Global Storage as a Service Market
Global Storage As A Service Market By Type, By Application, By Geography Scope And Forecast
According to Verified Market Research, Global Storage as a Service Market was valued at USD 11.63 Billion in 2018 and is projected to reach USD 100.21 Billion by 2026, growing at a CAGR of 31.5% from 2019 to 2026.
Storage as a Service (also referred to as hosted storage) can be defined as a business model in which a company, usually large, rents leases or rents its storage infrastructure to another company or individuals to store data. Small companies and individuals often find this to be a suitable method for managing backups, as well as for providing cost savings in personnel, hardware and physical space. A company providing storage as a service may be called a storage service provider (SSP).
Storage as a Service is generally viewed as a good alternative for a small to mid-sized business that does not have the capital budget or the technical personnel to implement and maintain their own storage infrastructure. Storage as a Service is also known as a way for all businesses to mitigate risks in disaster recovery, provide long-term retention for records and enhance both business continuity and availability.
Organizations worldwide are confronted with huge data volumes generated internally. This volume is further amplified by the use of social media and the cloud. With the increased use of mobile devices such as smartphones and tablets by customers and employees, companies face added challenges of handling a variety of structured and unstructured data. Organizations are taking the help of enterprise storage service players to address this complexity. This has resulted in rising in the adoption of storage as a service among companies that in turn boosts the market.
Moreover, the increased need for the cost-effective business process also acts as a driving factor for the growth of the market. However, issues associated with bandwidth and interoperative might act as a restraint for the growth of the storage as a service market at a global level.
The market for Cloud Archiving is expected to grow at the highest CAGR over the forecast period. Cloud-based data archiving is different from cloud backup. The archive consists of data that is infrequently accessed and may be optimized for security and compliance with data regulation policies. Storing archived data in a cloud proves more cost-effective compared with storing and maintaining large chunks of non-critical data in an on-premise infrastructure.
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