Backup-as-a-Service Market | 37% of Growth to Originate from North America During 2020-2024 | Technavio

Technavio has announced its latest market research report titled Global Backup-as-a-service Market 2020-2024 (Graphic: Business Wire)

LONDON--()--Scope of the report

This report provides a detailed analysis of the backup-as-a-service market by application (online backup and cloud backup) and geography (North America, APAC, Europe, MEA, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Acronis International GmbH, Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., International Business Machines Corp., Microsoft Corp., NetApp Inc., and Quantum Corp. The growing need to simplify solutions for backup is a key trend in the global backup-as-a-service market which will lead to significant market growth. BaaS solutions provide the convenience of accessing information from anywhere with an internet connection. These solutions also allow companies to focus on their core competencies without having to worry about data loss. All these factors are leading to a positive outlook for the backup-as-a-service market.

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Backup-as-a-Service Market: Segmentation by Geography

The market is segmented into five regions encompassing North America, APAC, Europe, MEA, and South America. North America was the largest market for backup-as-a-service in 2019, and the region is expected to offer several growth opportunities to market vendors during the forecast period. About 37% of the market’s growth will originate from North America during the forecast period. This is due to the ongoing digital transformation among companies in the region. Besides, the increasing adoption of work from home culture policies due to the COVID-19 outbreak has led companies in the region to make significant investments in BaaS solutions. The US is the key market for backup-as-a-service in North America.

Backup-as-a-Service Market: Segmentation by Application

The backup-as-a-service market is segmented into two segments based on the application comprising of online backup and cloud backup. The market witnessed significant adoption of online BaaS solutions by organizations in 2019. This is because online backup solutions are effective in preventing catastrophic data loss, which could occur due to file corruption, fires, theft, and other disasters. Also, the password protection and encryption of online backup solutions ensure the security and privacy of enterprise data. These factors are creating significant growth potential in the segment.

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Backup-as-a-service Market: Growth Drivers

Increasing demand to shift from CAPEX to OPEX model will drive market growth. The growing shift from the CAPEX to the OPEX model is the key factor driving the adoption of BaaS among organizations. For example, the introduction of pay-per-use models has enabled companies to pay for what they use. These models also allow clients to select from a range of services depending on their IT budgets and business requirements. Moreover, these pricing models do not require fixed upfront costs, which make them highly affordable for enterprises. All these factors are fueling the growth of the global backup-as-a-service market.

Backup-as-a-Service Market: Market overview

The backup-as-a-service market is fragmented with the presence of several domestic and international players. Hence, companies need to adopt advanced technologies and marketing strategies to remain competitive in the market. Acronis International GmbH, Alphabet Inc., and Amazon.com Inc. are some of the major market participants. Though the accelerating growth momentum will offer immense growth opportunities, possibilities of failure during implementation will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their position in the slow-growing segments.

Market Sizing Methodology

Technavio uses a robust market sizing approach to estimate the total opportunity size for any market. Some of the examples of methodologies are shown for reference data is collected through both primary research (through industry interview with market participants and industry experts) as well as secondary research (through annual reports, press releases, company and industry presentations, industry associations, journals and in-house data repositories built over past 15 years)

Backup-as-a-Service Market: Parent Market Overview

Technavio categorizes the global backup-as-a-service market as a part of the global IT services market. The parent global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global Internet services and infrastructure market covers companies providing services and infrastructure for the Internet industry, including data centers and cloud networking and storage infrastructure. It also includes companies providing hosting services. It excludes companies offering software products. The global Internet services and infrastructure market also includes IT security services and cloud computing services.

Growth in the global internet services and infrastructure market will be driven by the increase in investments toward planning and development of new data centers and capacity expansion of existing facilities by hyperscalers.

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UK: +44 203 893 3200
Email: media@technavio.com
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Release Summary

The Global Backup-as-a-service Market will grow by $ 10.41 bn during 2020-2024

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: https://www.technavio.com