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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.
storage utility market dynamics

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
storage utility market region analysis

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:

  • IBM Corporation
  • Cisco System, Inc.
  • Dell Technologies
  • Hewlett Packard Enterprise
  • Hitachi, Ltd.
  • Lenovo Group Ltd.
  • NetApp, Inc.
  • Pure Storage, Inc.
  • VMware, Inc.
  • Amazon Web Services
  • Huawei Technologies Co. Ltd.

Global Storage Utility Market: Research Scope

Global Storage Utility Market, by Payment Model

  • Pay As You Go (Commitment Based)
  • Pay As You Use (Usage Based)
  • Subscription-Based

Global Storage Utility Market, by Cloud Services

  • Software-as-a-Service (SaaS)
  • Infrastructure-as-a-Service (IaaS)
  • Platform-as-a-Services (PaaS)

Global Storage Utility Market, by Application

  • Healthcare
  • BFSI
  • IT & Telecommunication
  • Retail
  • Others

Global Storage Utility Market, by Region

  • North America
    • U.S.
    • Canada
    • Rest of North America
  • Europe
    • Germany
    • France
    • U.K.
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Rest of Asia Pacific
  • Middle East & Africa
    • GCC
    • South Africa
    • Rest of Middle East & Africa
  • South America
    • Brazil
    • Rest of South America

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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Storage Utility Market