Wasabi Triples As It Siphons Customers From AWS, Azure In $233 Billion Cloud Market

Outsourcing corporate technology to the cloud was popular before Covid-19, now it’s even more popular.

While cloud services, valued at $233.4 billion, is a critical source of growth for industry leaders Amazon, Microsoft and Google, there are startups offering competitive cloud storage services that are growing much faster than these industry leaders. A prime example is Wasabi Technologies, a provider of object storage services that compete with AWS’s S3 at 20% of the price. Whereas the industry grew at an average 31% rate, Wasabi’s revenue soared 5.5-fold between January 2019 and January 2020 and are expected to triple in 2020.

Wasabi is a focused low cost producer. It does one thing, storage as a service, and charges customers less money for it than its rivals. This is an effective way to gain market share against AWS, a broad-based differentiator.Wasabi has been shifting its go-to-market strategy to include more channel partners because it’s a force multiplier. The channel has access to more customers than direct sales people do.

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