Storage As A Service Market Report
Global Storage as a Service Market is segmented by Type (Cloud NAS, Cloud SAN, Cloud Backup, Cloud Archiving), Organization Size (Large Enterprises, Small- and Medium-sized Enterprises), Industry Vertical (IT and Telecom, BfSI, Healthcare, Retail and Consumer Goods, Manufacturing, Government and Public Sector, Education, Energy and Utilities) and Region - COVID-19 Impact Analysis and Forecast to 2026. This market research report provides an in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global Storage as a Service market. The historic years considered for the study are 2016-2019, the base year is 2020, the estimated year is 2021, and the forecast period is 2022-2026.
Global Storage as a Service Market is segmented by Type (Cloud NAS, Cloud SAN, Cloud Backup, Cloud Archiving), Organization Size (Large Enterprises, Small- and Medium-sized Enterprises), Industry Vertical (IT and Telecom, BfSI, Healthcare, Retail and Consumer Goods, Manufacturing, Government and Public Sector, Education, Energy and Utilities) and Region - ...
Covid-19 has impacted the market dynamics, competition, and global supply chain. The revenues have gone down in 2020 and may resume an uptrend gradually from 2021. Companies optimizing their operation and strategy will sustain and beat the competition.
Note: The summary below might not have included insights on covid impact since we have large number of reports.
The Global Storage as a Service Market is expected to grow from USD 48.67 billion in 2020 to USD 159.28 million by 2026 at a CAGR of 21.5% during the forecast period.
Figure: Global Storage as a Service Market Size, 2020-2026 (USD Billion)
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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 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.
Key players operating in the global storage as a service market are-
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.
Among the end users, IT and Telecom industry vertical is expected to the largest user of storage as a service due to the growing trend of work of home in the industry.
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.
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.
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The following is a list of the customers that the Storage as a service market aims to convert the most:
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The storage as a service market size is expected to reach USD 159.28 million in the foreseeable future.
The storage as a service market is expected to witness an impressive growth of 21.5% CAGR in the foreseeable future.
North America is expected to remain dominant in the storage as a service market during the forecast period.
Asia-pacific is expected to witness the highest CAGR in the storage as a service market in the coming five years.
IT and Telecom industry vertical is expected to be the largest user in the storage as a service market in the coming years.
Storage as a Service Providers, Enterprises, IT Infrastructure Consultants, Value Added Resellers, System Integrators, Government are the target audience in the storage as a service market.