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 (Baas) is a resultant product of increasing data transfer and demand for quick access to information. The market has become lucrative as companies are giving serious thoughts to storing and securing of their data. This unconventional procedure provides relatively easier accessibility and safer medium to store valuable data. Online portals and cloud computing servers play a significant role in shaping up this entire industry. The global backup as a service market can witness an extraordinary CAGR of 28% to scale a market valuation of USD 5 billion during the forecast period (2017-2023).
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.
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Region-specific segmentation of the BaaS market can be segmented by Asia Pacific (APAC), North America, Europe and Rest-of-the-World (RoW).
North America’s infrastructural superiority has earned it the top post. The region has a great inclination towards technological upgradation which is giving the market a significant boost. Furthermore, the presence of several top-league market influencers in the region is helping the region earn the maximum amount of revenue. Large-scale industrialization with a focus on bettering customer experience can also be considered as a noteworthy factor for the regional BaaS market growth. The APAC, on the other hand, can ensure its position as the fastest growing region of the market. Expanding industrial horizon is one chief factor that is steering the market ahead. At the same time, incorporation of cloud-based appliances and increasing demand for hybrid cloud storage are helping the region to profit much from the market.
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.
The report covers an exhaustive segmental analysis of the global backup as a service market 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.
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