Storage as a Service Market is to grow at 16.4% During the Forecast Period 2020 to 2030

As data syncing, sharing, collaboration, and accessibility across smartphones and other devices become easier, Future Market Insights predicts that the global Storage as a Service Market will expand at an amazing CAGR of 17% during the forecast years of 2020 and 2030.

Storage as a Service (STaaS) has grown quickly in recent years as businesses look at its potential to improve operational flexibility at a cheaper operating cost. Automation has increased production by a factor of four while cutting costs and improving services across all industrial verticals affected by cloud services. This particular trait has become a pillar for increasing SaaS adoption across industries.

Massive amounts of data may be stored in the cloud rather than on-premises thanks to STaaS, which gives businesses free space, eliminates the need to back it up, and saves money on disaster recovery 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 COVID-19 pandemic made it very evident that businesses needed to start using remote working options right once, which forced them to change their technical infrastructure and guarantee business continuity throughout the pandemic. As the trend advances, businesses are expected to invest in technology-based infrastructure in the future years. Additionally, businesses are now fully aware of the benefits of SaaS in expanding profit margins due to the growing focus on reducing operating costs like power and rent.

Only 2.9% of the world's workforce, as reported by the International Labour Organization (ILO), worked from home prior to the COVID-19 epidemic. However, in the post-pandemic world, managers are reevaluating their operational strategies, which is causing a massive increase in the number of people working from home.

The demand for cloud-based solutions and apps is anticipated to soar as a result of this trend after COVID-19 as organisations all over the world search for affordable, effective, and resilient solutions for their business continuity. Additionally, it is anticipated that the growing sentiment to switch to a remote lifestyle permanently would give this sector a boost unlike anything else.

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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, deteriorating profitability, and sales growth, all of which have led to significant losses for companies of all sizes. The market is expected to increase at a 4.5x rate during the forecast period, therefore the long-term picture for storage as a service is still promising.

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
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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About FMI

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.

This release was published on openPR.