According to a recently released study by Future Market Insights, as data synchronization, sharing, collaboration, and accessibility across smartphones and other devices become easier, the global storage as a service market will expand at an astounding CAGR of 17% during the projection 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 a determinant of the expanding acceptance 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 severe 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.
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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.
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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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