Consumer Network Attached Storage Market Growth & Trends

The global Consumer Network Attached storage market size is expected to reach USD 12.04 billion by 2030, growing at a CAGR of 12.1% from 2023 to 2030, according to a new report by Grand View Research, Inc. Consumer network attached storage (NAS) devices enable data storage and retrieval for at-home users and small businesses. The NAS devices consist of various components, including hardware, software, and network switches, among others. The hardware includes storage drives, Random Access Memory (RAM), and processors. The scalability, cost-effectiveness, and ease of use of these devices are driving the adoption among the end-users. The onset of the COVID-19 pandemic accelerated digital transformation among businesses.

Moreover, the adoption of remote working models and growth in Digital Media Consumption after the onset of the COVID-19 pandemic positively impacted industry growth. Digital media consumption is increasing with the rising number of internet users worldwide. Thus, growing digital media consumption is driving the volumes of unstructured data, which is subsequently necessitating new, innovative data storage solutions, including consumer NAS solutions. Advances in the internet of things (IoT) and growing popularity of social media are among the significant drivers of the increasing volumes of unstructured data. According to a 2022 report by Hootsuite Inc., a social media management platform based in Canada, over 93% of internet users use social media, and the number of social media users grew by 599 million between October 2020 and October 2022.

Based on the design, the industry is divided into 1-Bay, 2-bays, 5-bays, 4-bays, 6-bays, and above 6-bays. The launch of numerous feature-rich 4-bay devices in recent years is making a 4-bay device an attractive option for small and medium businesses. In addition, the acceleration of the work-from-home model, especially after the COVID-19 pandemic, is driving the segment growth. Based on end-users, the industry is further divided into residential and business. Market players are launching new NAS products for SMEs owing to the increasing demand for affordable, scalable, and high-performance storage solutions. Companies are launching new, energy-efficient consumer NAS solutions, which are likely to impact market growth positively. For instance, in June 2023, Synology Inc. announced the launch of DiskStation DS223j, a 2-bay NAS solution.

The solution features various applications and options, such as data backup, file syncing & sharing, and video surveillance, for data storage & management. With this launch, the company aimed to provide energy-efficient hardware that meets the needs of small businesses and home offices. Key companies use different strategies, such as partnerships & collaborations, expansions, and product developments, to strengthen their market presence and share. In October 2023, TerraMaster announced the launch of F2–212, a 2-bay NAS solution. F2–212 provides storage space of up to 44 TB, offering large private cloud storage for small teams and families. With this launch, the company aimed to provide an easy-to-use and secure data management NAS solution for users.

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Consumer Network Attached Storage Market Report

Consumer Network Attached Storage Market Report Highlights

• The global market growth is attributed to advancements in data-intensive technologies, such as Artificial Intelligence (AI) and Machine Learning (ML), positively impacting the demand for efficient storage solutions
• The 2-bays design segment is projected to register the fastest CAGR from 2023 to 2030
• The standalone segment dominated the market in 2022 with a revenue share of more than 67.0% and is expected to register a CAGR of 12.5% from 2023 to 2030
• The Hard Disk Drive (HDD) segment held the largest revenue share in 2022 and is expected to grow at a CAGR of 12.2% from 2023 to 2030
• The 1 TB to 20 TB segment is projected to grow at the fastest CAGR from 2023 to 2030
• On-premise was the dominant deployment segment in 2022 with a revenue share of more than 51.4% and is projected to register a CAGR of 10.9% from 2023 to 2030
• The business end-user segment held the largest revenue share in 2022 and will expand further at a CAGR of 12.0% from 2023 to 2030