Market Highlights
Market Research Future (MRFR), in its new “Backup as a Service Market” report, details opportunities on which the backup as a service market is expected to capitalize and thrive at a lucrative CAGR of 28% across the forecast years of 2017 to 2023. As per MRFR, the worldwide market is expected to scale a market valuation of USD 5 Bn by the end of the evaluation years.
Market Overview
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.
Segmentation:
The global backup as a service 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.
Detailed Regional Analysis
Robust technical infrastructural and economic superiority of North America are expected to propel the BaaS market in the region. The great inclination of tech-savvy people residing in the region towards quick deployment of the latest technologies is expected to surge the market. Furthermore, the existence of top-league market players, in the region, those playing a significant role in earning a decent revenue by the end of market study period can boost the market growth. Expansion of industrial horizon is identified as the chief factor for the growth of BaaS market in the Asia Pacific region. The rising demand for hybrid cloud storage can also augment the regional market growth.
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.