Storage As A Service Market Research Report - By Capacity (Less than 1 TB, 1-10 TB, 10-100 TB, 100 TB and above), By Deployment Model (Public Cloud, Private Cloud, Hybrid Cloud), By Service Type (Object Storage, Block Storage, File Storage), By Application (Data Backup and Recovery, Cloud Computing, Big Data Analytics, Media and Entertainment) and By Regional (North America, Europe, South America, Asia Pacific, Middle East and Africa) - Forecast to 2032

Storage As A Service Market Overview

As per MRFR analysis, the Storage As A Service Market Size was estimated at 48.94 (USD Billion) in 2022. The Storage As A Service Market Industry is expected to grow from 57.61(USD Billion) in 2023 to 250.0 (USD Billion) by 2032. The Storage As A Service Market CAGR (growth rate) is expected to be around 17.72% during the forecast period (2024 - 2032).

Key Storage As A Service Market Trends Highlighted

The Storage as a Service (STaaS) market is experiencing significant growth, driven by increasing data storage demands and the adoption of cloud computing. Hybrid cloud and edge computing are emerging trends, offering flexibility and scalability in data management. The rise of artificial intelligence (AI) and machine learning (ML) is creating new opportunities for STaaS, as these technologies require vast amounts of data for training and operation. Moreover, the ongoing digital transformation across industries is fueling the need for reliable and efficient data storage solutions, further driving market expansion.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Storage As A Service Market Drivers

Increasing Adoption of Cloud-Native Applications

The proliferation of cloud-native applications is a major driver of the growth of the Storage As A Service Market Industry. Cloud-native applications are designed to be deployed and run in the cloud, and they typically require a scalable and reliable storage solution. Storage as a service (SaaS) provides the ideal solution for cloud-native applications, as it offers a flexible and cost-effective way to store and manage data. SaaS providers can offer a variety of storage options, including block storage, object storage, and file storage, and they can scale their services to meet the needs of any application. As more and more businesses adopt cloud-native applications, the demand for SaaS is expected to grow.

In addition to the benefits of scalability and cost-effectiveness, SaaS also offers a number of other advantages for cloud-native applications. For example, SaaS can help to improve application performance and reliability, and it can also simplify the management of data. As a result, SaaS is becoming an increasingly popular choice for businesses of all sizes. The increasing adoption of cloud-native applications is expected to be a major driver of the growth of the Storage As A Service Market Industry over the next five years. As more and more businesses adopt cloud-native applications, the demand for SaaS is expected to grow. This growth is expected to be particularly strong in the Asia-Pacific region, where the adoption of cloud-native applications is growing rapidly.

Growing Demand for Data Analytics

The growing demand for data analytics is another major driver of the growth of the Storage As A Service Market Industry. Data analytics is the process of extracting insights from data, and it is used by businesses to improve decision-making, identify trends, and optimize operations. Data analytics requires a large amount of storage capacity, and SaaS provides a cost-effective and scalable solution for storing and managing data.SaaS providers can offer a variety of storage options that are designed to meet the specific needs of data analytics applications.

For example, SaaS providers can offer block storage for high-performance applications, object storage for large-scale data sets, and file storage for unstructured data. SaaS providers can also scale their services to meet the growing needs of data analytics applications. The growing demand for data analytics is expected to be a major driver of the growth of the Storage As A Service Market Industry over the next five years. As more and more businesses adopt data analytics, the demand for SaaS is expected to grow. This growth is expected to be particularly strong in the healthcare and financial services industries, where data analytics is playing an increasingly important role.

Government Regulations on Data Protection

Government regulations on data protection are also driving the growth of the Storage As A Service Market Industry. Governments around the world are increasingly enacting regulations to protect the privacy of personal data. These regulations require businesses to implement measures to protect data from unauthorized access, use, or disclosure. SaaS can help businesses to comply with these regulations by providing a secure and reliable storage solution.SaaS providers can offer a variety of security features to protect data, including encryption, access control, and data replication.SaaS providers can also help businesses to comply with specific regulatory requirements, such as the General Data Protection Regulation (GDPR) in the European Union.

The increasing demand for data protection is expected to be a major driver of the growth of the Storage As A Service Market Industry over the next five years. As more and more governments enact regulations to protect the privacy of personal data, the demand for SaaS is expected to grow. This growth is expected to be particularly strong in the healthcare and financial services industries, where data protection is a critical concern.

Storage As A Service Market Segment Insights

Storage As A Service Market Capacity Insights

The Capacity segment of the Storage As A Service Market is expected to witness significant growth in the coming years due to increasing demand for data storage and processing capabilities. In 2023, the 'Less than 1 TB' capacity segment held the largest market share due to its affordability and suitability for small businesses and individual users. However, the '1-10 TB' capacity segment is projected to grow at the highest CAGR during the forecast period, driven by the adoption of cloud-based applications and the need for storing large volumes of data.

The '10-100 TB' capacity segment is also expected to experience steady growth as businesses adopt hybrid cloud strategies and require more storage capacity for mission-critical applications. The '100 TB and above' capacity segment is expected to gain traction in sectors such as healthcare, media and entertainment, and scientific research, where massive data storage and processing capabilities are required. Overall, the Storage As A Service Market is expected to benefit from the proliferation of data-intensive technologies, the growth of cloud computing, and the increasing adoption of digital transformation strategies by enterprises worldwide.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Storage As A Service Market Deployment Model Insights

The Storage As A Service Market segmentation by Deployment Model includes Public Cloud, Private Cloud, and Hybrid Cloud. The Public Cloud segment is expected to dominate the market during the forecast period. This growth in the Public Cloud segment can be attributed to its scalability, cost-effectiveness, and the ease of deployment. The Private Cloud segment is expected to grow at a significant CAGR during the forecast period. This growth in the Private Cloud segment can be attributed to the increasing demand for the data security of private cloud offerings. The Hybrid Cloud segment is expected to grow at a steady CAGR during the forecast period. The Hybrid Cloud’s growth is attributed to the Hybrid Cloud’s flexibility of combining the benefits of both public and private clouds.

