Storage as a Service (STAAS) Market Report 2023: Wide Adoption of Cloud Services and Cloud Computing Drive Growth

Storage as a Service (STAAS) Market Report 2023: Wide Adoption of Cloud Services and Cloud Computing Drive Growth

Dublin, June 2, 2023 (GLOBE NEWSWIRE) — The report “Storage as a Service (STAAS) Market – Forecasts from 2023 to 2028” has been added to ResearchAndMarkets.com offer.

The storage as a service (STaaS) market is projected to grow at a CAGR of 32.42% over the forecast period to reach a market size of USD 46.276 billion by 2028 from a valuation of USD 6.48 billion in the 2021.

The provision of a facility and remote storage facility to companies by an outside party to enable data access and efficient storage of software applications through the medium of an Internet network eliminating the need for physical storage facilities it is referred to as storage as a service ( STAAS). Cloud backup, cloud storage, and standalone and platform-attached storage are the dominant types of STaaS services used by large, medium, and small businesses in the market.

The need for affordable, flexible and scalable storage solutions is driving the demand for STaaS solutions as businesses can pay for the storage they need on a subscription basis instead of investing and maintaining their own storage infrastructure. The enhanced archiving service offered by STaaS is leading to the replacement of conventional archiving methods with STaaS which is expected to lead to substantial growth of the STaaS market.

Market drivers

Increase in the volume of data generated by companies

The exponential growth in the amount of data being generated by businesses, fueled by the globalization and digitization of business operations, is driving the need for effective archiving solutions that the business can access through online means. A survey conducted by Zippia has revealed that approximately 90% of the aggregate data generated by the world over all time can be attributed to data generated in the previous two years and that the amount of international data generated by the corporate sector that is stored in the cloud has increased significantly from 45% in 2018 to 60% in 2022.

Additionally, the establishment of data retention policies by corporate regulatory departments is driving the need for periodic data retention over a wide range of years. For example, the Companies Act created by Indian legislation requires companies to digitally store company-generated data and accounts for 8 years. Additionally, the Basel III standards specify that companies belonging to the prescribed industry group must retain their data for 7 years. Therefore, the growing need for data retention and the voluminous growth of data generated by companies operating in different industries is driving the demand for storage as solutions and services.

Wide adoption of cloud services and cloud computing

The increasing adoption rates of cloud services and cloud computing services is further driving the demand for STaaS services as it helps to strengthen and unify the cloud infrastructure through easy integration. A report generated by Flexera, a software company in the United States, revealed that around 93% of businesses are using at least one cloud-based service in 2023 with the average number ranging from 4.8 in large enterprises and 2, 2 among SMEs.

Furthermore, it was also estimated that spending on cloud infrastructure increased by 40% in the IT sector, resulting in the adoption of hybrid cloud networks by more than 58% of companies in 2022, an increase of 51% compared to 2021 Even the World Economic Forum said that around 65% of business organizations around the world are innovating their business model to integrate cloud computing. Therefore, the growth in the adoption of cloud computing and services is expected to drive the demand for the STaaS market over the forecast period.

Data portability and security limitations associated with certain STaaS services can hinder market growth.

Some companies and enterprises are reluctant to adopt STaaS solutions due to their concern of being locked into a specific provider or platform, which leads to complications in moving and transmitting their data to a different provider, which could be particularly difficult if the data is stored in a proprietary format that is not easily compatible with other platforms or systems.

Additionally, uncertainties about the security measures implemented in STaaS services are leading to the limited use of STaaS to store sensitive or confidential data in the cloud by some operating companies, especially in industries with strict privacy and data security regulations. However, recent advances in the security and compliance features of STaaS services from large companies like Intel may overcome this limitation.

Market developments:

In January 2023, ePlus Inc., an IT company operating in the United States to provide specialized services and solutions, announced the introduction of a new storage as a service product under Pure Storage’s Managed Services Provider program, using the its Pure Storage Evergreen//One technology to offer adaptable subscription-based storage models.

By end user, the BFSI sector is expected to contribute significantly to the development of the STaaS market.

The expansion of data generated by the BFSI sector and the importance of data-driven decision making in companies operating in this sector will drive the demand for STaaS and other cloud services in this sector. The average amount of cloud deployment in the banking sector increased from 8.4 in 2020 to 10.9 in 2023 according to IBM Corporation.

The Asia-Pacific region holds a significant share of the storage-as-a-service market and is expected to expand during the forecasted period.

The growing importance of big data analytics and the growing adoption of hybrid and multi-cloud networks by companies operating in major economies such as China, Japan, South Korea and Taiwan are expected to drive the growth of the STAaS market in the Region. Increasing consumption of disaster recovery and business continuity solutions and the expansion of various end user industries driven by the growth of businesses will drive the need for STaaS solutions as an efficient and cost effective method to archive and archive growing business operations.

Market Segmentation:
By type

  • Cloud backups
  • Cloud storage
  • Self-contained and platform-connected storage

By company size

For end user

  • BFS extension
  • IT and Telecommunications
  • See in detail
  • Health care
  • Public sector
  • Education
  • Others

By Geography

  • North America
  • United States of America
  • Canada
  • Mexico
  • South America
  • Brazil
  • Argentina
  • Others
  • Europe
  • Germany
  • France
  • United Kingdom
  • Spain
  • Others
  • Middle East and Africa
  • Saudi Arabia
  • United Arab Emirates
  • Israel
  • Others
  • Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Indonesia
  • Taiwan
  • Others

Key Attributes:

Ratio attribute Details
No. of pages 155
Forecast period 2021 – 2028
Estimated market value (USD) in 2021 $6.48 billion
Projected market value (USD) by 2028 $46.28 billion
Compound annual growth rate 32.4%
Regions covered Global

Main topics covered:

1. INTRODUCTION

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET DYNAMICS

5. STORAGE AS A SERVICE (STAAS) MARKET BY TYPE

6. STORAGE AS A SERVICE (STAAS) MARKET BY ENTERPRISE SIZE

7. END USER STORAGE AS A SERVICE (STAAS) MARKETHOUSE

8. STORAGE AS A SERVICE (STAAS) MARKET BY GEOGRAPHY

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

10. COMPANY PROFILES

Companies mentioned

  • Intel company
  • Google Inc
  • Microsoft
  • AWS Solution Group
  • IBM
  • AT&T extension
  • Oracle
  • Rackspace
  • Hitachi Vantara LLC
  • Hewlett Packard Enterprise Development L.P

For more information about this report, please visit https://www.researchandmarkets.com/r/awfxe0

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  • Storage as a Service Market (STAAS).


        

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