Storage as a Service Market Overview, Analysis by Top Key Players and Forecast, 2032
The global storage as a service market size 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 the market growth during
the forecast period.
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.
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 the need for 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 that they can
quickly recover from data loss or system failures, even in crisis situations.
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,
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 the lucrative opportunities for the market growth during the
forecast period.
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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