Storage As A Service Market Service Type Insights

The Storage As A Service Market segmentation by service type into object storage, block storage, and file storage provides insights into the diverse storage requirements of enterprises. Object storage, with its focus on unstructured data, accounts for a significant portion of the market revenue, driven by its cost-effectiveness and scalability. Block storage, designed for structured data, caters to high-performance applications and is expected to witness steady growth. File storage, offering hierarchical access to data, remains a popular choice for traditional file-based workloads and collaboration.As organizations adopt cloud-based storage solutions, the demand for these services is projected to surge, contributing to the overall growth of the Storage As A Service Market.

Storage As A Service Market Application Insights

The Storage As A Service Market is segmented by Application into Data Backup and Recovery, Cloud Computing, Big Data Analytics, Media and Entertainment. Data Backup and Recovery segment held the largest market share in 2023, and is expected to continue to dominate the market during the forecast period. The Cloud Computing segment is expected to grow at the highest CAGR during the forecast period. The Big Data Analytics segment is expected to account for a significant share of the market in 2024. The Media and Entertainment segment is expected to grow at a steady pace during the forecast period.

Storage As A Service Market Regional Insights

The regional segmentation of the Storage as a Service Market showcases diverse growth trajectories across key geographic regions. North America, with its established cloud infrastructure and high adoption of SaaS solutions, is projected to maintain its dominance in the market, accounting for over 35% of the revenue in 2023. Europe follows closely, driven by increasing demand for data storage and compliance regulations. The APAC region is anticipated to exhibit the highest growth rate, fueled by rapidly expanding economies and rising cloud adoption.

South America and MEA are also expected to contribute significantly to the market growth, as businesses in these regions seek cost-effective and scalable data storage solutions. Overall, the Storage as a Service Market is expected to grow exponentially in the coming years, with regional variations offering unique opportunities for market expansion.

Source: Primary Research, Secondary Research, MRFR Database and Analyst Review

Storage As A Service Market Key Players And Competitive Insights

The leading Storage As A Service Market players are continuously developing new technologies to strengthen their market value and expand their geographical reach by forming partnerships with the local companies. Storage As A Service Market industry leaders are investing in research and development along with protecting the intellectual property of these innovations to expand their presence across the globe. The industry is experiencing robust investments as the adoption of cloud services increases and data storage and management activities are escalating.

Amazon Web Services Inc.

Amazon Web Services is one of the largest and well-known providers of Storage As A Service solutions. The company offers a wide range of Storage As A Service options such as Amazon S3, Amazon EBS, and Amazon Glacier. AWS is known for its powerful infrastructure, reliability, scalability, and security aspects. The company has a strong presence in all parts of the world and serves a large number of industrial customers. Amazon is acquiring local companies and joining hands with multiple SMEs to invent and implement new technologies and expand its presence.

Microsoft Corporation

Microsoft Corporation is another leading storage as a service provider that offers a range of storage options including Azure Blob Storage, Azure File Storage, and Azure Disk Storage. These storage as a service offerings from Microsoft are popular because of their performance, reliability, and scalability attributes. Microsoft is also acquiring other companies and joining hands with local players to invest in new technologies and expand its presence across the globe.

Key Companies in the Storage As A Service Market Include

• Oracle Cloud Infrastructure


• Alibaba Cloud


• Wasabi


• Cloudian


• Rackspace Technology


• Backblaze B2


• Amazon Web Services


• IBM Cloud


• Hitachi Vantara


• Microsoft Azure


• Google Cloud


• Dell EMC Isilon


• Zadara Storage


• NetApp Cloud Volumes

Storage As A Service Market Industry Developments

The Storage as a Service (STaaS) market continues to experience rapid growth, driven by the increasing adoption of cloud computing and digital transformation initiatives. In 2023, the market was valued at USD 57.61 billion, and it is projected to reach USD 250.0 billion by 2032, exhibiting a CAGR of 17.72%. Key factors contributing to this growth include the rising demand for data storage, the proliferation of connected devices, and the need for businesses to optimize their IT infrastructure. Recent developments in the market include the emergence of hybrid and multi-cloud storage solutions, the integration of artificial intelligence (AI) and machine learning (ML) for data management, and the growing adoption of STaaS by small and medium-sized enterprises (SMEs).

Storage As A Service Market Segmentation Insights

• 
  

  Storage As A Service Market Capacity Outlook

  
  
  
  
  • Less than 1 TB
  
  
  • 1-10 TB
  
  
  • 10-100 TB
  
  
  • 100 TB and above
  
  
  
  

• 
  

  Storage As A Service Market Deployment Model Outlook

  
  
  
  
  • Public Cloud
  
  
  • Private Cloud
  
  
  • Hybrid Cloud
  
  
  
  

• 
  

  Storage As A Service Market Service Type Outlook

  
  
  
  
  • Object Storage
  
  
  • Block Storage
  
  
  • File Storage
  
  
  
  

• 
  

  Storage As A Service Market Application Outlook

  
  
  
  
  • Data Backup and Recovery
  
  
  • Cloud Computing
  
  
  • Big Data Analytics
  
  
  • Media and Entertainment
  
  
  
  

• 
  

  Storage As A Service Market Regional Outlook

  
  
  
  
  • North America
  
  
  • Europe
  
  
  • South America
  
  
  • Asia Pacific
  
  
  • Middle East and Africa