As data syncing, sharing, collaboration, and accessibility across smartphones and other devices become easier, Future Market Insights predicts that the global Storage as a Service Market will expand at an amazing CAGR of 17% during the forecast years of 2020 and 2030.
In recent years, storage as a service (STaaS) has experienced rapid growth as firms investigate its potential to increase operational flexibility at lower operating costs. Through automation, cloud services’ disruption across industrial verticals has quadrupled productivity while lowering prices and enhancing services. This specific characteristic emerged as an axis for expanding SaaS adoption across verticals.
STaaS largely assists in storing vast volumes of data in the cloud as opposed to on-premise, giving the companies free space and reducing the trouble of backing it up and spending money on contingency plans for disaster management.
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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 COVID-19 epidemic made it clear that companies needed to immediately adopt remote working solutions, driving them to alter their technical environment to ensure business continuity during the pandemic. Companies are anticipated to spend in technology-based infrastructure in the upcoming years as the trend increases. Additionally, the increased focus on lowering operating expenses like power and rent has caused businesses to recognise the full value of SaaS in boosting profit margins.
Only 2.9% of the world’s workforce, as reported by the International Labour Organization (ILO), worked from home prior to the COVID-19 epidemic. However, in the post-pandemic world, managers are reevaluating their operational strategies, which is causing a massive increase in the number of people working from home.
The demand for cloud-based solutions and apps is anticipated to soar as a result of this trend after COVID-19 as organisations all over the world search for affordable, effective, and resilient solutions for their business continuity. Additionally, it is anticipated that the growing sentiment to switch to a remote lifestyle permanently would give this sector a boost unlike anything else.
In 2018 and 2019, the market for storage as a service expanded by around 15% year over year. With the COVID-19 epidemic, the market is anticipated to rise by about 18%–20% between 2021 and 2023.
In the medium term, it may be difficult for the storage as a service market to maintain its growth pace due to concerns about budgets, deteriorating profitability, and sales growth, all of which have led to significant losses for companies of all sizes. The market is expected to increase at a 4.5x rate during the forecast period, therefore the long-term picture for storage as a service is still promising.
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Partnerships and Innovations to Drive Growth
The global Storage as a Service industry is experiencing a storm due to the rapidly evolving technical landscape, shifting consumer expectations, and fierce competition. This is forcing solution providers to consistently search for novel and affordable solutions. Additionally, partnerships and collaborations with digital solution providers might aid suppliers of storage as a service in growing their clientele and market share.
For instance, Pure Storage and SAP formed a cooperation in March 2020 to provide customers with shared competency centres, technical support, and technological integrations in STaaS, intelligent enterprise, cloud computing, storage, and virtualization.
Storage as a Service Market: Segmentation
Service Type
- Cloud NAS
- Cloud SAN
- Cloud Backup
- Cloud Archiving
Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
Industry
- Media & Entertainment
- Government
- Healthcare
- IT & Telecom
- Manufacturing
- Education
- Others
Region
- North America
- Latin America
- Europe
- East Asia
- South Asia Pacific
- Middle East & Africa
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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.
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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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