Storage as a Service Market is expected to grow at a CAGR of 28.7% during the forecasted period | Evolve Business Intelligence

Key Highlights:
• The global Storage as a Service Market size was valued at USD 34 billion in 2022 growing at a CAGR of 28.7% from 2023 to 2033.
• North America dominated the market in 2022
• Asia Pacific is expected to grow at the highest CAGR from 2023 to 2033

As per the study initiated by Evolve Business Intelligence, the global Storage as a Service Market size accounted for USD 34 billion in 2022, growing at a CAGR of 28.7% from 2023 to 2033.The Storage as a Service (STaaS) market involves the provision of storage solutions hosted on a third-party infrastructure and delivered over the internet. Companies offer scalable, on-demand storage options, eliminating the need for on-premises hardware. This service model includes various storage types such as block, file, or object storage, catering to diverse enterprise needs. Key players like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud dominate this market, offering secure, flexible, and cost-effective storage solutions. The STaaS market is driven by increasing data volumes, demand for scalable storage, and the shift towards cloud-based solutions across industries.

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The Storage as a Service (STaaS) market is primarily propelled by the exponential growth of data generated by businesses, necessitating scalable and flexible storage solutions. The shift toward cloud-based infrastructure and the need for cost-effective, on-demand storage options drive the market. Additionally, increased adoption of hybrid and multi-cloud strategies further accelerates the growth of STaaS offerings.

Key Players
Some of the major Storage as a Service Market players holding high market shares include IBM Corporation, Dell Technologies, Amazon Web Services, Inc., Hewlett Packard Enterprise Development LP. These players use partnership and collaboration as a key strategy to gain significant market share to compete with market leaders. Some of the other major market players include Cloudian, Inc., Microsoft Corporation, Google LLC (Alphabet Inc.), AT&T, Quantum Corporation, Rackspace Techonology

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Segmental Analysis
Based on Type, the Storage as a Service market is segmented into cloud NAS, cloud SAN, cloud backup and cloud archiving.
Based on Enterprise Size, the Storage as a Service market is segmented into small and medium-sized enterprises and large enterprises
Based on Application, the Storage as a Service market is segmented into BFSI, IT and telecom, retail & e-commerce, healthcare, government, media entertainment and others. Large organizations accounted for the majority of the global storage as a service market share in 2022, and this trend is predicted to continue in the years to come. This is because the industry is expanding due to the growing adoption of cutting-edge technologies like StaaS and other on-premise infrastructure. Small and medium-sized businesses, however, are anticipated to develop at the fastest rate.

Key Region/ Countries Covered
• North America (US, Canada, Mexico)
• Europe (Germany, U.K., France, Italy, Spain, Russia, Nordic Countries, BeNeLux, Rest of Europe)
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Rest of Asia Pacific)
• Middle East and Africa (Saudi Arabia, UAE, Egypt, South Africa, Rest of MEA)
• Latin America (Mexico, Brazil, Argentina, Rest of Latin America)

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