies, and regulatory bodies are opting for video surveillance are part of the several initiatives aimed at improving public safety, including traffic management. Body cameras and drones are also being integrated within video surveillance systems in line with the advances in technology. However, a reliable storage system would be of paramount importance if the video surveillance footage is to be stored in a safe and convenient manner.
The growing preference for cloud-based services is turning out to be a significant threat to the consumer NAS market. Several organizations have started opting for cloud-based solutions to store their data owing to the enhanced security, flexible application design, and resilience cloud-based solutions can ensure. Moreover, organizations willing to switch to cloud-based solutions are having an option to choose from several providers of cloud-based solutions that are offering cloud services at competitive prices. The growing competition is prompting providers of cloud services to offer flexible and customizable options, including free storage space for limited usage and free trials for up to 1 year. As a result, the number of organizations opting for cloud services is increasing continuously.
As the number of individual users, large enterprises, and small- and medium-sized enterprises using consumer NAS solutions continues to increase, the demand for high-performance storage units is growing. However, despite increasing the processing speed and RAM capacities, the slower response times of hard drives that form a part of the consumer NAS solutions tend to affect the overall performance of the consumer NAS solutions.
Growing demand for efficient data backup systems, speedy data transfer, and cost-effective storage systems are some of the key drivers for the consumer network attached storage market.
Based on End-Users, the global consumer Network Attached Storage market has been segmented into the home and business. The Business segment is expected to account for a significant market share over the forecast period.
The Home segment follows next owing to majority of consumers implementing Consumer NAS as a backup system, media streaming device and for home surveillance. The deployment of network attached storage in small and medium businesses facilitates the reduction in ownership cost to the enterprise and thus drives the growth of Consumer NAS market.
The networking ecosystems are undergoing a change from server-based models to data-based models. The growth in information storage, management, and retrieval has compelled consumers to make storage decisions separate from server decisions. Thus, it is expected to drive the change in the demand of Consumer NAS in the forecast period.
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 network attached storage by technology startups in U.S. would lead to a significant increase in the demand for the overall U.S. market. Additionally, the region is one of the startup hubs of the world it is also expected to boost the market revenue significantly.
The Asia Pacific 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. The growth in the European region is attributed to a growing number of startups in the past years. Many businesses and enterprises are increasingly adopting consumer NAS. The U.K. region is driven by the high penetration of consumer electronics in the country. The rising standard of living and evolving technologies in the storage segment is expected to boost the market demand for consumer NAS.
Key industry participants in the market include Western Digital Corporation, Netgear Inc, Synology Inc., QNAP Systems, Inc., Asustor Inc, Buffalo America Inc., ZyXEL Communications Inc, and Thecus Technology Corporation. Consumer NAS systems have found a growing usage among small and medium enterprises as it offers features such as easy data storage and backup solutions.
Report Attribute |
Details |
Market size value in 2020 |
USD 4.01 billion |
Revenue forecast in 2025 |
USD 8.32 billion |
Growth Rate |
CAGR of 15.8% from 2020 to 2025 |
Base year for estimation |
2019 |
Historical data |
2015 - 2018 |
Forecast period |
2020 - 2025 |
Quantitative units |
Revenue in USD billion and CAGR from 2020 to 2025 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments covered |
End-User, design, and region. |
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa. |
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; and Mexico. |
Key companies profiled |
Western Digital Corporation; Netgear Inc; Synology Inc.; QNAP Systems, Inc.; Asustor Inc; Buffalo America Inc.; ZyXEL Communications Inc; and Thecus Technology Corporation. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest trends and opportunities in each of the sub-segments from 2014 to 2025. For this study, Grand View Research has segmented the Consumer Network Attached Storage(NAS) market based on End-User, Design and regions.
End-user Outlook (Revenue, USD Million; 2014 - 2025)
Home
Business
Design Outlook (Revenue, USD Million; 2014 - 2025)
1-Bay
2-Bays
4-Bays
5-Bays
6-Bays
Above 6 Bays
Regional Outlook (Revenue, USD Million; 2014 - 2025)
North America
U.S.
Canada
Mexico
Europe
Germany
U.K.
France
Asia Pacific
China
India
Japan
South America
Brazil
Rest of South America
MEA
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The global electronics devices market (including consumer electronics and industrial electronics devices) is expected to be impacted significantly by COVID-19 as China is one of the major suppliers for the raw materials (used to manufacture devices) as well as the finished products. The industry is on the brink of facing a reduction in production, disruption in supply, and price fluctuations. While this can vastly encourage local manufacturers to step up and address the growing demand, the scarcity of raw material can still pose a challenge to this industry. The sales of prominent electronic companies is expected to be affected in the near future. The report will account for Covid19 as a key market contributor.
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