In addition, with rapid technology development and increasing adoption of cloud solutions, companies are integrating cloud technology with NAS devices. For instance, Western Digital Technologies, Inc. based in Irvine, California, the U.S. offers My Cloud NAS solution for small businesses and personal use. Moreover, NAS devices are often used in homes for storing multimedia files and for automated backup. In smart homes, NAS devices are used to provide centralized storage for security systems, internet of things (IoT) components and smart TV. Considering the increasing adoption of NAS devices, companies are developing compact devices to enhance the performance of NAS devices. For instance, Synology, Inc. based in Taiwan launched its compact and scalable NAS device RackStation RS816 for small and medium businesses.

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The adoption of NAS devices is increasing due to rising demand from small and large businesses for effective and efficient solutions for storing, managing and accessing contents across the networks. These act as central hub and allow multiple devices to share and access the content. NAS devices also offer redundancy using redundant array of independent disks (RAID) technology to avoid any hard drive failures. As compared to storage area network (SAN), NAS devices provide an affordable storage and backup solutions. All these beneficial features are expected to drive the network attached storage devices market over the forecast period.

However, data recovery from NAS devices after power loss or machine failure is difficult. These devices also consume more bandwidth from TCP/ IP network to deliver efficient storage and access capabilities. These drawbacks are expected restrict the adoption of NAS devices, with users preferring other storage systems such as direct-attached storage (DAS) and SAN However, rising adoption of high-speed networks across small and medium and large enterprises is expected to minimize the impact of these challenges and provide opportunities for NAS devices in the future.

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Network attached storage devices market is segmented by product, by end-use and by geography. By product, network attached storage devices market is segmented into low-end, mid-end, and high-end NAS. Based on the end-use, network attached storage devices market is segmented into personal/ home and commercial. Commercial segment is further segmented into small and medium businesses and large businesses. On the basis of geography, network attached storage devices market is segmented into North America, Europe, Asia Pacific, South America and Middle East and Africa. Among these regions, North America region has seen significant growth in network attached storage devices market due to increased adoption of centralized storage systems across businesses and smart homes. Whereas, growth in Asia Pacific and Europe regions is expected to be observed from large scale adoption of NAS devices across fast growing small and medium businesses and increasing demand for efficient network storage solutions.