Technology disruptions such as artificial intelligence, cloud computing, machine learning, and blockchain have made the learning curve sharper for businesses in recent years. Fast-paced speed of digitization across of government agencies and private sector has created a huge need for storage of information and data that is generated on daily basis.
Ease of data storage solutions are challenging the way enterprise operate and offer new consumer experiences. Industry leaders are integrating offerings with new storage solutions to ameliorate product offerings and services.
This has strengthened the case for Storage as a Service as businesses around the world find themselves in an increasingly complex network with rising tides of data. STaaS has become a critical component to streamlining operations, bringing in operational efficiency across verticals.
This has shed light on manifold benefits of STaaS as a response to the growing need for cost-effective, efficient, and resilient storage services to reduce the operational burden of storage and cost of traditional IT applications.
By eliminating the actual, physical storage space, STaaS considerably optimizes the cost of final product or service and offers a more comprehensive system with an excellent backup plan in case of calamities that can cause irreversible damage.
Simplified method of digital asset management across complex operations of a business has been the underlying current of growing interest in STaaS by end users, especially SMEs.
The evolution of digital technologies in BFSI sector is creating potential opportunities for Storage as a Service applications. Digitalization via digital wallets, mobile banking, and chatbot support has created data explosion, which needs immediate sorting, storing, and managing to make the most of the technological developments.
Future Market Insights predicts that the BFSI segment is expected to create an incremental opportunity of around USD 20 Billion for the Storage as a Service market during the forecast period. This whopping figure will be attributable to the entry of UPI, eWallets, and multiple fintech companies in the emerging economies.
The overnight demonetization in India, for instance, created a boom of data. This coaxed BFSI sector and associated service providing industries to secure state-of-art STaaS solutions for ensuring fast, reliable and scalable data infrastructure to offer its customers frictionless backend processes.
The demand to manage hyper-scale data to eliminate the costs of providing IT services or cloud services is expected to up the adoption of STaaS in the sector.
North America has a fairly mature market for STaaS as the region has been an early adopter of this technology across various verticals.
However, Asia Pacific, Europe, and the Middle East and Africa will show a remarkable scope for deployment of STaaS as growing amount of data, increasing regulations regarding the data retention, and increasing focus on business continuity and disaster recovery will prompt migration to cloud storage.
Storage as a Service is one of the fastest growing cloud application as business operations are shifting to remote work ethic. This consistency of demand has welcomed sizeable capital funding in this market across most regions.
In past few years, various enterprises are turning to STaaS solutions to fulfill the need for flexibility and scalability in data centric world, pushing companies to improve their services.
Future Market Insights predicts that the consistent demand for IT and cloud infrastructure solutions among the enterprises will boost the Storage as a Service market to grow 4.6x its current market value during the forecast period.
The adoption of Storage as a Service solution is on a steady rise among small and medium sized enterprises as most of these companies lack the budget to implement and maintain their own storage infrastructure.
Moreover, businesses are using Storage as a Service solution to mitigate risks involved in disaster recovery and to enhance business continuity and availability.
According to the Future Market Insights, SME enterprises segment is set to increase around 5x and expected witness a growth rate of around 17% during the forecast period between 2020 and 2030.
The rapid economic growth and increasing investments for digitalizing IT infrastructure in the countries of South Asia & Pacific is playing an important role in development of STaaS market in South Asia and Pacific.
Adoption of digital payments, even in rural areas and cloud computing in the IT services, which forms the strengthens the backbone of Indian economy have fuelling this regional market.
The surge in e-commerce in this region is also accountable for investors looking at expanding their operations in this part of the world. With next-gen Internet technologies paving the way with zero downtime, low latency, and seamless connectivity, cloud computing will emerge as a strong business opportunity, promoting growth of STaaS.
As of 2019, North America and Europe held a leading share in the global STaaS market, amounting to 3/5th of the total global value.
The strong growth in cloud computing applications and rising demand for cloud-based business continuity tools in countries such as the USA, the UK, Germany, and France are expected to support this trend in the coming years as well.
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.
Key Players in the Storage as a Service Market are:
Cloud computing has been around for approximately two decades but its potential is being tested as remote working has become unavoidable for the global economy. Furthermore, huge wave of digitalization and transformation from legacy systems to newer technologies as led to large-scale adoption of storing digital data.
As these trends continue to define the future of business, education, finance, and healthcare operations, STaaS solutions will see an astounding demand. Its sheer cost benefits and ease in maintaining documentation and transactions is expected to make it a part of every business in the near future.
STaaS is projected to create a disruption by breaking down IT expenditures, simplifying storage management, and reducing capital expenditures.
