Dell EMC, D-Link, NEC ID'd as Network Attached Storage Leaders

The global network attached storage (NAS) market is expected to reach $4 billion by 2024, led by SMEs, according to a new study from Persistence Market Research.

Key drivers for the growth include rising demand for speedy transference of bulk data, growing need for efficient data-backup plans and increasing implementation of cost-effective storage options. However, the steadfast adoption of NAS systems across the globe is facing challenges such as the competitive advantage of cloud-based storage services, and the complex nature of expensive NAS systems.

Leading tech companies that will be catering to surging global demands include Dell EMC, D-Link, NEC, Seagate Technology, Netgear, Western Digital, Synology, Asustor, Qnap Systems and Drobo, the report says.

The SME segment is expected to remain dominant through 2024 in this market, accounting for nearly 60 percent of the global market revenue share, according to the study.{ad}

Among the end-user segments, residential is anticipated to expand at a compound annual growth rate (CAGR) of 13 percent between 2016 and 2024. The segment is expected to be valued at more than $500 million this year.

Even though a majority of global NAS revenues come from North America, the Middle East and Africa region is being perceived as highly lucrative. Adoption of NAS systems is expected to be rapid in this region.

With North America at the forefront, the global NAS market also will experience substantial growth across Europe and Latin America. Meanwhile, the Asia-Pacific NAS market will expand at a compound annual growth rate of 10.6 percent through 2024.