The Storage as a Service (STaaS) market refers to the provision of data storage solutions over the internet, delivered as a service on a subscription basis. This type of service allows organizations to store their data off-premises, reducing the need for in-house IT infrastructure and allowing for greater flexibility and scalability. The STaaS market offers a range of solutions, including object storage, file storage, and block storage, to meet the varying needs of different types of customers. Key players in the STaaS market include Amazon Web Services (AWS), Microsoft Azure, and Google Cloud.
The market is expected to continue growing as more businesses adopt cloud-based storage solutions and the demand for cost-effective and scalable data storage solutions increases. Between 2020 and 2030, the global Storage as a Service (STaaS) market is anticipated to soar at a staggering CAGR of 16.4%.
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Due to the fact that cloud services make up one-third of businesses’ IT budgets, demand for STaaS will skyrocket.
90% of businesses will choose superior solutions over storage as a service as cloud computing gets more and more popular.
Government and IT & telecom will continue to be the two leading segments during the projected period, with respective CAGRs of 14% and 16.5%. SME’s should invest in STaaS because going remote will significantly improve business operations over time.
In the post-pandemic future, bring your own device will usher in a new era of company operations, driving STaaS market growth.
Market for Storage as a Service: Regional Analysis
The development of the STaaS market in South Asia and the Pacific is significantly influenced by the countries’ rapid economic development and rising investments in digitalizing IT infrastructure. This local market has been stimulated by the use of digital payments, even in rural regions, and cloud computing in the IT sector, which reinforces the foundation of the Indian economy.
Investors wishing to grow their activities in this region are also motivated by the region’s booming e-commerce. Cloud computing will become a significant economic opportunity, supporting the expansion of STaaS, thanks to next-generation Internet technologies’ zero downtime, low latency, and seamless connectivity.
Storage as a Service: Storage as a Service Solution Providers
Continuous focus on collaborative partnerships to develop and innovate digital capabilities and to leverage new business models has become a key strategy of Storage as a Service solution providers. Moreover, the rising scope of applications related to Storage as a Service and a competitive market have resulted in solution differentiation and expansion strategy by the vendors to gain a competitive edge and strengthen their market presence specifically to the desired industry market. For this, product innovation and development activities has been a mainstay in the Storage as a Service market.
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Key Players in the Storage as a Service Market are:
- Hitachi Vantara
- Zadara Storage
- Cloudian
- Quantum Corporation
- AWS
- IBM Corporation
- Microsoft
- HPE
- AT&T
- Dell Technologies
- Rackspace Inc.
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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