Overcoming Data Migration Challenges with Storage as a Service (STaaS)

The global Storage as a Service (STaaS) market is poised for substantial growth, with projections indicating a robust Compound Annual Growth Rate (CAGR) of 16.4% between 2020 and 2030. This surge in demand is driven by the increasing adoption of cloud services, where a significant portion of companies’ IT budgets is allocated to leveraging STaaS solutions.

As cloud computing becomes increasingly mainstream, Storage as a Service is expected to serve as the backbone for businesses seeking scalable and efficient data storage solutions. Approximately 90% of businesses are anticipated to opt for enhanced cloud-based solutions, fueling the expansion of the STaaS market worldwide.

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Key Takeaways of Storage as a Service Market Study

• SMEs are expected to hold 74% of market share in 2020, as the adoption of STaaS becomes essential to cutting back on infrastructural costs and focusing on business continuity.
• The BFSI segment held a market share of 22% in 2019 and is expected to continue on a similar trend because banking is getting digitized even in rural clusters.
• Moreover, South Asia & Pacific is projected to register a CAGR of 23% from 2020-2030 in the global STaaS market, due to countries undergoing rapid digitalization across sectors.
• Additionally, cloud computing and the remote work ethic are set to remain strong undercurrents of the booming STaaS market.

COVID-19 Impact Analysis on Storage as a Service Market

The COVID-19 pandemic accelerated remote work adoption, leading businesses to upgrade their tech infrastructure for continuity. Future trends show continued tech investments. SaaS is now recognized for profit margin expansion, driven by cost reduction focus. Pre-pandemic, only 2.9% worked remotely; post-pandemic, remote work surges due to operational strategy reevaluation.

In 2018 and 2019, the market for storage as a service expanded by around 15% year over year. With the COVID-19 epidemic, the market is anticipated to rise by about 18%–20% between 2021 and 2023.

In the medium term, it may be difficult for the storage as a service market to maintain its growth pace due to concerns about budgets. Furthermore, deteriorating profitability is a key issue, and sales growth has also been a significant factor, all of which have led to significant losses for companies of all sizes.

Partnerships and Innovations to Drive Growth

The global Storage as a Service industry is experiencing a storm due to the rapidly evolving technical landscape, shifting consumer expectations, and fierce competition. This is forcing solution providers to consistently search for novel and affordable solutions. Additionally, partnerships and collaborations with digital solution providers might aid suppliers of storage as a service in growing their clientele and market share.

For instance, Pure Storage and SAP formed a cooperation in March 2020 to provide customers with shared competency centres, technical support, and technological integrations in STaaS, intelligent enterprise, cloud computing, storage, and virtualization.

Storage as a Service Market: Segmentation

Service Type

• Cloud NAS
• SAN
• Cloud Backup
• Archiving

Enterprise Size

• Small & Medium Enterprises
• Large Enterprises

Industry

• Media & Entertainment
• Government
• Healthcare
• IT & Telecom
• Manufacturing
• Education
• Others

Region

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