Press release
Global Storage As A Service Market Forecasted to Expand at 26% CAGR Through 2029
Storage As A Service Market
Rapid Growth Outlook for the Storage As A Service Market by 2025
The storage as a service market has experienced strong momentum in recent years, rising from $52.14 billion in 2024 to a projected $65.89 billion in 2025, supported by a 26.4% CAGR. This surge is driven by the massive increase in enterprise data creation, the broader adoption of cloud and hybrid cloud environments, rising demand for robust backup and disaster recovery capabilities, sector-wide digital transformation-especially in IT and telecom-and the growing presence of IoT-connected devices and smart technologies.
Long Term Expansion Forecast for the Storage As A Service Market Through 2029
Looking ahead, the storage as a service market is forecast to reach $166.23 billion by 2029, advancing at a 26.0% CAGR. Key forces shaping this outlook include the rising need for multi-cloud and hybrid storage solutions, the shift toward outsourcing storage management, stricter compliance mandates governing data protection, migration from capex-heavy to opex-driven storage models, and growing adoption among small and medium-sized enterprises. Future developments are expected to revolve around advanced object storage solutions, software-defined architectures, AI-driven automation for storage orchestration, innovations supporting edge and distributed storage, specialized offerings for cloud-native workloads, and industry-specific storage services.
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Drivers Supporting the Expansion of the Storage As A Service Market
Increasing enterprise reliance on cloud computing is a primary accelerator for the storage as a service market. Cloud solutions offer enhanced scalability, operational efficiency, and on-demand access to IT resources, making them attractive to organizations of all sizes seeking modernization and cost optimization.
Cloud Adoption Trends Strengthening Market Growth
Storage as a Service supports this shift by providing flexible, secure, and instantly deployable storage that integrates seamlessly with cloud frameworks. It strengthens data governance, supports business continuity, and enables digital transformation at scale. Highlighting this momentum, the European Commission reported in April 2025 that cloud adoption among European businesses is expected to rise from 45.2% in 2023 to 75% by 2030, demonstrating how the expansion of cloud usage is directly reinforcing demand for storage as a service.
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Technological Trends Influencing the Storage As A Service Market
Companies within the storage as a service market are increasingly investing in AI-driven storage automation technologies designed to enhance scalability, accessibility, and security in multi-cloud environments. These systems use machine learning to optimize data placement, predict storage capacity needs, and maintain peak performance through real-time analytics.
In April 2024, Wasabi Technologies introduced Wasabi AiR (AI-Ready)-an advanced storage platform built for AI and machine learning applications. This solution helps organizations efficiently store, categorize, and retrieve massive volumes of unstructured data with minimal latency. With eco-friendly data migration features, AI-guided data management, and seamless integration from edge devices to cloud infrastructure, Wasabi AiR represents a major advancement in next-generation Storage as a Service architecture.
Major Segments in the Storage As A Service Market
The storage as a service market is organized into multiple segments:
By Type: Cloud Network-Attached Storage, Cloud Storage Area Network, Cloud Backup, Cloud Archiving
By Service Type: Data Backup And Recovery, Cloud Computing, Big Data Analytics, Media And Entertainment
By Enterprise Size: Small And Medium Enterprises (SMEs), Large Enterprises
By Deployment Model: Public Cloud, Private Cloud, Hybrid Cloud
By End-User Industry: Information Technology (IT) And Telecommunications (Telecom), Banking, Financial Services And Insurance (BFSI), Retail And eCommerce, Healthcare, Government, Media and Entertainment, Other End-User Industries
Subsegments include:
Cloud Network-Attached Storage: File Storage, Block Storage, Object Storage
Cloud Storage Area Network: Block Storage, File Storage, Virtual Storage
Cloud Backup: Full Backup, Incremental Backup, Differential Backup, Continuous Data Protection
Cloud Archiving: Online Archiving, Nearline Archiving, Offline Archiving, Hierarchical Storage Management
Leading Innovators in the Storage As A Service Market
Key companies shaping the storage as a service market include Amazon Web Services Inc.; Google LLC; Microsoft Corporation; Alibaba Cloud Pvt. Ltd.; Dell Technologies Inc.; IBM Corporation; Oracle Corp.; Hewlett Packard Enterprise Development LP; NetApp; Pure Storage Inc.; Rackspace Ltd.; Dropbox; Cloudflare Inc.; Box Inc.; Rubrik Inc.; Cohesity Inc.; DigitalOcean Holdings Inc.; Druva Inc.; Egnyte Inc.; Nasuni Corp.; Backblaze Inc.; DataCore Software Corp.; Cloudian Inc.; Zadara Inc.; Scality Inc.; MinIO Inc.; Wasabi; Idrive Inc.
Regional Leadership in the Storage As A Service Market
North America held the largest share of the storage as a service market in 2024, while Asia-Pacific is projected to record the fastest expansion during the forecast period. The regions assessed in the report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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