Backup-as-a-service market 2022-2026: A descriptive analysis of five forces model, market dynamics, and segmentation - Technavio - Yahoo Finance
NEW YORK, Jan. 30, 2023 /PRNewswire/ -- According to Technavio, the global backup-as-a-service market size is estimated to grow by USD 17.73 billion from 2021 to 2026. The market is estimated to grow at a CAGR of 33.15%. Moreover, the growth momentum will accelerate. North America will account for 40% of the market's growth during the forecast period. The report provides a comprehensive analysis of growth opportunities at regional levels, new product launches, the latest trends, and the post-pandemic recovery of the global market. To know more, buy the report!
Global backup-as-a-service market - Five forces
The global backup-as-a-service market is fragmented, and the five forces analysis covers–
Bargaining power of buyers
The threat of new entrants
Threat of rivalry
Bargaining power of suppliers
Threat of substitutes
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Global backup-as-a-service market – Customer landscape
The report includes the market's adoption lifecycle, from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global backup-as-a-service market - Segmentation assessment
Segment Overview
Technavio has segmented the market based on application (online backup and cloud backup).
The online backup segment will account for a significant share of the market's growth during the forecast period. Large and medium-sized enterprises and enterprises with critical data prefer online backup solutions due to their cost. Vendors use 128-bit to 448-bit encryption to transfer data over unsecured links, which builds trust between enterprises and service providers. Therefore, the increase in the adoption of online backup solutions by large and medium-sized enterprises is expected to drive the growth of the segment during the forecast period.
Geography overview
Based on geography, the global backup-as-a-service market is segmented into North America, APAC, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global backup-as-a-service market.
North America will account for 40% of the market's growth during the forecast period. The US and Canada are the key countries for the backup-as-a-service market in the region. However, market growth in North America will be slower than the growth of the market in APAC. The building of a new intelligent economy in the region by interlinking technologies such as cloud solutions, mobility, Big Data, and social media is driving the growth of the information and communications technology (ICT) market in the region. This, in turn, will drive the backup-as-a-service market growth in North America during the forecast period,
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Global backup-as-a-service market – Market dynamics
Key factor driving market growth
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.
These factors will drive the growth of the market during the forecast period.
Leading trends influencing the market
Exponential growth in the data volume is a key trend in the market.
The rise in the volume of data from smartphones, the Internet, and digital business processes provides enterprises with potential assets.
However, most legacy data centers are unable to handle the large volume of data generated by the digital economy and mobile applications.
Hence, enterprises must back up their data securely in BaaS, which will help them prevent losses from natural disasters, power outages, human errors, and malfeasance.
A scalable and comprehensive backup solution is essential, as it is easy to manage and flexible.
These factors will support the growth of the market during the forecast period.
Major challenges hindering the market growth
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.
Drivers, trends, and challenges have an impact on market dynamics, which can impact
businesses. Find more insights in a sample report!
What are the key data covered in this backup-as-a-service market report?
CAGR of the market during the forecast period
Detailed information on factors that will drive the growth of the backup-as-a-service market between 2022 and 2026
Precise estimation of the size of the backup-as-a-service market and its contribution to the parent market
Accurate predictions about upcoming trends and changes in consumer behavior
Growth of the backup-as-a-service market across North America, APAC, Europe, South America, and Middle East and Africa
A thorough analysis of the market's competitive landscape and detailed information about vendors
Comprehensive analysis of factors that will challenge the growth of backup-as-a-service market vendors
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Backup-as-a-service Market Scope | |
Report Coverage | Details |
Page number | 135 |
Base year | 2021 |
Forecast period | 2022-2026 |
Growth momentum & CAGR | Accelerate at a CAGR of 33.15% |
Market growth 2022-2026 | USD 17.73 billion |
Market structure | Fragmented |
YoY growth 2021-2022 (%) | 32.33 |
Regional analysis | North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution | North America at 40% |
Key countries | US, Canada, China, UK, and Germany |
Competitive landscape | Leading vendors, market positioning of vendors, competitive strategies, and industry risks |
Key companies profiled | Acronis International GmbH, Alphabet Inc., Amazon.com Inc., Arcserve Inc., Cisco Systems Inc., Commvault Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Insight Enterprises Inc., International Business Machines Corp., ITC Ltd., Microsoft Corp., NetApp Inc., NxtGen Datacenter and Cloud Technologies Pvt. Ltd., Proact IT Group AB, Quantum Corp., Rubrik Inc., Veeam Software Group GmbH, and Vembu Technologies Pvt. Ltd. |
Market dynamics | Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period. |
Customization purview | If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Table of contents
1 Executive Summary
1.1 Market overview
2 Market Landscape
2.1 Market ecosystem
3 Market Sizing
3.1 Market definition
3.3 Market size 2021
4 Five Forces Analysis
4.1 Five forces summary
4.6 Threat of rivalry
4.7 Market condition
5 Market Segmentation by Application
5.1 Market segments
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
8.1 Market drivers
8.2 Market challenges
8.4 Market trends
9 Vendor Landscape
9.1 Overview
9.2 Vendor landscape
9.3 Landscape disruption
9.4 Industry risks
10 Vendor Analysis
10.1 Vendors covered
10.4 Alphabet Inc.
10.5 Amazon.com Inc.
10.6 Arcserve Inc.
10.7 Cisco Systems Inc.
10.10 Fujitsu Ltd.
11 Appendix
11.1 Scope of the report
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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