The Global Storage as a Service Market is expected to grow from USD 17.30 Bn in 2020 to USD 49.54 Bn by 2027, at a CAGR of 16.1%.
The global demand for storage as a service is driven by its use in the public cloud model throughout the forecast period. For instance, in Amazon Web Services (AWS) storage facility, client can select from a menu of service options rather than from a menu of storage hardware and software types. Government, education, non-profit, and healthcare organizations use AWS for their storage purposes. Additionally, for high-performance database workloads like SAP HANA, the client achieves single-digit millisecond latency, and for large, sequential workloads like Hadoop, client achieve gigabyte-per-second by using AWS.
Additionally, the easy accessibility is the major factor driving the market demand during the forecast period. Storage as a service can be used in smartphones, airplanes, navy ships, laptops desktops, and others. This reduces the cost of IT resources & admin in these various sectors.
Based on enterprise type, Small & Medium Size Enterprises (SME) are anticipated to hold the largest market share during the forecast period as small organizations look forward to cheaper data storage options. For instance, Google Cloud provides free 90-day 300 USD program to clients such as omneo, tail, Sesame, PORTAL TELEMEDICINA and others. Additionally, cloud provides greater flexibility, cost efficiency, and better data management for SME’s. Moreover, Microsoft's cloud hosting services are available through OneDrive. Individual users can get 5 GB of free storage, while larger capacities like 100GB, 1TB, and 6TB cost USD 1.99, $6.99, and 9.99 per month, respectively.
Global Storage as a Service Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, North America is expected to dominate the storage as a service market during the forecast period owing presence of matured players. For instance, in the US “Box” a leading cloud service provider topped the list companies revenue wise in technology that generated 2408 Eur million (2727 USD M). Additionally, the demand for appropriate cyber security, particularly in the area of financial services, communication and data storage, is increasing. Moreover, innovations such as launch of Metaverse, and data storage of end users is expected to boost the demand for cloud storage in the near future.
Additionally, Asia-Pacific is expected to significantly contribute to the market growth during the forecast period. The launch of government projects for various services is expected to boost the market growth in the near future. For instance, The Government of India has launched an initiative called Digital India a project to provide government services through electronic media in order to reduce paperwork and increase transparency in transactions while spending less money, time, and effort. The creation of digital infrastructure, delivering, services digitally, digital literacy are the components of Digital India. Thus, cloud technology in the storage as a service industry is expected to foster the market growth during the forecast period. Furthermore, the size of China's cloud service industry reached 220.61 billion yuan (~35 billion USD Bn) in 2020, As, most offline businesses were hampered by the covid-19 pandemic, many cloud projects with lengthy delivery timeline were postponed, delaying the storage as a service market's further development. However, the demand for online entertainment and working from home has increased significantly, driving demand for cloud service in the storage as a service market in the near future.
The Global Storage as a Service Market Segmentation:
Global Storage as a Service Market by Service Type Industry Outlook (Revenue, USD Million, 2021-2027)
Global Storage as a Service Market by Component Industry Outlook (Revenue, USD Million, 2021-2027)
Global Storage as a Service Market by Enterprise Type Industry Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the storage as a service market are: