The global storage as a service market is expected to witness growth with a CAGR of 29.9% during the forecast period. The storage as a service is a service where data is remotely managed, backed up, and maintained. The service enables users to access data from any location by allowing them to store their files online.
An increase in the adoption of hybrid cloud storage system by organizations is driving the growth of the storage as a service industry in recent years. The hybrid cloud storage system enables organizations to select flexible storage solutions for each workgroup or workload. The benefits of deploying hybrid cloud storage includes improved data management, better security for storage of data, and enhanced IT infrastructure flexibility and management. Thus, various companies are now adopting hybrid cloud storage in order to enhance their storage capabilities, which is driving the growth of the storage as a service market.
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In addition to this, an increase in the adoption of big data analytics is also one of the major factors that is driving the growth of the storage as a service market. Big data analytics refers to the complex process of examining varied and large data sets to reveal information about unknown correlations, customer preferences, hidden patterns, and market trends, which help organizations in making informed business decisions.
However, bandwidth limitation is retraining the growth of the storage as a service market in recent years. At the same time, the problem with accessibility during the absence of internet connection is obstructing the growth of the storage as a service industry.
The major key players in the storage as a service market are IBM Corporation, Internap Corporation, Hewlett Packard Enterprise Development LP, Microsoft Corporation, APTARE, Inc., Amazon Web Services, Inc., Rackspace Inc., Hitachi Data Systems Corporation, SoftLayer Technologies. Inc., Buffalo Americas, Inc., and others. Companies operating in this market are concentrating on research and development, along with acquisitions & mergers and innovations in products, in order to strengthen their market share.
For instance, in April 2018, Nexenta, the global leader in open source-driven software defined storage, announced the use of Amazon Web Service Inc.’s cloud to extend its software-defined storage service to a hybrid model. In May 2018, IBM Corporation announced the launch of new IBM Storage Insights, a cloud-based and AI storage management platform which provides fast storage capacity and performance. IBM Storage Insights helps customers in achieving greater efficiency and cost saving from their multi cloud, multitier storage environment.