BANGALORE, India, Dec. 21, 2023 /PRNewswire/ -- Backup as a Service Market is Segmented by Type (Online Backup, Cloud Backup), by Application (Application Backup, Email Backup, Media Storage Backup): Global Opportunity Analysis and Industry Forecast, 2023-2029. It is Published in Valuates Reports Under the Category of Computer Drives & Storage.
The Global Backup as a Service Market was valued at USD 7.2 Billion in 2022 and is anticipated to reach USD 39.2 Billion by 2029, witnessing a CAGR of 31.5% during the forecast period 2023-2029.
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Major Factors Driving the Growth of the Backup as a Service Market
The widespread adoption of cloud technologies and digital transformation initiatives, the growing emphasis on data security and regulatory compliance, the search for affordable and scalable backup solutions, and the increased focus on disaster recovery preparedness are some of the factors driving the Backup as a Service (BaaS) market.
The market is growing as a result of the increasing prevalence of remote work situations as well as the inherent scalability and flexibility of BaaS products. Furthermore, as businesses prioritize BaaS solutions to guarantee data integrity, accessibility, and resilience in a constantly changing digital landscape, there is sustained growth in the business community due to increased awareness of the crucial role that solid backup strategies play, especially when combined with educational initiatives.
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TRENDS INFLUENCING THE GROWTH OF THE BACKUP AS A SERVICE MARKET
Prolonged digital transformation activities across sectors and the broad use of cloud computing have a significant impact on the growth of the Backup as a Service (BaaS) industry. Scalable and adaptable data backup solutions are essential as more businesses move their operations to the cloud. In cloud contexts, BaaS offers a smooth and effective approach to safeguard sensitive data, guaranteeing data accessibility and integrity despite changing IT environments.
The BaaS industry is growing due in large part to growing regulatory compliance requirements and growing concerns about data security. Businesses are giving strong backup solutions a top priority in order to preserve their sensitive data due to the increasing frequency of cyber-attacks and the implementation of data protection requirements.
BaaS solutions help businesses save money and maximize their use of resources by doing away with the requirement for a sizable on-premises infrastructure and specialized IT staff for backup administration. Businesses may match backup costs to real usage using the subscription-based BaaS model, which lowers initial capital costs and offers a predictable cost structure that grows with data volume.
The business is realizing how important disaster recovery planning is, and this is driving the expansion of the BaaS sector. In the case of data loss or system failures, BaaS providers minimize downtime by providing automatic backup and recovery procedures. This emphasis on resilience is in line with business continuity methods used by companies to maintain operations even in the face of unanticipated disruptions.
BaaS solutions are in greater demand as a result of the global movement towards remote work and organizations' need for dependable and secure ways to back up dispersed data from many endpoints. Effective data backup from remote work settings is made easier by BaaS, which helps organizations keep data secure, consistent, and accessible from a variety of places. BaaS solutions' inherent scalability and flexibility play a major role in the market's growth. Any size business may readily modify its backup architecture to meet evolving requirements and data volumes. Because of its scalability, BaaS is certain to be a competitive and appealing choice for big and small businesses alike that want to secure their backup plans for the future.
The need for BaaS solutions that satisfy data localization standards is rising as firms go worldwide. Regulations that require data backup and storage inside national boundaries are enforced in some places. By providing geo-redundancy and adhering to data residency laws, BaaS providers who serve companies with a variety of worldwide operations are well-positioned to benefit from the trend of globalization.
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BACKUP AS A SERVICE MARKET SHARE ANALYSIS
The developed IT environment and widespread cloud use in North America support a healthy BaaS market. BaaS providers benefit from the region's emphasis on data security, compliance, and cutting-edge technology infrastructure.
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Key Profiles:
- Microsoft Corporation
- Hewlett Packard Enterprise Company
- Dell Inc
- Commvault Systems
- NetApp
- Unitrends
- IBM
- ORACLE CORPORATION
- Veritas Technologies
- Veeam Software
- Broadcom
- Acronis International GmbH
- Arcserve
- Datto
- Alphabet
- Amazon
- Cisco Systems
- Veritas
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
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