Table 01: Global Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015 2030
Table 02: Global Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 03: Global Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 04: Global Storage as a Service Market Size (US$ Mn) Forecast by Region, 2015-2030
Table 05: North America Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015-2030
Table 06: North America Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 07: North America Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 08: North America Storage as a Service Market Size (US$ Mn) Forecast by Country, 2015-2030
Table 09: Latin America Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015-2030
Table 10: Latin America Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 11: Latin America Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 12: Latin America Storage as a Service Market Size (US$ Mn) Forecast by Country, 2015-2030
Table 13: Europe Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015-2030
Table 14: Europe Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 15: Europe Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 16: Europe Storage as a Service Market Size (US$ Mn) Forecast by Country, 2015-2030
Table 17: East Asia Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015-2030
Table 18: East Asia Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 19: East Asia Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 20: East Asia Storage as a Service Market Size (US$ Mn) Forecast by Country, 2015-2030
Table 21: South Asia & Pacific Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015-2030
Table 22: South Asia & Pacific Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 23: South Asia & Pacific Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 24: South Asia & Pacific Storage as a Service Market Size (US$ Mn) Forecast by Country, 2015-2030
Table 25: Middle East & Africa Storage as a Service Market Size (US$ Mn) Forecast by Service Type, 2015-2030
Table 26: Middle East & Africa Storage as a Service Market Size (US$ Mn) Forecast by Enterprise Size, 2015-2030
Table 27: Middle East & Africa Storage as a Service Market Size (US$ Mn) Forecast by Industry, 2015-2030
Table 28: Middle East & Africa Storage as a Service Market Size (US$ Mn) Forecast by Region, 2015-2030
Figure 01: Global Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 02: Global Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 03: Global Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 04: Global Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 05: Global Storage as a Service Market: Market Attractiveness by Service Type
Figure 06: Global Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 07: Global Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 08: Global Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 09: Global Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 10: Global Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 11: Global Storage as a Service Market: Market Attractiveness by Industry
Figure 12: Global Storage as a Service Market: Market Share Analysis by Region – 2020–2030
Figure 13: Global Storage as a Service Market: Y-o-Y Growth Comparison by Region, 2020–2030
Figure 14: North America Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 15: Latin America Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 16: Europe Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 17: East Asia Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 18: South Asia & Pacific Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 19: Middle East & Africa Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 20: Global Storage as a Service Market: Market Attractiveness by Region
Figure 21: North America Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 22: North America Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 23: North America Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 24: North America Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 25: North America Storage as a Service Market: Market Attractiveness by Service Type
Figure 26: North America Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 27: North America Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 28: North America Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 29: North America Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 30: North America Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 31: North America Storage as a Service Market: Market Attractiveness by Industry
Figure 32: North America Storage as a Service Market: Market Share Analysis by Country – 2020–2030
Figure 33: North America Storage as a Service Market: Y-o-Y Growth Comparison by Country, 2020–2030
Figure 34: U.S. Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 35: Canada Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 36: North America Storage as a Service Market: Market Attractiveness by Country
Figure 37: Latin America Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 38: Latin America Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 39: Latin America Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 40: Latin America Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 41: Latin America Storage as a Service Market: Market Attractiveness by Service Type
Figure 42: Latin America Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 43: Latin America Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 44: Latin America Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 45: Latin America Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 46: Latin America Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 47: Latin America Storage as a Service Market: Market Attractiveness by Industry
Figure 48: Latin America Storage as a Service Market: Market Share Analysis by Country – 2020–2030
Figure 49: Latin America Storage as a Service Market: Y-o-Y Growth Comparison by Country, 2020–2030
Figure 50: Brazil Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 51: Mexico Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 52: Rest of Latin America Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 53: Latin America Storage as a Service Market: Market Attractiveness by Country
Figure 54: Europe Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 55: Europe Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 56: Europe Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 57: Europe Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 58: Europe Storage as a Service Market: Market Attractiveness by Service Type
Figure 59: Europe Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 60: Europe Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 61: Europe Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 62: Europe Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 63: Europe Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 64: Europe Storage as a Service Market: Market Attractiveness by Industry
