Storage as a Service Market to Rise at 16.4% CAGR Through 2030; Market Witnesses Surge in Demand amid Coronavirus Pandemic – Future Market Insights

Storage as a service platform developers are pushing usage based subscription pricing plans to enterprise clients, bolstering appeal of these services to a wider range of users.

DUBAI, UAE / ACCESSWIRE / August 11, 2020 / Future Market Insights: The storage as a services market is expected to expand exponentially between 2020 and 2030. With digital business interactions becoming the norm, and a large portion of the global workforce operating from their homes, the demand for storage as a service offerings are likely to rise faster than pre-pandemic levels. Delays in hardware supply chains and concerns over business continuity will contribute to market growth.

“Storage as a service is advantageous to small and medium enterprises, enabling them to minimize hardware expenses needed for conventional storage facilities. The use of storage as a service business models is affordable and reduces losses in disaster recovery. These factors will support market growth through the assessment period,” says the FMI analyst.

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Storage as a Service Market – Important Takeaways

  • Cloud backup applications are rapidly gaining demand owing to security concerns among enterprise and individual users.
  • On-premises storage as a service are gaining traction owing to seamless integration with an enterprise’s overall cloud strategy.
  • North America will hold the lead in the storage as a service market, owing to high adoption rates in IT and telecom companies.

Storage as a Service Market – Driving Factors

  • Lower operational costs and higher flexibility in terms of deployment models are key factors driving market growth.
  • Improvements in data security, resource isolation, and management control provide impetus to market players.

Storage as a Service Market – Leading Constraints

  • Higher bandwidth costs to operate storage as a service can restrict adoption rates.
  • Storage as a service is often associated with long latencies which hurts market prospects.

Expected Impact on Market by Coronavirus Outbreak

The coronavirus pandemic has caused a large number of workers to operate from home in a bid by governments around the world to contain the spread of the virus. Consequently, the higher usage of cloud services and internet will increase the application of storage as a service platforms, to mitigate disruptions taking place in hardware supply chains around the world. Businesses seeking to optimize workloads and costs for operational efficiency will aid the growth of the storage as a service market even after the end of the pandemic.

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Competition Landscape

Some of the leading players operating in the storage as a services market are Dell Technologies, Hitachi Vantara, AT&T, Zadara Storage, Google, Cloudian, HPE, Quantum Corp., Microsoft, AWS, and IBM Corp.

Numerous players in the storage as a services market are seeking collaborations with corporate enterprises to provide customized offerings for varying operational needs.

For instance, UK-based Object Matrix has unveiled MatrixStore, a storage as a service for managed cloud-based object storage. Standard Chartered has revealed its plans to offer storage as a service platform for institutional investors to for crypto currency storage. Zadara Storage Inc. is exhibiting its hybrid enterprise storage as a service platform, which will be offered with a pay-by-consumption model.

More on the Report

FMI’s provides in-depth insights on the storage as a services market. The market is segmented in terms of service type (cloud NAS, cloud SAN, cloud backup and cloud archiving), enterprise size (small & medium enterprises and large enterprises), and industry (BFSI, media & entertainment, government, healthcare, IT & telecom, manufacturing, education, and others), across six key regions (North America, Latin America, Europe, South Asia Pacific, East Asia, and Middle East & Africa).

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SOURCE: Future Market Insights

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