Storage As A Service (STaaS) Market Size, Share, Growth, Trends, and Global Industry Analysis: By Service Type (Cloud NAS (File Storage), Cloud SAN (Block Storage), Cloud Archiving, and Cloud Backup), By Organization Size (SMEs and Large Enterprises), By Vertical (BFSI, and IT and Telecom), and Region Forecast 2019-2030

Storage As A Service (STaaS) Market size was valued at US$ 24.8 billion in 2022 and is expected to reach US$ 149.8 billion by 2029, at a CAGR of around 29.3% during the forecast period 2023 to 2029. Owing to the growing usage of mobile devices such as smartphones & tablets by customers and employees, companies face challenges of handling a diversity of structured and unstructured data, which is one of the major factors driving the growth of the storage as a service market.

Moreover, the increased necessity for the cost-effective business process is also anticipated to boost the growth of the storage as a service market. The surge in e-commerce in this region is also accountable for investors looking at expanding their operations in this part of the world. With next-gen Internet technologies paving the way with zero downtime, low latency, and seamless connectivity, cloud computing will emerge as a strong business opportunity, promoting growth of STaaS.

Companies are facing new hurdles in handling a mix of structured and unstructured data as customers and employees increasingly use mobile devices such as smartphones and tablets. To deal with this complexity, businesses are enlisting the expertise of corporate storage service providers. This has led in a rise in company adoption of storage as a service, which has boosted the market. The market research offers a comprehensive analysis of the industry. The research includes a detailed analysis of the market's major segments, trends, drivers, restraints, competitive landscape, and other important variables.

Key Development:

• In June 2020, Commvault and Microsoft signed a multiyear agreement to integrate Commvaults Metallic SaaS data protection portfolio with Microsoft Azure.
• In May 2021, Hewlett Packard Enterprise announced innovations that transform HPE Storage into a cloud-native, software-defined data services business. As part of news, HPE unveiled a data services platform that delivers on its Unified DataOps vision for a new data experience that brings a cloud operations model to wherever data lives and unifies data operations. The new platform is designed to address the data explosion edge-to-cloud, collapse the silos and complexity that plague data environments, maximize agility and innovation, and reduce business risk.