Figure 65: Europe Storage as a Service Market: Market Share Analysis by Country – 2020–2030
Figure 66: Europe Storage as a Service Market: Y-o-Y Growth Comparison by Country, 2020–2030
Figure 67: Germany Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 68: France Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 69: Italy Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 70: Spain Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 71: U.K. Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 72: Benelux Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 73: Russia Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 74: Rest of Europe Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 75: Europe Storage as a Service Market: Market Attractiveness by Country
Figure 76: East Asia Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 77: East Asia Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 78: East Asia Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 79: East Asia Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 80: East Asia Storage as a Service Market: Market Attractiveness by Service Type
Figure 81: East Asia Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 82: East Asia Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 83: East Asia Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 84: East Asia Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 85: East Asia Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 86: East Asia Storage as a Service Market: Market Attractiveness by Industry
Figure 87: East Asia Storage as a Service Market: Market Share Analysis by Country – 2020–2030
Figure 88: East Asia Storage as a Service Market: Y-o-Y Growth Comparison by Country, 2020–2030
Figure 89: China Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 90: Japan Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 91: South Korea Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 92: East Asia Storage as a Service Market: Market Attractiveness by Country
Figure 93: South Asia & Pacific Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 94: South Asia & Pacific Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 95: South Asia & Pacific Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 96: South Asia & Pacific Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 97: South Asia & Pacific Storage as a Service Market: Market Attractiveness by Service Type
Figure 98: South Asia & Pacific Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 99: South Asia & Pacific Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 100: South Asia & Pacific Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 101: South Asia & Pacific Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 102 South Asia & Pacific Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 103: South Asia & Pacific Storage as a Service Market: Market Attractiveness by Industry
Figure 104: South Asia & Pacific Storage as a Service Market: Market Share Analysis by Country – 2020–2030
Figure 105: South Asia & Pacific Storage as a Service Market: Y-o-Y Growth Comparison by Country, 2020–2030
Figure 106: India Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 107: Thailand Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 108: Malaysia Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 109: Indonesia Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 110: Australia & New Zealand. Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 111: Rest of South Asia & Pacific Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 112: South Asia & Pacific Storage as a Service Market: Market Attractiveness by Country
Figure 113: Middle East & Africa Storage as a Service Market Value (US$ Mn), 2015-2019
Figure 114: Middle East & Africa Storage as a Service Market Value (US$ Mn), 2020-2030
Figure 115: Middle East & Africa Storage as a Service Market: Market Share Analysis by Service Type – 2020–2030
Figure 116: Middle East & Africa Storage as a Service Market: Y-o-Y Growth Comparison by Service Type, 2020–2030
Figure 117: Middle East & Africa Storage as a Service Market: Market Attractiveness by Service Type
Figure 118: Middle East & Africa Storage as a Service Market: Market Share Analysis by Enterprise Size – 2020–2030
Figure 119: Middle East & Africa Storage as a Service Market: Y-o-Y Growth Comparison by Enterprise Size, 2020–2030
Figure 120: Middle East & Africa Storage as a Service Market: Market Attractiveness by Enterprise Size
Figure 121: Middle East & Africa Storage as a Service Market: Market Share Analysis by Industry – 2020–2030
Figure 122: Middle East & Africa Storage as a Service Market: Y-o-Y Growth Comparison by Industry, 2020–2030
Figure 123: Middle East & Africa Storage as a Service Market: Market Attractiveness by Industry
Figure 124: Middle East & Africa Storage as a Service Market: Market Share Analysis by Region – 2020–2030
Figure 125: Middle East & Africa Storage as a Service Market: Y-o-Y Growth Comparison by Region, 2020–2030
Figure 126: GCC Countries Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 127: Turkey Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 128: South Africa Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 129: Rest of MEA Storage as a Service Market Absolute $ Opportunity (US$ Mn), 2015 – 2030
Figure 130: Middle East & Africa Storage as a Service Market: Market Attractiveness by Region
Figure 131: U.S. Storage as a Service Market Analysis
Figure 132: Canada Storage as a Service Market Analysis
Figure 133: Mexico Storage as a Service Market Analysis
Figure 134: Brazil Storage as a Service Market Analysis
Figure 135: Germany Storage as a Service Market Analysis
Figure 136: Italy Storage as a Service Market Analysis
Figure 137: France Storage as a Service Market Analysis
Figure 138: U.K. Storage as a Service Market Analysis
Figure 139: Spain Storage as a Service Market Analysis
Figure 140: BENELUX Storage as a Service Market Analysis
Figure 141: Russia Storage as a Service Market Analysis
Figure 142: China Storage as a Service Market Analysis
Figure 143: Japan Storage as a Service Market Analysis
Figure 144: South Korea Storage as a Service Market Analysis
Figure 145: India Storage as a Service Market Analysis
Figure 146: ASEAN Storage as a Service Market Analysis
Figure 147: Australia and New Zealand Storage as a Service Market Analysis
Figure 148: GCC Countries Storage as a Service Market Analysis
Figure 149: Turkey Storage as a Service Market Analysis
Figure 150: South Africa Storage as a Service Market Analysis
The storage as a service market is expected to grow at a 16.2% CAGR from 2022 to 2032
By 2022-end, storage as a service market sales are likely to reach USD 23.4 Billion
By 2032-end, storage as a service market sales are likely to reach USD 105 Billion
IBM Corporation, Microsoft, HPE, and Google are some leading storage as a service market providers.
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Storage as a Service Market
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