Market Overview:
Global Storage as a Service (STaaS) Market Size Was Valued at USD 34.4 Billion in 2022, and is Projected to Reach USD 254.14 Billion by 2030, Growing at a CAGR of 28.4% From 2023-2030.
Hosted storage, often known as storage as a service (STaaS), is a subscription service model where a business can lease or rent its storage infrastructure to another business or person to store data. Storage as a service is less expensive than constructing a private storage system. Cloud-based services are used for multimedia storage, data backup and recovery, data repositories, and disaster recovery by small and medium-sized businesses, corporations, home offices, and individuals. Shared file systems, raw storage volumes, hosting applications, database management systems, disaster recovery options, and extract load and transform (ETL) pipelines are some of the typical use cases for storage as a service.
Top Key Players Covered In The Storage as a Service (STaaS) Market:
- Hitachi Vantara (US)
- Zadara Storage (US)
- Cloudian (US)
- Quantum Corporation (US)
- AWS (US)
- IBM Corporation (US)
- Microsoft (US)
- HPE (US)
- Google (US)
- AT&T (US)
- Dell Technologies (US)
- Rackspace Inc. (US) And Other Major Players.
Market Dynamics and Factors:
The smartphone industry's rising demand for storage as a service is predicted to fuel market expansion throughout the forecast period. Market trends have moved to include more storage- and computing-intensive apps as a result of the widespread use of smartphones. To cut expenses and maximize the usage of cloud resources, organizations also want to become more efficient with fewer resources. Consequently, it is anticipated that shortly, the use of cloud storage will sustain market demand. Also, due to its application in interacting with smart devices, storage as a service in edge computing is anticipated to promote market growth shortly. In automobiles, smartwatches, and other smart devices, they are employed. Edge computing provides cost savings, limitless scalability, and security, these are the factor that drives the market growth during the forecast period.
Storage as a Service (STaaS) is the practice of using public cloud storage resources to store your data. Using STaaS is more cost-efficient than building private storage infrastructure, especially when you can match data types to cloud storage offerings. The adoption of the Storage as a Service solution is on a steady rise among small and medium-sized enterprises as most of these companies lack the budget to implement and maintain their storage infrastructure. Moreover, businesses are using Storage as a Service solution to mitigate risks involved in disaster recovery and to enhance business continuity and availability.
Storage as a Service (STaaS) Market Report Highlight:
- By Services Type, the cloud-Archiving segment is anticipated to lead the growth of the Storage as a Service (STaaS) market in the forecasted timeframe. Cloud backup is distinct from cloud-based data archiving. Data that is rarely accessed and that might be optimized for security and adherence to data protection regulations make up the archive. When opposed to storing and preserving substantial amounts of non-critical data in an on-premise infrastructure, archiving data in the cloud is more cost-effective.
- By Enterprise type, the Small and Medium Enterprises segment is expected to have the highest share of the Storage as a Service (STaaS) market over the projected period. Small and medium enterprises trust again the new technologies and cloud services, but this is rapidly changing and employers must be educated about the benefits of cloud computing and the security guarantee provided by these services. The false fears derived from this innovation should not preclude the possibility of saving, making your company more competitive.
- By end-users, the IT & Telecommunication segment is set to develop at the highest growth during the forecasted timeframe. Storage as a Service (STaaS) is popular in the gaming industry as it can manage a large volume of simulation requests. It has made its impact on IT, Technology, and Business industries. This has led to a surge in global spending in the Cloud Computing domain.
- The Asia Pacific region is expected to have the highest share of the Storage as a Service (STaaS) market over the projected period. The adoption of digital payments, even in rural areas, and cloud computing in the IT services, which form the strengthened backbone of the Indian economy have fueled this regional market.
Key Industry Development:
In May 2021, Hewlett Packard Enterprise launched the new transform HPE Storage into a cloud-native, software-defined data services business. HPE developed a data services platform that delivers on its Unified DataOps vision for a new data experience that brings a cloud operations model to wherever data lives and unifies data operations.
In November 2021, Microsoft announced a new round of technologies aimed at making its cloud computing services work in data centers. this includes the cloud data centers of its rivals.
Storage as a Service (STaaS) Market Segmentation:
By Service Type
- Cloud NAS
- Cloud SAN
- Cloud Backup
- Cloud Archiving
By Enterprises Type
- Small & Medium Enterprises
- Large Enterprises
By End Users
- BFSI
- IT & Telecommunication
- Retail
- Healthcare
- Manufacturing
- Others
For this report, Introspective Market Research has segmented the Storage as a Service (STaaS) Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
