The backup-as-a-service market share is projected to grow by USD 17.73 billion, accelerating at a CAGR of 33.15% during the forecast period. Technavio's research report delineates the growth drivers that will boost market growth along with a detailed analysis of the market segments, trends, and challenges that are likely to impact market growth.
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One of the key factors that will drive growth is increasing demand to shift from CAPEX to the OPEX model. In addition, the exponential growth in the volume of data is the major backup-as-a-service market trend that will positively influence market growth. However, the possibility of failure during implementation may hamper the market growth.
The backup-as-a-service market report provides a comprehensive analysis of all the other factors that will boost growth during the forecast period. In addition to market drivers, the research report also studies the latest trends and challenges that are likely to influence growth in the current market scenario.
The backup-as-a-service market is segmented by application (online backup and cloud backup) and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The growth of the market in the online backup segment will be significant during the forecast period. 40% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for backup-as-a-service in North America.
The market is fragmented and market growth depends on market conditions, government support, and industry development. 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. are some of the major backup-as-a-service market vendors. The report also provides insights into the growth prospects of each of these leading players along with their product pipelines.
Technavio also offers custom research reports with detailed insights assessing the market from a global as well as regional perspective. The customized report will help businesses keep up with new product launches in direct & indirect or related markets. It will also provide insights on upcoming developments along with pipeline analysis of vendor operations and the impact of government regulations. Download the Free PDF Sample Report