Global Storage as a Service Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2027

Global Storage as a Service Market Introduction

"The Storage as a Service Market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031."

Storage as a service (STaaS) is a business model in which a large company rents space in its storage infrastructure to a smaller company or individual. Storage as a service allows data to be remotely managed, maintained, and backed. Service level agreements (SLAs) are signed between the concerned parties to encourage this migration. The service can be accessed through any network, typically over the internet. STaaS is among several cloud-based service offerings currently being utilized by many enterprises.

The increasing need for cloud-based storage systems is a key factor in driving the growth of the global storage as a service market. In addition, cost-saving services, suitable methodology for handling backups, and hardware and physical space are other factors that boost the growth of the global storage service market. Also, the growing rate of social media, mobility, analytics, cloud and the internet of things helps to grow global storage as a service market over the forecast period.

However, issues related to cloud security are a major factor in hampering the growth of the global storage as a service market. Also, lack of space in data centers to deal with increasing demand for space, bandwidth limitation, and interoperability issues are other factors expected to restrain the growth of the global storage as a service market over the forecast period.

Currently, the market in North America dominates the global storage as a service market in revenue terms. This is attributed to the growing need for backup and data archiving in the cloud in the region. Asia Pacific storage as a service market is still in its nascent stage; however, with a growing approval rate, the scope for the storage as a service market in the country is expected to grow over the forecast period.

Global Storage as a Service Market Segmentation:

Global storage as a service market segmentation by technology:

• Stand-alone and platform-attached storage
• Cloud archiving
• Cloud backup

Global storage as a service market segmentation by region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa