Backup-as-a-Service (BaaS) Market Size, Share, Growth, and Industry Analysis, By Type (Online Backup, Cloud Backup), By Application (Email Backup, Application Backup, Media Storage Backup), Regional Insights, and Forecast From 2024 To 2031

Backup-as-a-Service (BaaS) Market Report Overview

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The global backup-as-a-service (BaaS) market size was 11580 million in 2021 and is expected to reach USD 118480.55 million by 2031, at a CAGR of 21.8% during the forecast period. 

Backup-as-a-service (BaaS) refers to an offshore data storage technique in which a service provider routinely backs up files, folders, or the entire contents of a hard drive to remove secured cloud-based data repository via a network connection. Online backup serves the clear and simple objective of protecting data, whether it be personal or company data, from the possibility of loss brought on by human error, malware, or any other technological catastrophe. Other offshore services can be administered more slowly than backup as a service.

During the anticipated timeframe, the online backup segment will significantly increase its backup-as-a-service (BaaS) market share. Online backup solutions are advantageous for businesses of all sizes as well as businesses with important data because of their cost. Additionally, suppliers are transferring data over unsafe lines using 128- to 448-bit encryption, which fosters trust between businesses and service providers. This encourages large and medium-sized businesses to embrace online backup solutions.

COVID-19 Impact: Stay at Home Conditions to Advance Market Growth

The COVID-19 pandemic has been unprecedented and staggering, backup-as-a-service (BaaS) experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market’s growth and demand returning to pre-pandemic levels.

Backup-as-a-service (BaaS) market share was fueled by the COVID-19 outbreak. Resources that can be swiftly installed, easily scaled, and controlled while admins may manage them from a distance are in high demand due to the move in computation to edge settings. As a result, along with to the smaller businesses that are often its early adopters, an open cloud-hosted BaaS architecture suits larger enterprises. Therefore, the work from home conditions and lockdown due to the COVID-19 pandemic boosted the backup-as-a-service (BaaS) market growth.

LATEST TRENDS

"Growth in the Acceptance of Tech-Savvy Workspace to Stimulate Market Development  "

The deployment model, organizational size, final application industry, and geography have all been taken into consideration while segmenting the global backup-as-a-service (BaaS) market. The backup-as-a-service (BaaS) market has mostly been divided into three segments based on deployment. Public, private, and hybrid clouds are available. While the public cloud implementation segment is anticipated to grow at the quickest rate during the period of forecasting, the private clouds deployment category will probably dominate the industry and account for the greatest backup-as-a-service (BaaS) market share.

Backup-as-a-Service (BaaS) Market Segmentation

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• By Type

Based on type; the market is divided into online backup, cloud backup

Online backup is the leading part of the type segment.

• By Application

Based on the application; the market is divided into email backup, application backup, media storage backup

Email backup is the leading part of the application segment.

DRIVING FACTORS

"OPEX Structure to Aid Market Expansion"

The growing demand to switch from the CAPEX to the OPEX structure is one of the main drivers fueling development in the BaaS market. The pay-per-use price model, in which clients are required to shell out for their use, is the primary advantage of installing BaaS systems. Cloud services can be deployed using one of three deployment models: platform-as-a-service (PaaS), infrastructure-as-a-service (IaaS), or software-as-a-service (SaaS). Backup-as-a-service (BaaS) solutions are versatile in this regard.

This enables clients to develop their BaaS infrastructure in accordance with business needs. Industrial clients can choose from a variety of these services based on their business needs and IT budgets. BaaS is an economical option for businesses as there is no definite upfront cost need (in stark contrast to on-premises IT infrastructure).

"Exponential Growth off Data Volume to Foster Industry Progress "

One of the major market trends for backup as a service that is anticipated to have a beneficial effect on the sector in the coming years is the exponential growth of data volume. The number of data generated by cellphones, the World Wide Web, and electronic company operations is growing exponentially, giving businesses access to potential assets they can utilize to gain an advantage over rivals. The vast amount of data produced by the impending digital economy and contemporary mobile applications, however, is beyond the capacity of the majority of traditional data centers.

Enterprises are unable to manage and safeguard the vulnerable data as a result. Therefore, businesses need to safely backup their data in backup-as-a-service (BaaS). This would aid them in avoiding losses due to calamities, power outages, mistakes made by people, and wrongdoing. It is crucial to have a scalable, all-encompassing backup system that gives the end-user control, is adaptable and easy to manage.

RESTRAINING FACTORS

"Failure during Implementation of the Service to Hinder Market Advancement "

The potential for failure during implementation is one of the main obstacles to the expansion of the backup-as-a-service (BaaS) market growth globally. Prospective clients are wary of BaaS because of the possibility of failures during the implementation phase, and they could prefer more conventional backup options like hard disks. It takes time to complete a variety of processes, including handling projects, vulnerability management, compliance, handling content, event tracking, access management, and managing sizable servers and databases. Implementation is not a one-way process. These procedures must be executed perfectly because they are complicated. The likelihood of failure rises due to implementation complexity, which can influence end users to turn to conventional backup options.

Backup-as-a-Service (BaaS) Market Regional Insights

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"Telecommunication and IT Companies in North America to Support Market Advancement"

The largest percentage of the worldwide backup-as-a-service (BaaS) market in 2016 belonged to North America. Due to its extensive industrialization and the high concentration of telecommunication and information technology services firms situated there, North America dominates the industry. In addition, firms are expected to place greater emphasis on providing better customer experiences, and technology adoption to achieve a competitive edge is predicted to grow at the greatest CAGR during the near future.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

The analyst provides a comprehensive picture of the market through the study, synthesis, and summarization of data from various sources, as well as an examination of important variables such as financial gain, sales prices, competition, and promotions. It identifies the key industry influencers and presents various market facets. The information provided is thorough, reliable, and the result of extensive primary and secondary research. The market report provides a comprehensive competitive landscape as well as an in-depth vendor evaluation methodology and analysis based on both qualitative and quantitative studies to accurately forecast market growth.

The reports cover important advances with in market, as well as inorganic and organic growth strategies. Various companies are concentrating on organic business expansion such as product announcements, product approvals, and other things like patents and events. Acquisitions, partnerships, and collaborations were among the inorganic growth strategies observed in the market. The above activities have paved the way for market participants to expand their business and customer base. With the growing demands for filter products in the international market, market participants in the market are expected to benefit from substantial growth opportunities in the near future.

LIST OF TOP BACKUP-AS-A-SERVICE (BAAS) COMPANIES

• Microsoft (U.S.)
• HPE (U.S.)
• Dell (U.S.)
• Commvault Systems (U.S.)
• NetApp (U.S.)
• Unitrends Inc (U.S.)
• IBM (U.S.)
• Oracle Corporation (U.S.)
• Veritas Technologies (U.S.)
• Veeam Software (India)
• Broadcom (U.S.)
• Acronis International GmbH (Switzerland)
• Arcserve (U.S.)
• Datto (U.S.)
• Alphabet (U.S.)
• Cisco (U.S.)

REPORT COVERAGE

This research offers a thorough analysis of the global market, covering all relevant areas. This includes everything from a broad market overview to micro-level information about size of the market, degree of competition, evolution trend, opportunities in the market, important market drivers, and SWOT opportunities and threats. The reader can use the study to influence industry competitiveness and competitive environment strategies to increase potential profit. Additionally, it offers a straightforward framework for assessing and gaining access to the situation of the corporate organization.

In a nutshell, this study should be read by all market participants, traders, academics, analysts, business planners, and anyone else with an interest in the market. The market competitive landscape is another area that the report structure focuses on. This report presents in depth information the share of the market, macroeconomic indicators, product scenario, operation circumstances of the major players, which aids readers in the industry in recognizing the key rivals and better understanding the market's competitive landscape.