Consumer, SMB NAS market size to grow at CAGR of more than 9%

The global consumer and SMB NAS market size is expected to reach values of approximately $12 billion by 2023, growing at a compound annual growth rate (CAGR) of more than 9% 2018-2023, according to Research and Markets (www.researchandmarkets.com).
The global consumer and SMB NAS market is driven by the growing demand for efficient, reliable and affordable solutions to store the data, notes the research group. The introduction of enhancing systems that enable remote access to the file, secure storage to data, multimedia streaming, storing of video surveillance footages and more will propel the evolution of the global market.
The proliferation of internet connectivity is resulting in the use of various devices such as mobile phones, laptops, and desktop thereby, leading the growth of both personal and business data across end-user segments in the global market, per Research and Markets. The introduction of new devices that enable user-friendly storing, accessing, and sharing of files among end-users at an affordable cost will boost the demand for these appliances in the global market. 
The continuous innovations towards Internet of Things (IoT) by home appliance manufactures and the adoption of smart home and home automation applications will augment the growth of the global consumer and SMB NAS market. The consumers are leveraging smartphones and voice assistant devices to remotely control smart appliances such as fridge, air condition, and washing machine, thermostat, bulbs, and security solutions in the global market. 
Research and Markets says the leading vendors are integrating the smart appliances with network attached storage and controlling the operations of devices such as security cameras via remote access provided by the network attached storage appliances in the global market. The leading manufacturers are launching hybrid solutions that include the use of NAS for video surveillance storage and cloud-based storage for storing appliance operational data in the smart home environment. The integration of such devices will encourage vendors to introduce cost-effective solutions in the global consumer and SMB NAS market.
The consumer and SMB NAS market by end-users is segmented into consumer, SOHO, SMBs, and SMEs. SMBs dominated the majority of the market share in 2017, growing at a CAGR of around 12% during the forecast period of Research and Markets. The increasing adoption of the medium and high-end system of 4-bay and 5-bay form factors is propelling the growth of this segment in the global market, the research group adds. The integration of multiple 10 GbE ports and introduction of 25 GbE and 50 GbE ports in the rackmount appliances will boost the adoption of these systems in the global market. 
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