Backup as a Service Market is Expected to Grow at the Highest CAGR During the Fo

Posted by surendra choudhary on May 2nd, 2019

Some of the leading players operating in the global BaaS market are Commvault (The U.S), Symantec (The U.S), IBM Corporation (The U.S), Acronis (The U.S), Dell EMC (The U.S), Amazon Web Services (The U.S), Cisco Systems (Germany), Fujitsu (Japan), Backblaze (The U.S), Hexistor (The U.S), CA Technologies (The U.S), Intronis (The U.S) and Datalink Corporation (The U.S) among others.

Storing and securing a company’s data as backup is now a highly lucrative part of the cloud computing industry. Backup as a service holds players that can offer its clients a relatively unconventional but increasingly safe way to back up their valuable data and use it in the event of a recovery process. This is done through the use of online portals and cloud computing servers. As with most key cloud computing service offerings, backup as a service can allow a client to refer to a centralized system that is completely online and can therefore operate devoid of in house infrastructure or assets. This can result in an overall savings in cost and time for the client in the long run. Rather than being forced to manage private assets such as tapes and hard disks along with having to hire specialized labor for its maintenance, a company can now simply avail the best possible backup as a service model for them from a plethora of options.

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Similar to most other cloud based solutions, backup as a service can come under public or private models, with a growing number of service providers also offering hybrid services to bring the best of both worlds. One of the most common phases when a company can switch to back up as a service models is when they have outgrown their own legacy models.

Backup as a Service (BaaS) is a method to back up various data that involves recovery services and purchasing backup from an online data backup vendor. Recovering data and backing up is an essential discipline in all enterprises but often considered cumbersome, costly, and difficult to manage. In addition, BaaS offers recovery and backup operations from the cloud solution. Thus, various cloud-based BaaS vendors or providers maintain necessary applications, processes, and management, and backup equipment in their data centers. Additionally, BaaS can be used by an organization if it has to go through a costly upgrade or in the absence of on premises high level back up capabilities. Across the globe, various enterprises are focusing on implementing agentless solutions for the recovery and backup of virtual machines. This factor is likely to boost the demand for BaaS in the coming years. The market of BaaS is predicted to be stable during the forecast period from 2017 to 2025 owing to a large number of vendors supporting the need for frequent data protection and replication of data as backup.

The global BaaS market has been segmented on the basis of deployment model, organization size, end use industry, and geography. Based on deployment, the market has been segmented mainly into three types. They are public cloud, private cloud, and hybrid cloud. The private cloud deployment segment is expected to dominate the market and contribute the largest market share, whereas public cloud deployment segment is expected to grow at the fastest rate during the forecast period. On the basis of organization size, the BaaS market has been segregated into small enterprises, medium enterprises, and large enterprises. With increasing acceptance of cloud-based solutions among medium and small enterprises, the BaaS market is anticipated to have significant growth opportunities during the projection period. Based on end use industry, the market has been bifurcated into manufacturing, healthcare, research and development, government and public sectors, media and entertainment, telecommunication and IT, and banking, financial services and insurance (BFSI) among others. In 2016, media and entertainment and BFSI segments held majority of market share and are expected to increase their dominance in the coming years. Besides, the BFSI segment is expected to expand at the fastest rate during the forecast period. In order to survive the tough competition in the market, business enterprises have to differentiate their business processes. Hence, BaaS is a specifically designed data recovery system that allows fast business related data recovery. Additionally, this solution is cost effective for small and medium enterprises (SMEs). This factor is projected to drive the growth of this market in the coming years. However, cross platform issues, security concerns about secure data, and additional bandwidth requirements are expected to act as restraints for the BaaS market during the forecast period from 2017- 2025.

Geographically, the global BaaS market has been segmented into North America, Europe, Asia Pacific, Middle- East & Africa (MEA), and Latin America. In 2016, North America held the dominant market share of the global BaaS market. The market is majorly driven by North America due to large-scale industrialization and large number of telecommunication and IT service providers based in this region. Furthermore, increasing focus of organizations to offer better customer experience and technology penetration to gain competitive advantage is anticipated and is estimated to expand at the highest CAGR rate in the near future.