New data from Research and Markets (www.researchandmarkets.com) says that the global consumer NAS market will grow at a compound annual growth rate of 11.01% during the period 2016-2020.

The research group says a trend that’s 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 Research and Markets 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.