Storage as a Service Market Set to Surge to $396.5 Billion by 2032 at a 28.2% CAGR

According to a new report published by Allied Market Research, The storage as a service market was valued at $34 billion in 2022, and is estimated to reach $396.5 billion by 2032, growing at a CAGR of 28.2% from 2023 to 2032.

The storage as service (StaaS) market is witnessing several key trends including growing demand for cloud-native solutions, as businesses increasingly shift their data storage to cloud platforms for scalability and cost-efficiency. Furthermore, multi-cloud and hybrid cloud storage strategies are on the rise, allowing businesses to combine public and private cloud solutions for greater flexibility. Such factors are expected to provide the lucrative opportunities for market growth during the forecast period.

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In addition, increasing demand for remote work and digital collaboration continues to evolve, there's a heightened emphasis on remote access and data sharing capabilities, thus, fueling the demand for STaaS solutions trends. These trends collectively reflect a evolving landscape in the STaaS industry as it adapts to the changing needs and preferences of businesses and consumers. For instance, in October 2023, Microsoft Corporation's Azure storage upgraded its services to offer highly available, massively scalable, durable, and secure storage for a variety of data objects in the cloud.

Based on the application, the IT and telecom sector dominated the Storage as a service market in 2022 and is expected to continue this trend during the forecast period. The rising demand for intelligent solutions to enhance the operations in IT and telecom sectors is further propelling the global market. Furthermore, the increase in the need for smart storage management in IT & telecom sector to simplify processes and improve efficiency and enhance scalability.

This factor is anticipated to drive the market for storage as a service solution, globally. However, the healthcare sector is expected to witness the highest market growth in the upcoming year. Increasing demand for mobility, the rising trend of the "Bring your own device" (BYOD) trend, and growing supply chains along with the need to connect industrial control systems with customary IT infrastructure propels the demand for storage as a service.

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Region-wise, North America dominated the market share in 2022 for the Storage as a service market. The adoption of Storage as a service growing steadily to meet increasing demands from today's businesses to enhance their business process and improve the customer experience will provide lucrative opportunities for the market in this region. However, Asia-Pacific is expected to exhibit the highest growth during the forecast period. This is attributed to the increase in penetration of advanced technology such as AI/ML big data and others, which is particularly fueling regional market growth. In addition, surge in digitalization toward business operation, is projected to provide lucrative growth opportunities for the market in Asia-Pacific region.

The COVID-19 pandemic has accelerated the adoption of storage as a service (STaaS) as organizations across various industries faced unique challenges related to data management during the crisis. The increased need for remote work and online collaboration spurred a surge in data creation and storage requirements. STaaS provided a critical solution by enabling companies to scale their storage capacity rapidly and cost-effectively without requiring extensive on-premises infrastructure. This surge in remote work also emphasized the significance of data security and accessibility. STaaS offers robust data security measures and the ability to access critical data from anywhere, addressing the immediate need for secure remote access to important information.

Furthermore, the economic uncertainties stemming from the pandemic led many organizations to seek cost-efficient alternatives, making STaaS' pay-as-you-go model even more attractive. In addition, the pandemic also underscored the importance of disaster recovery and business continuity planning, which STaaS supports through automated backup and recovery solutions. Organizations recognized the value of such capabilities, ensuring they can quickly recover from data loss or system failures, even in crises.

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This trend is expected to persist and grow as businesses prioritize resilient and adaptable data management solutions during the forecast period. For instance, in May 2021, Dell Technologies launched data storage, and cloud-as-a-service options. Dell's new Apex data storage and cloud services aim at HPE GreenLake and other as-a-service options that bring the public cloud operating model to on-premises infrastructure. Such enhancements are expected to provide lucrative opportunities for the market growth during the forecast period.

Key Findings of the Study

1. By type, the cloud backup segment accounted for the largest Storage as a service market share in 2022.

2. By enterprise size, the large enterprises segment accounted for the largest Storage as a service market share in 2022.

3. Depending on application, the IT and telecom sector accounted for the largest Storage as a service market share in 2022.

4. Region wise, North America generated the highest revenue in 2022.

The key players that operate in the Storage as a service market analysis are IBM Corporation, Microsoft Corporation, AWS Inc., HPE, Google LLC, Dell Technologies, Rackspace Inc., AT&T, Quantum Corporation, and Cloudian, Inc. These players have adopted various strategies to increase their market penetration and strengthen their position in the storage as a service industry.

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