Future Market Insights in its recently published report projects that the global Storage as a Service Market will grow at an impressive CAGR of 17% between the forecast years of 2020 and 2030 as syncing, sharing, collaboration, and accessibility to data over smartphones and other devices gets simplified.
Storage as a service (STaaS) has been one of the fast-growing cloud application in recent years as businesses are exploring its potential to make operations flexible at reduced operating costs. The disruption created by cloud services across industry verticals has doubled productivity through automation, bringing down costs and improving services. This particular attribute surfaced as an axis for growing adoption of SaaS across verticals.
STaaS primarily helps to store copious amounts of data on cloud instead of on-premise, giving the organizations free space and less hassle of backing it up and investing in disaster management contingent plans.
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Key Takeaways of Storage as a Service Market Study
- SMEs to hold 74% of market share in 2020 as the adoption of STaaS becomes essential to cutting back on infrastructural cost and focus on business continuity
- BFSI segment held a market share of 22% in 2019 and is expected to continue on a similar trend as banking gets digitized even in rural clusters
- South Asia & Pacific to register a CAGR of 23% 2020-2030 in the global STaaS market as countries undergo rapid digitalizing across sectors
- Cloud computing and remote work ethic to remain strong undercurrents of booming STaaS market
COVID-19 Impact Analysis on Storage as a Service Market
The outbreak of COVID-19 highlighted the need for businesses to adapt quickly to remote working options, pushing them to change their technological landscape to ensure business continuity during the pandemic. As the trend continues to rise, companies are expected to invest in technology-based infrastructure in the coming years. Also, the sudden spotlight on reduction in operation costs such as electricity and rents has made business realise the true contribution of SaaS in improving profit margins.
According to International Labour Organization (ILO), prior to COVID-19 outbreak only 2.9% of global workforce worked from home. However, in a post pandemic world, managers are reassessing their operating methods, leading to an explosion in the percentage of those working from home.
In light of this trend, post COVID-19, the demand for cloud-based solutions and applications is expected to surge as businesses around the globe will look for cost-effective, efficient, and resilient solutions for their business continuity. Furthermore, strengthening sentiment to go remote permanently is also expected to give this market an impetus like never before.
The storage as a service market grew around 15% Y-o-Y in 2018 and 2019 and with the outbreak of COVID-19, the market is expected to witness a growth rate of around 18%-20% during 2021-2023.
In the short-term, the storage as a service market may face challenges in maintaining the growth rate as the budget concerns, declining profitability and sales growth, have resulted in severely losses for businesses of all sizes. However, the long-term outlook for storage as a service market remains positive as the market is projected to see a 4.5x growth during the forecast period.
Partnerships and Innovations to Drive Growth
Ever changing technological landscape, customer expectations, and intensive competition are creating a storm in the global Storage as a Service market, which is compelling solution providers to continuously look for innovating and cost-effective solutions. Moreover, collaborations and partnerships with digital solution providers can also help Storage as a Service solution providers to enhance their market share and customer base.
For instance, in March 2020, Pure Storage and SAP entered into the partnership to offer customers with joint competency centers, technical support, and technology integrations in areas of STaaS, intelligent enterprise, cloud computing, storage and virtualization.
More Valuable Insights on Storage as a Service Market
FMI’s report on the Storage as a Service market is segmented into four major sections which are service type (Cloud NAS, Cloud SAN, Cloud Backup, Cloud Archiving), enterprise size (small & medium enterprises, large enterprises), industry (BFSI, Media & Entertainment, Government, Healthcare, IT & Telecom, Manufacturing, Education, Others), and region (North America, Latin America, Europe, East Asia, South Asia & Pacific, Middle East & Africa) to help readers understand and lucrative evaluate opportunities in the Storage as a Service market.
About Technology Division at Future Market Insights
The technology team at Future Market Insights offers expert analysis, time efficient research, and strategic recommendations with an objective to provide authentic insights and accurate results to help clients worldwide. With a repertoire of over 100+ reports and 1 million+ data points, the team has been analyzing the industry lucidly in 50+ countries for over a decade. The team provides a brief analysis on key trends including competitive landscape, profit margin, and research development efforts.
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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