Market Insights
The storage as a service market was estimated at USD 43.5 billion in 2023 and is likely to grow at a CAGR of 24.86% during 2024-2030 to reach USD 207.73 billion in 2030.

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Market Dynamics
Introduction
Storage as a Service is a cloud-based service where the service provider rents or leases its storage infrastructure to another company or individual to store data. The service has been widely adopted by enterprises, especially small- and medium-sized, across the world for managing backups and saving costs required for maintaining the hardware and physical space.
The service follows a “pay-per-use” model, so, the user only pays per gigabyte and can anytime increase or decrease the subscribed storage capacity. Moreover, these data can be accessed anywhere-anytime, through any device, such as a laptop, desktop, smartphone, or tablet. The service provider also provides software to manage, search, and visualize the data.
The storage not only stores static data but also supports cloud workloads. The key advantages of storage as a service are zero loss of enterprise data and essential security features that are offered by the service providers as part of the package.
COVID-19 Impact
Due to the lockdowns during the COVID-19 pandemic in 2020, there has been greater adoption of storage as a service as many companies had to make their employees work from home and provide the necessary online tools to do their jobs. This resulted in the increasing usage of storage as a service that enabled enterprises to continue their business operations even during the lockdown.
Market Drivers
The storage as a service market is gaining traction due to the enterprise's need to reduce capital expenditure (CAPEX) and operational expenditure (OPEX), support employee mobility, and store an enormous volume of data generated daily. The use of AI to manage cloud-based services gives new opportunities for growth to the service providers. However, security concerns associated with cloud infrastructure obstruct the growth of the market.

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Key Players
Key players operating in the storage as a service market are:
- AT&T (The U.S),
- AWS (The U.S),
- Cloudian (The U.S),
- Dell Technologies (The U.S),
- Google (The U.S),
- Hitachi Vantara (The U.S),
- HPE (The U.S),
- IBM (The U.S),
- Microsoft (The U.S),
- Netmagic Solutions (India).
- Pure Storage (The U.S),
- Quantum Corporation (The U.S),
- Rackspace (The U.S),
- Zadara Storage (The U.S),
Note: The above list does not necessarily include all the top players in the market.
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Segment Analysis
Segmentations
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List of Sub-Segments
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Segments with High Growth Opportunity
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Industry Vertical Type Analysis
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IT and Telecom, BfSI, Healthcare, Retail and Consumer Goods, Manufacturing, Government and Public Sector, Education, Energy and Utilities
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The IT and Telecom industry vertical is expected to be the largest user of storage as a service due to the growing trend of working from home in the industry.
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Regional Analysis
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North America, Europe, Asia-Pacific, and Rest of the World
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North America dominates the market, and this trend is expected to continue during the forecast period.
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By Industry Vertical Type
Among the end users, the IT and Telecom industry vertical is expected to be the largest user of storage as a service due to the growing trend of working from home in the industry.
- The industry vertical is adopting all those solutions and services which can allow their employees to easily work from anywhere anytime.
- The healthcare sector is expected to show a significant growth rate in the storage as a service market owing to the increasing digitalization of the sector and the sudden increase in the demand for effective healthcare services.
Regional Insights
In terms of regions, North America dominates the market, and this trend is expected to continue during the forecast period.
The region is the home of many cloud giants, and it has also shown a fast adoption of cloud-based services across all sectors in the past. Asia Pacific is expected to witness the highest CAGR during the forecast period due to the increasing number of small- and medium-sized businesses in the region that look for low-cost IT infrastructure solutions and storage as a service that fulfils such requirements.

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Research Methodology
- This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects storage as a service market realities and future market possibilities for the forecast period.
- The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market.
- The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
- This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
- More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
- We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.
Report Features
This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:
- Market structure: Overview, industry life cycle analysis, supply chain analysis.
- Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
- Market trend and forecast analysis.
- Market segment trend and forecast.
- Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
- COVID-19 impact and its recovery curve
- Attractive market segments and associated growth opportunities.
- Emerging trends.
- Strategic growth opportunities for the existing and new players.
- Key success factors.
Market Segmentation
This report studies the market, covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The storage as a service market is segmented into the following categories:
By Industry Vertical Type
- IT and Telecom
- BfSI
- Healthcare
- Retail and Consumer Goods
- Manufacturing
- Government and Public Sector
- Education
- Energy and Utilities
By Type
- Cloud NAS
- Cloud SAN
- Cloud Backup
- Cloud Archiving
By Organization Size Type
- Large Enterprises
- Small and Medium-sized Enterprises
By Region
- North America (Country Analysis: the USA, Canada, and Mexico)
- Europe (Country Analysis: Germany, France, the UK, Russia, Spain, and the Rest of Europe)
- Asia-Pacific (Country Analysis: China, Japan, India, South Korea, and the Rest of Asia-Pacific)
- Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)

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Report Customization Options
With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
Company Profiling
- Detailed profiling of additional market players (up to 3 players)
- SWOT analysis of key players (up to 3 players)
Competitive Benchmarking
- Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.
Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.