The global storage as a service market revenue was around US$ 34 billion in 2022 and is estimated to reach US$ 396.5 billion by 2032, growing at a compound annual growth rate (CAGR) of 28.2% during the forecast period from 2023 to 2032.

Storage as a service (STaaS) is a business model that authorizes large enterprises to rent their storage infrastructure to smaller enterprises to store data. The benefit of executing the STaaS model in the enterprise is decreased cost savings in hardware, personnel, and physical storage space.

Factors Influencing Market Growth

- The major drivers for storage as a service market are the requirement to manage, gather, and extract value from big data, the need to orchestrate cloud-based storage systems, the augmented demand for data archiving, and government necessities.

- The increasing usage of mobile devices and the growing availability of digital infrastructure are expected to drive the growth of the storage as a service market during the forecast period.

- The bandwidth limitations, cloud data security concerns, and interoperability issues are hindering the growth of the storage as a service market.

- The rising demand for digital solutions and the growth in integration of industry 4.0, creates lucrative opportunities for the storage as a service market during the forecast period.

Impact of COVID-19

The COVID-19 pandemic has accelerated the adoption of storage as a service (STaaS) as organizations across different industries encountered unusual challenges related to data management during the crisis. The increased requirement for online collaboration and remote work provoked a surge in data creation and storage needs.

This surge in remote work also highlighted the importance of data accessibility and security. STaaS delivers robust data security measures and the capability to access critical data from anywhere, managing the immediate requirement for secure remote access to important information.

Regional Analysis

In 2022, North America dominated the global storage as a service market in terms of revenue. This is attributed to the rising investment in developing technologies like business analytics solutions, cloud-based services, and IoT to enhance the customer and business experience are expected to drive the growth of the storage as a service market.

Also, Asia-Pacific is anticipated to show the highest growth during the forecast period. This is attributed to the rise in penetration of digitalization and higher adoption of developed technology are anticipated to provide lucrative growth opportunities for the storage as a service market in this region.

Leading Companies

The leading prominent companies profiled in the global storage as a service market are: -

- IBM Corporation
- Microsoft Corporation
- AWS Inc.
- HPE
- Google LLC
- Dell Technologies
- Rackspace Inc.
- AT&T
- Quantum Corporation
- Cloudian, Inc.
- Other prominent key players

Segmentation Outline

The global storage as a service market segmentation focuses on Type, Enterprise Size, Application, and Region.

Segmentation based on Type

- Cloud NAS
- Cloud SAN
- Cloud Backup
- Cloud Archiving

Segmentation based on Enterprise Size

- Large Enterprises
- Small and Medium-sized Enterprises

Segmentation based on Application

- IT and Telecom
- BFSI
- Retail and E-commerce
- Healthcare
- Government
- Media and Entertainment
- Others

Segmentation based on Region

- North America
- The U.S.
- Canada
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Netherlands
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Singapore
- Rest Of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa