Backup-as-a-service Market to grow by USD 32.79 billion between 2023 - 2028, Growth Driven by Increasing need to shift from CAPEX to OPEX model - Technavio

NEW YORK, Dec. 8, 2023 /PRNewswire/ -- The Backup-as-a-service Market report has been added to Technavio's offering. With ISO 9001:2015 certification, Technavio has proudly partnered with more than 100 Fortune 500 companies for over 16 years. The potential growth difference for the backup-as-a-service market between 2023 and 2028 is USD 32.79 billion.

The increasing need to shift from CAPEX to the OPEX model is driving the growth of the market. BaaS solutions have a pay-per-use pricing model. They are flexible in terms of deployment models. Cloud services are available in three deployment models, namely infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and SaaS. Industrial clients can choose from a range of services depending on their IT budgets and business requirements. BaaS is an affordable solution for enterprises, as there is no fixed upfront cost required. Get deeper insights into the market size, current market scenario, future growth opportunities, major growth driving factors, the latest trends, and much more. Buy the full report here

• Market Challenge -
• The possibility of failure during implementation is challenging the market growth.
• Failure during the implementation phase makes prospective clients favor traditional backup solutions such as hard disks over BaaS.
• Processes such as project management, vulnerability management, compliance, content management, event monitoring, access management, and managing huge servers and databases are time-consuming and complex.
• The complexity increases the chances of failure, which may direct end-users toward traditional backup solutions.
• These factors will impede market growth during the forecast period.

Learn about additional key drivers, trends, and challenges available with Technavio. Read a Sample PDF Report Now

The backup-as-a-service market is segmented based on End-user (Large enterprises and SMEs), Application (Online backup and Cloud backup), and Geography (North America, APAC, Europe, South America, and Middle East and Africa). 

• The large enterprises segment is significant during the forecast period. The end-users in this segment typically deal with massive volumes of data that require comprehensive and scalable backup solutions. Backup-as-a-service solutions have a major advantage in that they can be scaled up easily to meet the backup needs of large and growing enterprises without the hassle of acquiring and managing additional hardware.
• North America will contribute 36% to the growth of the global market during the forecast period. View a FREE Sample Report for insights into the contribution of all the segments and regional opportunities in the report.

Key Companies in the backup-as-a-service market:

Acronis International GmbH, Alphabet Inc., Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., Commvault Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Insight Enterprises Inc., International Business Machines Corp., Microsoft Corp., NetApp Inc., NxtGen Datacenter and Cloud Technologies Pvt. Ltd., Quantum Corp., Rubrik Inc., Veeam Software Group GmbH, Vembu Technologies Pvt. Ltd., Viatel Ireland Ltd., Arcserve USA LLC, Proact IT Group AB

Related Reports:

The cloud backup and recovery market is estimated to grow at a CAGR of 18.43% between 2022 and 2027. The size of the market is forecast to increase by USD 20,727.97 million.

The data center backup and recovery software market is estimated to grow at a CAGR of 11.5% between 2022 and 2027. The size of the market is forecast to increase by USD 5,507.21 million.

ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by End-User

Market Segmentation by Application

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

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SOURCE Technavio