The report forecasts the global consumer NAS market to grow at a CAGR of 11.01% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global consumer NAS market for 2016-2020. To calculate the market size, the analyst considers the revenue generated from the following:
Sales of NAS devices for individual consumers.
Retail sales revenue of individual consumer NAS storage devices.
A trend which is positively impacting the market is the reduction in prices of individual consumer NAS devices. The cost of devices such as computers, tablets, smartphones, and hard drives is reduced on a YoY basis or when a powerful alternative to a device is released by vendors. Few individual consumers are unaware of NAS appliances being an alternative to external hard drives and DAS.
According to the report, a key growth driver is the increase in the number of connected home devices. Many individuals use Wi-Fi-enabled devices such as smartphones, tablets, and laptops, to communicate for personal and professional purposes on a global scale. These devices also have internal and external storage, which is useful for storing files, pictures, and videos as a form of immediate storage. The capacities of these devices are increasing, but they will not be sufficient to accommodate significant amounts of data.
Further, the report states that one challenge that could curtail market growth is connectivity challenges.