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  • Storage as a Service Market Growth Analysis | 2021-2026

    Storage as a Service Market Growth Analysis | 2021-2026

    Storage as a Service Market Growth Analysis | 2021-2026
    Report code - SRCG328 Delivery - 2 Weeks
    Storage as a Service Market Size, Share, Dynamics, and Growth Analysis- 2021-2026.
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    Market Insights

    The Storage as a Service Market is expected to grow from USD 48.67 billion in 2020 to USD 159.28 billion by 2026 at a CAGR of 21.5% during the forecast period.

    Storage-As-A-Service-Market-Insights

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    What is ‘Storage as a Service’?

    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.

    Storage as a Service Market Highlights

    Market Size in 2020

    USD 48.67 billion

    Market Size in 2026

    USD 159.28 billion

    Market Growth (2021-2026)

    21.5% CAGR

    Base Year of Study

    2020

    Trend Period

    2015-2019

    Forecast Period

    2021-2026

    Key Players

    Key players operating in the storage as a service market are-

    • AWS (The U.S),
    • IBM (The U.S),
    • Google (The U.S),
    • Microsoft (The U.S),
    • HPE (The U.S),
    • Hitachi Vantara (The U.S),
    • Dell Technologies (The U.S),
    • Rackspace (The U.S),
    • Zadara Storage (The U.S),
    • AT&T (The U.S),
    • Cloudian (The U.S),
    • Pure Storage (The U.S),
    • Quantum Corporation (The U.S), and
    • Netmagic Solutions (India).

    Market Dynamics

    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.

    Storage-As=A=Service-Market-Dynamics

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    Segment Analysis

    End-User Trends

    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 Trends

    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.

    Storage-As-A-Service-Market-Regional-Trends

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    COVID-19 Impact on Global Storage as a Service Market

    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.

    Critical Questions Answered in the Report

    • What are the key trends in the global storage as a service market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global storage as a service market?
    • What are the key strategies adopted by the major vendors to lead in the global storage as a service market?
    • What is the market share of the top vendors?

    Target Audience

    The following is a list of the customers that the Storage as a service market aims to convert the most:

    • Storage as a Service Providers
    • Enterprises
    • IT Infrastructure Consultants
    • Value Added Resellers
    • System Integrators
    • Government

    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 at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The storage as a service market size is expected to reach USD 159.28 billion 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 market during the forecast period.

    Asia-pacific is expected to witness the highest CAGR in the market in the coming five years.

    IT and Telecom industry vertical is expected to be the largest user in the 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 market.