Latest News- Backup-As-A-Service Market: Large enterprises is expected to lead the End-user segment during 2025-2029
The Backup-As-A-Service Market is being driven by Increasing need to shift from CAPEX to OPEX model
The Backup-As-A-Service Market is expected to grow at a CAGR of 38.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 53810 million. In today's digital economy, the explosion of data from mobile devices, the Internet, and business processes presents enterprises with valuable assets for competitive advantage. However, many legacy data centers lack the capability to manage and securely back up the vast amounts of data generated by modern applications. This leaves businesses vulnerable to data loss, which can be detrimental in the context of increasing distributed computing environments. To mitigate this risk, enterprises must adopt Backup-as-a-Service (BaaS) solutions to ensure their critical data is protected and readily available, enabling them to focus on growth and innovation.
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Which Factors Are Causing a Surge in Market Growth?
The market is segmented based on End-user (Large enterprises, SMEs) Application (Online backup, Cloud backup) Geography (North America, APAC, Europe, South America, Middle East and Africa).
According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows:
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Key Features in Backup-As-A-Service Market Research Report
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In the Backup-as-a-Service (BaaS) market, enterprises seek advanced data protection solutions for their SaaS workloads and IT infrastructure. Traditional backup methods are being replaced by BaaS due to its ability to safeguard against unauthorized access, corruption, hacking, theft, and cyberattacks. SaaS providers like Commvault offer managed services with geographical presence, support capabilities, and disaster recovery for customer needs. BaaS caters to IT staff requirements, including data migration, virtualized infrastructure, hybrid cloud, offsite cloud, backup frequency, and customer interest in mitigating human error, catastrophic errors, and ransomware attacks.
The Backup-as-a-Service (BaaS) market is a significant segment of the global Internet services and infrastructure market, focusing on enterprise-level data protection. This market caters to customer demands for reliable SaaS workload backup and traditional IT infrastructure backup solutions. Companies offering managed services, such as Commvault, provide geographical presence, support capabilities, and IT staff expertise to ensure business continuity. These services mitigate the risks of ransomware attacks and other data loss incidents, making them essential for organizations seeking to maintain their IT infrastructure's integrity. Technavio's market analysis calculates the BaaS market size based on combined revenues generated by companies providing managed backup services, ensuring comprehensive coverage of the industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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