Storage Utility Market

Storage Utility Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031

Storage Utility Software: Introduction

Storage utility, also known as metered services, or storage on demand, is a cloud storage service that provides storage services for an individual, organization, or businesses on pay-per-use basis or on-demand billing methods
Storage utility works through storage virtualization, where virtual storage is allocated within the user’s main physical or cloud server. Storage utility is implemented on a virtualization layer and is flexible in nature, and can be expand easily on run time, without much human intervention.
The objective of storage utility is to reduce costs and use resources effectively. A usage-based payment structure makes storage utility services cost-effective for an organization as compared to buying, managing, and maintaining a cloud infrastructure.
The global storage utility market is estimated to expand at a rapid pace during the forecast period, as enterprises across the globe are making huge investments in the development of cloud infrastructure to improve their business operations

storage utility market size and forecast

Global Storage Utility Market: Dynamics

Global Storage Utility Market: Key Drivers

Rising investments in cloud services by companies across the globe to manage huge volumes of data is expected to drive the demand for storage utility during the forecast period
The consumption-based pricing model of storage utility services enables users to pay only for what they consume. Thus, storage utility is a cost-effective solution for end-users, which in turn is expected to drive the storage utility market during the forecast period.
Industries such as BFSI, retail, healthcare, education, supply chain & logistics, manufacturing, automotive, IT and telecom are continuously expanding their cloud storage capacities to maintain, customize, and secure their database, which in turn is expected to boost the storage utility market during the forecast period
Acceleration of digitalization and increasing remote working culture across the globe requires strong cloud infrastructure and data centers with huge capacity, which is expected to increase the demand for storage utility during the forecast period
However, rising threat of cyber-attacks, data breaches, and data leakage in cloud services have organizations worried about data security. This is expected to hamper the market during the forecast period.

Impact of COVID-19 on the Global Storage Utility Market

Increasing cases of COVID-19 across the globe resulted in global lockdown and employees of small, mid-sized, and large businesses continued their work from home. Businesses accelerated the adoption of cloud computing and digital transformation to support their remote workforce. Moreover, businesses already using cloud services have increased their investment in cloud services and expanded their cloud infrastructure through storage utility. Thus, COVID-19 has had a positive impact in terms of adoption of storage utility. This is projected to indirectly boost the market in next few years.

North America to Hold Major Share of Global Storage Utility Market

In terms of region, the global storage utility market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
North America dominated the global storage utility market. The U.S. holds a prominent share of the storage utility market because the U.S. is the base of top storage utility service providers such as IBM, Dell Technologies, Pure Storage, Cisco, and Amazon. Moreover, a large number of end-users in the region are adopting storage utility to improve their business productivity.
The storage utility market in Asia Pacific is projected to expand at a rapid pace during the forecast period. Number of small and mid-sized businesses is increasing at rapid pace in countries such as (India, Japan, Taiwan, Vietnam, and China) and businesses are deploying as well as expanding cloud based services to improve their business operations, save time and money, which in turn is expected to increase the demand for storage utility

Global Storage Utility Market: Competition Landscape

Rapid digital transformation generates huge amount of data and companies are continuously expanding their cloud infrastructure to maintain, manage, and backup data remotely, which has created significant opportunities for the global storage utility market

Key Players Operating in the Global Storage Utility Market Include: