Market Highlights
Backup service assures the recovery of data in cases of data loss. Increasing IT application in enterprises have intensified the need for data management and backup for the smooth functioning. The growing count of service providers is likely to attract a larger customer base, and, thus, maximize revenue generation in the backup as a service market.
Backup as a service is a comparatively newer concept that has evolved with the advent of IT solutions. The growth of the IT sector is expected to catalyze the deployment of backup services in both small as well as large organizations in the years to come. It has been assessed by Market Research Future (MRFR) that the global backup as a service market is expected to thrive at an exponential CAGR of 28% over the assessment period 2017 to 2023. It has further been highlighted that in the study that the market is expected to earn revenues worth USD 5 Bn by 2023.
The increase in data transfer and growing demand for quick information accessing are identified as major causes that can positively influence the global backup as a service (BaaS) market. The worldwide market of backup as a service market is growing lucrative as enterprises are giving serious thoughts to the need and development of storage and security of their data. The unconventional procedure of backup as a service provides safer medium to store valuable data and aids in their easy accessibility, which are expected to contribute significantly to the expansion of the global backup as a service market. Cloud computing servers and online portals are expected play major role in shaping up the market in the years of evaluation. Backup as a service curbs tapes, compact disks, and hard drives usage that makes the service cost-effective and highly desirable across enterprises. In addition, the ability of backup as a service to function without expertises and on simple backup model is also likely to augment the market growth.
On the downside, growing cases of data breach can pose a threat to the growth of the backup as a service market. However, the rising impact of digitalization can support the BaaS market expansion.
Competitive Landscape
The BaaS market is growing intense due to deliberate efforts being made by several big players in innovating and extending their product portfolio. Mergers and acquisitions are noted to play a significant role making the BaaS market gain thrust. To Illustrate, when, Cisco Systems, Inc. acquired July Systems, Inc., the acquisition left a positive impact on the BaaS market expansion. A similar result was observed on the market in 2017, when Amazon Web Services acquired Thinkbox Software.
Prominent players that are operating in the back up as a service market are Commvault (U.S.), Asigra Inc. (Canada), Google (U.S.), Emc Dell Inc. (U.S.), Fujitsu Ltd. (Japan), Symantec Corporation (U.S.), International Business Machines Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Acronis International Gmbh (U.S.), and others.
Detailed Regional Analysis
An in-depth geographical assessment of the global backup as a service market has been included in this MRFR report that also focuses on a detailed country-level analysis. The regional segments of the market include North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). North America is expected to lead the market for backup as a service in the forthcoming years. The advancements in technology are expected to drive the growth of the regional market over the next couple of years. Also, the expansion and diversification of the key players based out of the region are projected to have a positive influence on the growth of the backup as a service market in the region across the review period. Asia Pacific is one of the fastest developing regions of the global backup as a service market. It is expected to attract huge investments in the forthcoming years from global leaders.
Segmentation:
The global market of BaaS market is studied in segment. The BaaS market is segmented based on storage. By storage, the market segment includes on-cloud, on-premise, private, public, and hybrid. The private cloud segment is likely to gain a substantial share of the market due to the growing popularity of private cloud as BYOD culture prevails. Alongside, the public segment is also expected to high traction for the global market in the years of forecast.
