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.
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.
Organizations are outsourcing their backup management to service providers due to several factors such as enhanced efficiency, high cost of in-house storage, lack of high-level storage, etc. These factors are expected to drive the expansion of the backup as a service market over the next few years. Also, the focus on pricing policies is likely to impact the growth pace of the market favorable in the forthcoming years. However, issues such as compliance concerns, security threats, cross-platform problems, etc. are anticipated to undermine market growth across the projection period.
The report covers an exhaustive segmental analysis of the global backup as a service market trends on the basis of storage. These segments include on-premise and on-cloud. Furthermore, the on-cloud segment has been sub-segmented into hybrid, Public, and private.
An in-depth geographical assessment of the COVID-19 analysis of 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.
Commvault (U.S.), International Business Machines Corporation (U.S.), Emc Dell Inc. (U.S.), Symantec Corporation (U.S.), Acronis International Gmbh (U.S.), Amazon Web Services, Inc. (U.S.), Asigra Inc. (Canada), Fujitsu Ltd. (Japan), Cisco Systems, Inc. (U.S.), and Google (U.S.) are some of the noted participants of the global backup as a service market assessed to contribute to the development of the market in the forthcoming years.
Key players are expected to inject investments in research & development through the forecast period for bringing innovations to their product portfolios. This, in turn, is anticipated to intensify the competition in the backup as a service market over the next couple of years. Leveraging technological advancements is poised to be one of the key strategies of the market players for strengthening positions in the market place. Other growth strategies expected to be witnessed in the market are mergers & acquisitions, product innovation, partnerships, collaborations, pricing policies, value-added services, etc.