LONDON--(BUSINESS WIRE)--The global storage as a service market is expected to post a CAGR of over 31% during the period 2018-2022, according to the latest market research report by Technavio.
A key factor driving the growth of the market is the shift from the CAPEX to the OPEX model. The rising cost pressure due to uncertain business and economic conditions has compelled several companies to use flexible IT solutions. As cloud-based services are reliable and cost-effective, they are profitable for enterprises.
This market research report on the global storage as a service market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights rise in the adoption of hybrid cloud storage systems as one of the key emerging trends in the global storage as a service market:
Global storage as a service market: rise in the adoption of hybrid cloud storage systems
Hybrid cloud-based storage enables organizations to select a flexible storage solution for each workload or workgroup. The primary benefit of deploying hybrid cloud storage includes enhanced IT infrastructure management and flexibility, improved data management, and better security for stored data. Organizations from various end-user industries are realizing the benefits of cloud computing and are adopting cloud storage with high storage capability.
“Hybrid cloud-based storage systems will be more weighted towards the in-house cloud, focusing on modernizing applications and retaining the business functionality while developing an elastic, scalable model. This enables hybrid cloud-based storage systems to have the highest implementation and growth rates,” says a senior research analyst for IT professional services.
Global storage as a service market: Segmentation analysis
This market research report segments the global storage as a service market by technology (stand-alone and platform-attached storage, cloud archiving, and cloud backup) and geographical regions (APAC, EMEA, and the Americas).
In 2017, the Americas dominated the market with a share of 48%, followed by EMEA and APAC respectively. The dominance of the Americas can be attributed to the overall growth and maturity of the industrial and private sectors and the high adoption of cloud services in these sectors. Although APAC held the smallest share of the market it is expected to witness the highest increase in its market share over the forecast period.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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