Network-attached storage (NAS) has a growing alternative to the traditional storage mechanism in the Asia-Pacific (APAC) region. It offers enterprises an easy and cost-effective option for storing and handling high data volumes. Therefore, Network-attached storage revenue in the region is estimated to reach US$8.9bn in 2024, and to have an annual growth rate (CAGR) of 3.1% during 2019-2024, according to GlobalData, a data and analytics company.
The BFSI sector is at the top
The analysis of GlobalData’s Market Opportunity Forecast Model also shows that banking, financial services and insurance (BFSI), along with manufacturing, energy, information technology and retail will be the top five verticals accounting for 47.3% of the overall NAS revenue in the region in 2024.
Shamim Khan, the Senior Technology Analyst at GlobalData, said,
“The revenue growth of network-attached storage in the region will be driven by an increase in the data volume from growing Internet penetration and enterprises becoming more data-centric to analyze the insights and patterns for decision-making processes. This sheer data volume storage to be leveraged simultaneously for enterprise-wide applications will require advanced storage and accessibility features as available in a network-attached storage mechanism.”
The BFSI sector is estimated to have a 14.9% share in the total NAS revenue in 2024. Due to increased usage of automation systems, the manufacturing sector’s contribution to the network-attached storage revenue is expected to reach 13% in 2024 as countries like China, India and Vietnam are prominent manufacturing hubs in the region.