Storage As A Service Market Overview, Segmentation, Key Developments And Forecast To 2026

Global Storage as a Service Market Analysis

According to Verified Market Research, the Global Storage as a Service Market was valued at USD 11.63 Billion in 2018 and is projected to reach USD 100.21 Billion by 2026, growing at a CAGR of 31.5% from 2019 to 2026.

Storage as a Service (also referred to as hosted storage) can be defined as a business model in which a company, usually large, rents leases or rents its storage infrastructure to another company or individuals to store data. Small companies and individuals often find this to be a suitable method for managing backups, as well as for providing cost savings in personnel, hardware and physical space. A company providing storage as a service may be called a storage service provider (SSP).

Storage as a Service is generally viewed as a good alternative for a small to mid-sized business that do not have the capital budget or the technical personnel to implement and maintain their own storage infrastructure. Storage as a Service is also known as a way for all businesses to mitigate risks in disaster recovery, provide long-term retention for records and enhance both business continuity and availability.

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Global Storage as a Service Market Overview

Organizations worldwide are confronted with huge data volumes generated internally. This volume is further amplified by the use of social media and the cloud. With the increased use of mobile devices such as smartphones and tablets by customers and employees, companies face added challenge of handling a variety of structured and unstructured data. Organizations are taking help of enterprise storage service players to address this complexity. This has resulted in rise in adoption of storage as a service among companies that in turn boosts the market.

Moreover, increased need for cost effective business process also acts as a driving factor for the growth of the market. However, issues associated with bandwidth and interoperative might act as restraint for the growth of the storage as a service market at a global level.

Global Storage as a Service Market: Segmentation

The Storage as a Service market is segmented on the basis of type, application and geography. On the basis of end use industry, the market is bifurcated into Cloud Backup, Cloud Archiving and Stand-Alone & Platform-Attached Storage.

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Global Storage As A Service Market By Type

The market for Cloud Archiving is expected to grow at a highest CAGR over the forecast period. Cloud-based data archiving is different from cloud backup. The archive consists of data that is infrequently accessed, and may be optimized for security and compliance with data regulation policies. Storing archived data in a cloud proves more cost-effective compared with storing and maintaining large chunks of non-critical data in an on-premise infrastructure.

Global Storage as a Service Market By Geography

On the basis of regional analysis, the global Storage as a Service market is classified into North America, Europe, Asia Pacific and Rest of the world. The Storage as a Service market in the Asia Pacific region is projected to grow at the highest CAGR over the forecast period owing to rising adoption of storage as a service among companies of various industries in this region.

The major players in the market are AT&T, AWS, Google, Microsoft, Hewlett-Packard Enterprise Group (HPE)and IBM

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