Market Research Future’s (MRFR) report on the same market includes chief drivers and segmental analysis that can deliver a holistic view of the global market. The entire method is cost-effective as it curbs the use of compact disks, tapes and hard drives which is making a backup as a service as a market favorite. At the same time, it requires no expertise and a simple backup model that suits the purpose can solve the problem.
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).
However, a data breach is a threat that persists, and with increasing cases of cybercrime, this is something that many companies would consider before taking such a leap. But the impact of digitalization would not let the BaaS market halt for long and will ensure further growth during the forecast period.
Backup providers are now considering a secondary backup system with more security that would help companies to recover lost data. This idea has been triggered by recent cases of ransomware where the companies have been exploited substantially. Bad Rabbit is one such case that exploited companies with deletion and encryption of backup set.
Altaro’s VM Backup model is an outstanding example of leaders following such notions. Altaro provides round-the-clock service with targeted efficiency and multi-tenant cloud console enabling the management of all customer installations using a central dashboard
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The market is growing intense with several big players continually innovating and integrating them into their systems. However, merger and acquisitions are also playing a crucial role in giving the market thrust. For instance, Cisco Systems, Inc. acquisition of July Systems, Inc., a company that provides cloud-based middleware platform can have an impact on the market expansion. Amazon Web Services in 2017 acquired Harvest.ai, Thinkbox Software, Do.com, Souq,
Prominent players in the back up as a service market are Asigra Inc. (Canada), Commvault (U.S.), Emc Dell Inc. (U.S.), Google (U.S.), Symantec Corporation (U.S.), Fujitsu Ltd. (Japan), Amazon Web Services, Inc. (U.S.), International Business Machines Corporation (U.S.), Acronis International Gmbh (U.S.), Cisco Systems, Inc. (U.S.), and others.
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.
The global BaaS market can be segmented by storage which includes on-premise, on-cloud, public, private, and hybrid. Private cloud segment is gaining popularity and owns a substantial share of the market. But the public segment is also gaining fast traction.
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