The Global Storage as a Service Market was valued at USD 17.30 Bn in 2020 and is expected to reach USD 49.54 Bn by 2027, with a growing CAGR of 16.1% during the forecast period.
Global Storage as a Service Market Definition
Storage as a Service (STaaS) is a cloud storage that a user rents from a Cloud Service Provider (CSP). Individuals, enterprises, small and medium enterprises, home offices use the cloud for multimedia storage, data repositories, data backup and recovery, and disaster recovery. STaaS is an economical choice for operating expenditure (OpEx) agility where a client needs to only pay for the storage required, when the client needs it.
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Global Storage as a Service Market Dynamics
Increasing demand for storage as a service from the smartphone sector is anticipated to drive the market growth throughout the forecast period. With the proliferation of smartphones, market trends shifted towards applications that demand more storage space and computing power. Additionally, businesses desire to increase efficiency with less resources to reduce costs and make the best use of cloud resources. Thus, the use of cloud storage is expected to support the market demand in the near future.
Additionally, the use of storage as a service in edge computing is expected to support the market growth in the near future, due to its use in communicating with smart devices. They are used in smart devices such as cars, smartwatches, and others. Edge computing offers security, unlimited scalability, and cost savings. For instance, Xiaomi shipped 8 million smartwatches in 2021, till date.
Moreover, launching new features and functions on a regular basis is expected to support the storage as a service the market growth during the forecast period. For instance, in 2021, Google Cloud has announced a series of innovations at its annual flagship event, Google Distributed Cloud, a portfolio of fully managed hardware and software solutions that extends infrastructure and services to the edge and data centers. This service is based on Anthos, an open-source platform for managing infrastructure and applications across on-premises, edge, and others. Furthermore, they free organizations to redirect IT roles away from operations and towards developing capabilities in such areas as the Internet of things (IoT), Machine Learning (ML), and Artificial Intelligence (AI). Nevertheless, potential storage costs may hinder the storage as a service market growth during the forecast period.
The Global Storage as a Service Market Segmentation:
By Service Type
By Enterprise Type
Company Profiles and Competitive Intelligence
The key players operating in the storage as a service market are:
Based on service type, the cloud archive segment held the largest market share in 2020 and is expected to grow significantly during the forecast period due to its long-term storage
Based on service type, the market has been segmented into cloud backup, cloud archiving, and stand-alone & platform attached storage. The cloud archiving segment in storage as a service sector accounted for the largest market share in 2020 and is expected to grow significantly during the forecast period. Document preservation is required for industries such as pharma, life sciences, and healthcare for very long periods of time, for example more than 90 years for regulatory compliance. For example, drug manufacturers must adhere to several international standards for record retention, such as the GxP standards (Good Manufacturing Practices, Good Clinical Practices, and Good Laboratory Practices). Drug manufacturers regulated by the Food and Drug Administration (FDA CFR Title 21 Part 11) require records to be easily accessible for agency inspection, to be of guaranteed integrity, and to be easily viewable for extended periods of time. This record keeping is expected to bolster the storage as a service market demand in the near future.
Based on component, the service segment in the storage as a service market growing at the highest CAGR during the forecast period owing to its easy availability
Based on component, the market has been segmented into hardware and services. The services segment growing at the highest CAGR during the forecast period. Some STaaS offerings can be rented based on quantity, others are rented based on a Service Level Agreement (SLA). SLAs help establish and reinforce conditions for using data storage, such as uptime and read/write access speed. The storage chosen by client typically depend on how often the client intends to access the data. Cold data storage is data that is to be left alone or access rarely, whereas warm or hot data is accessed regularly and repeatedly. Pricing by quantity tends to be more cost efficient but isn’t intended to support fast and frequent access for day-to-day business productivity. For instance, data storage security service can be used government organizations, hospitals, educational institutions & others.
Based on region, North America is expected to hold the largest market share during the forecast period owing to presence of several manufacturers
Based on region, the global storage as a service market is categorized into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America held the largest market share in the storage as a service market owing to the presence of mature key players providing cloud services, such as Microsoft, Google and others. Innovations from these players are expected to boost the storage as a service market growth during the forecast period. For instance, Google in 2021, launched the upgrades various cloud services such as Google distributed cloud space, and Google Workspace. Additionally, the increase in number of software investments is anticipated to bolster the demand for software as a service. Cloud computing is one of the most important enabling technology for SaaS businesses. Cloud computing, specifically infrastructure-as-a-service, was introduced in the mid-2000s, making it possible to rent compute resources rather than to buy them. Cloud computing providers such as Amazon Web Services (AWS) used their scale to reduce costs, improve reliability, and scale storage, and other functions on-demand.
For instance, software IPOs have been dominated by SaaS. It has been observed that out of the 18 enterprise software IPOs in 2018-21 for example, 14 were SaaS. Therefore, the adoption of storage services in SaaS companies is expected to bolster the demand for storage as a service.
The report also provides an in-depth analysis of storage as a service market dynamics such as drivers, restraints, opportunities, and challenges
COVID-19 Impact on the Storage as a Service Market Analysis
Technology was a clear winner in the severe times of covid-19. All the businesses in the global market and their efforts to make their sales continue supported the market demand for storage as a service. The covid-19 pandemic has slowed offline cloud businesses simultaneously it has accelerated cloud adoption and generated new business models and cloud usage habits, contributing to the continued growth of the public cloud industry. For example, since cOVID-19 closed schools, there has been a surge in demand for BYJU's services. Between April and August 2020, the company expected to add over 25 million new users to its platform. To put that in context, it took them four years to reach the first 40 million users. For example, with salesforce they had real-time visibility into customer queries, complaints, and service escalations in BYJU's company. They can also check if employees are meeting their post-sales objectives and KRAs within the timeframes they have set. All of this was done via cloud adoption. Additionally, the e-commerce industry has grown exponentially as more people have shifted to shopping online, as well as video-streaming services, with more people staying at home and lacking other entertainment options. To retain their customer base, traditional retail stores have shifted to online ordering, BOPIS (Buy Online, Pick Up in Store), and home deliveries. This was accomplished through cloud adoption in the storage as a service market.
The report also provides an in-depth analysis of key trends in the storage as a service market
|1||Cost savings in the STaaS utility model allows clients to pay for only the storage needed, whenever it is needed.||Positive|
|2||Limited cloud standards and interoperability the lack of coordinated cloud standards across cloud service providers has made it difficult for organizations to move workloads between CSPs (Cloud Service Provider) and/or to private clouds||Negative|
The report also provides an in-depth analysis of recent news developments and investments
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