Storage as a Service Market is expected to witness 21.5% CAGR (2020-2030)-Market Insights, analysis, trends and forecast

Storage As A Service Market

Storage As A Service Market

The Global Storage as a Service Market was $21.1 Bn in 2020, and it is expected to reach $148.1 Bn by 2030.

Storage as a Service market is expected to grow significantly during forecast period. BFSI and Healthcare are the major stakeholders, who are these type of services at present.”— Manager - IBMKOLKATA, WEST BENGAL, INDIA, September 30, 2020 / -- According to a new market research report published by sheer analytics and insights, "The Global Storage as a Service Market was $21.1 Bn in 2020, and it is expected to reach $148.1 Bn by 2030. It is eventually growing at a commendable high compound of annual growth rate CAGR of 21.5% between 2020-2030, as per the latest market research report titled Global Storage as a Service Market (By Service - Cloud Backup, Cloud Archiving, and Stand-Alone And Platform-Attached Storage. By Enterprise Type - Large Enterprise, Medium Enterprise, Small Enterprise, Startups. By Storage Type - Limited, Unlimited. By Purpose type - Security and Surveillance, Real time monitoring, Records Backup. By End User Industry - BFSI, IT, Industrial, Healthcare, Mobile Application and By Geography-North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) - Global industry analysis, size, share, growth, trends, and forecast, 2020-2030.

Storage as a service is required by most of the companies who work on cross border data and big data. The banking, Financial Services, and Insurance (BFSI) sector among the end-user industry dominates the market. BFSI sector mostly generates unlimited data from local to national to international. BFSI sector companies need to maintain a large amount of data about customers, transactions (inwards, outward, and local), sales, and back-end data records of assets and liabilities. At the same time, IT companies are the second most useful of storage as a service. In addition to this, mobile applications-based companies such as Tik-Tok, YouTube, Amazon Prime, Disney Hotstar, and more than 10,000 companies use storage as a service provided by more prominent players such as Amazon, Rackspace, and many more.

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According to this concept, storage as a service is a type of business model in which large company rents space in the storage system to an individual or a smaller company. The increasing demand for the cost-saving service, the perfect methodology for handling backups, and hardware boost the storage growth rate as a service market. Moreover, the issue related to the cloud security system is the prime factor that hampers the global storage service market's growth.

While in terms of usage by the enterprise, Small scale industries operating in the above-mentioned end-user industries is the frontrunner in the usage of storage as a service. The main reason for using a third party to store their data is their limited infrastructure and less cost in maintenance and servicing.

The internet of things (IoT), analytics, mobility, and social media help grow global storage as a service market remarkably. However, in the current pandemic of COVID-19, the growth rate changed slightly. But it is expected that in the upcoming forecast period of 2020 to 2030, the global storage market graph will reach high in the growth rate graph.

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Geographically, The Storage as a Service Market is divided into global regions like North America, Europe, Asia- Pacific, Latin America, Middle East, and Africa. Asia-Pacific is expected to lead the market throughout the forecast period.

The report covers a detailed outlook of the company, and it includes the market share and company or industry profiles of key players operating in the global market. Key players in the report include Amazon Web services, Inc., Aptare, Inc, Buffalo Americas, Inc, Hewlett Packard Enterprise Development Lp, Hitachi Data System Corporation, IBM, Internap, Microsoft, Rackspace, Softlayer Technologies. Inc, Zadara Storage, AT&T, Dell Technologies, Rackspace Inc., and Google, among others.

The Global Storage As A Service Market Has Been Segmented into:

Global Storage As A Service Market: By Service
Cloud Backup
Cloud Archiving
Stand-Alone And Platform-Attached Storage

Global Storage As A Service Market: By Enterprise Type
Large Enterprise
Medium Enterprise
Small Enterprise

Global Storage As A Service Market: By Storage type

Global Storage As A Service Market: By Purpose type
Security and Surveillance
Real time monitoring
Records Backup

Global Storage As A Service Market: By End User Industry
Mobile Application

Global Storage as a Service Market, By Geography Type
North America (U.S. and Rest of North America)
Europe (U.K., Germany, France, and Rest of Europe)
Asia Pacific (Japan, China, India, and Rest of Asia Pacific)
Rest of World (Middle East & Africa (MEA), Latin America)

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