Microsoft Azure provide different type of Storage account for different purposes of used in production environment or real life environment. I will tried to explain the storage account service in form of following table:

Name	Performance	Access tiers	Service	Replication	Deployment
General Purpose V1	Standard, Premium		Blob, FIle, Queue, Table, Disk	LRS, GRS, RA-GRS	Resource Manager Classic
General Purpose V2	Standard, Premium	HOT, COOL, ARCHIVE	Blob, File, Queue, Table, Disk,Data LakeGen 2	LRS, GRS, RA-GRS, ZRS, GZRS, RA-GZRS	Resource Manager
Block Blob Storage	Premium		Blob	LRS, ZRS	Resource Manager
File Storage	Premium		File	LRS, ZRS	Resource Manager
Blob Storage	Standard	HOT, COOL, ARCHIVE	Blob	LRS, GRS, RA-GRS	Resource Manager

Access Tiers:

HOT: Data access frequently, high storage cost but lowest access cost.
COLD: Data access infrequently but need to store for atleast 30 days. Lower storage cost but higher access cost.
Archive: data access very infrequently but store atleast for 180 days. Lower storage cost but higher access cost.