Future Market Insights anticipates that the global storage-as-a-service market is poised to exhibit an impressive CAGR of 17% throughout the forecast period spanning from 2020 to 2030. This projection is underpinned by the growing ease of data syncing, sharing, collaboration, and accessibility across smartphones and various devices.
Furthermore, Storage as a Service (STaaS), which boasts the potential to bolster operational flexibility at reduced operating costs, has witnessed rapid expansion in recent years. This expansion is particularly evident across all industrial verticals that have been influenced by cloud services. Notably, automation has led to a remarkable fourfold increase in production while concurrently curbing costs and elevating service quality. This specific characteristic stands as a central principle driving the wider adoption of Software as a Service (SaaS) across diverse businesses.
One of the key advantages of STaaS is its capacity to accommodate massive volumes of data in the cloud, obviating the need for on-premises storage. As a result, businesses can enjoy liberated storage space, eliminate the necessity for extensive backup procedures, and achieve substantial savings on disaster recovery plans.
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Key Takeaways of Storage as a Service Market Study
- SMEs are expected to hold 74% of market share in 2020, as the adoption of STaaS becomes essential to cutting back on infrastructural costs and focusing on business continuity.
- The BFSI segment held a market share of 22% in 2019 and is expected to continue on a similar trend because banking is getting digitized even in rural clusters.
- Moreover, South Asia & Pacific is projected to register a CAGR of 23% from 2020-2030 in the global STaaS market, due to countries undergoing rapid digitalization across sectors.
- Additionally, cloud computing and the remote work ethic are set to remain strong undercurrents of the booming STaaS market.
COVID-19 Impact Analysis on Storage as a Service Market
The COVID-19 pandemic accelerated remote work adoption, leading businesses to upgrade their tech infrastructure for continuity. Future trends show continued tech investments. SaaS is now recognized for profit margin expansion, driven by cost reduction focus. Pre-pandemic, only 2.9% worked remotely; post-pandemic, remote work surges due to operational strategy reevaluation.
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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. Furthermore, deteriorating profitability is a key issue, and sales growth has also been a significant factor, all of which have led to significant losses for companies of all sizes.
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.
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Storage as a Service Market: Segmentation
Service Type
- Cloud NAS
- SAN
- Cloud Backup
- 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
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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