The global storage as a service market to grow at a CAGR of 29.59% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global storage as a service market for 2016-2020. To calculate the market size, we consider revenue generated from storage as a service vendors. We also consider enterprises' spending on storage as a service solution such as cloud storage solutions for disaster recovery and data archiving solutions and services.
A trend which is boosting market growth is the emergence of OpenStack. OpenStack is an open-source cloud-based computing technology initiated as a joint project by Rackspace and National Aeronautics and Space Administration (NASA) in 2010. The technology involves a set of software tools that help manage and build cloud-computing platforms in the cloud. The open-source software is backed by major companies, and many individual community members are involved in software development and hosting. OpenStack is considered the future of cloud computing.
According to the report, a key growth driver is the need to orchestrate cloud-based storage systems. Orchestration of cloud-based storage services is required to automate the data allocation process in cloud-based database management systems. The advent of new technologies such as OpenStack has automated the data storage process in the client's IT ecosystem. Cloud orchestration solutions align and coordinate the resource provisioning process in the cloud-based database.
Orchestration solutions helps enterprises reduce costs and improve efficiency in the digital content management solutions. Enterprises seek cloud-based storage solutions that can eliminate the need to buy non-premise IT resources continuously to store organizational documents.
Further, the report states that one challenge that could hamper market growth is bandwidth limitations.