LONDON--(BUSINESS WIRE)--The backup-as-a-service (BaaS) market is expected to grow by USD 7.07 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The shift from the CAPEX to the OPEX model is driving the adoption of backup-as-a-service (BaaS) in various industry verticals as these solutions allow clients to pay only for what they use by implementing the pay-per-use pricing model. The solution helps enterprises build their BaaS infrastructure as per their business requirements. It also offers flexibility in terms of deployment models including platform-as-a-service (PaaS) and infrastructure-as-a-service (IaaS).
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As per Technavio, the exponential growth in volume of data will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Backup-As-A-Service (BaaS) Market: Exponential Growth in Volume of Data
The exponential growth in the volume of data from smartphones, the Internet, and digital business processes is expected to impact the growth of the market. This data 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 are increasingly deploying BaaS model to securely back up the massive volume of data generated by the digital economy.
“Factors such as the increasing use of IoT, growing need to simplify solutions for backup, and rising number of cyberthreats will have a significant impact on the backup-as-a-service (BaaS) market growth during the forecast period,” says a senior analyst at Technavio.
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Backup-As-A-Service (BaaS) Market: Segmentation Analysis
This market research report segments the backup-as-a-service (BaaS) market by application (online backup and cloud backup), and geographic segmentation (North America, APAC, Europe, South America and MEA).
The North American region led the backup-as-a-service (BaaS) market in 2019, followed by APAC, Europe, South America, and MEA. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the building of a new intelligent economy by interlinking technologies, increasing digital transformation, and growing investments in digital solutions.
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Some of the key topics covered in the report include:
- Online backup
- Cloud backup
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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