LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global backup-as-a-service market to grow at a CAGR of more than 27% during 2018-2022. The exponential growth in the volume of data is a key trend which is expected to impact the growth of the market. The exponential increase in the volume of data from smartphones, the Internet, and digital business processes provides businesses with potential assets which can be used for competitive gain. However, most legacy data centers are not built to handle such volumes of data, hence, there is a threat to the data. Therefore, enterprises must securely back up their data in BaaS.
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In this report, Technavio researchers identify the increasing need to shift from CAPEX to OPEX model as one of the key factors contributing to the growth of the global backup-as-a-service market:
Increasing need to shift from CAPEX to OPEX model
The need to shift from CAPEX to OPEX model is the primary reason driving the rapid adoption of BaaS in several industry verticals. The key benefit of implementing BaaS is the pay-per-use pricing model, i.e. clients pay only for what they use. BaaS solutions are flexible in terms of deployment models as cloud services are available in three deployment models comprising of Infrastructure-as-a-service, platform-as-a-service, and SaaS. This allows clients to build their BaaS as per the requirements of their business.
According to a senior analyst at Technavio for cloud computing research, “Clients can select a range of these services depending on their IT budgets and business requirement. There is no fixed upfront cost which makes BaaS an affordable solution for enterprises.”
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Global backup-as-a-service market - segmentation and analysis
This market research report segments the global backup-as-a-service market by application (online backup and cloud backup) and key regions (Americas, APAC, and EMEA).
Based on application, the online back-up segment accounted for close to 51% of the market share in 2017. However, the growing focus of enterprises to store specific data is driving the cloud back-up service which is expected to witness a 4% increase in its market share over the forecast period to surpass the online back-up service by 2022. The diagnostics segment is expected to witness a decline of close to 2% in its market share while the other two segments will see an increase in their market shares over the forecast period.
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