Data is a valuable asset for most of the organizations,. However, backing up of data with on-premise deployment is expensive and time-consuming. It also requires too much maintenance, often impacts time, and may put businesses at risk of data loss. Backup as a service Market is defined as a method of data storage in which files, folders, or contents of a hard drive are regularly backed up by a service vendor to a remote secure cloud-based data repository over a network connection. It is a strategy for backup and recovery, which involves purchasing of these services managed by a cloud service provider.
It connects IT systems to a private, public, and hybrid cloud managed by the cloud service provider rather than performing backup with centralized on–premise equipment and personnel. BaaS connects systems to a private, public, or hybrid cloud managed by an outside provider. Backup as a service is easier to manage than other offsite services. Instead of worrying about rotating and managing tapes or hard disks at an offsite location, data storage administrators can offload maintenance and management to the provider. Convenience, safety, ease of recovery, and affordability are some of the advantages of back up as a service.
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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
Constant increase in the volume of data across organization, rise in adoption of cloud technology, reduce in cost with enhanced efficiency compared to on-premises backup, and growth in demand for the Software as a Service (SaaS) model are some of the factors that drive the growth of the market. In addition, its numerous benefits, such as elimination of heavy lifting of running data protection in house, ease of management & recovery, affordability, convenience, and others, further fuel its demand. However, slow backup & recovery rate hinders the growth of the market. Furthermore, increase in adoption of cloud services among small & medium enterprises is expected to provide lucrative opportunities for the market.
The major challenge in the backup as a service is the time taken to back up the data on the cloud. Internet bandwidth and cloud storage are limited than the local network or disk with complex latency involved, which is offered by on-premise. In addition, internet bandwidth and rate at which the cloud storage speed through which the recovery of data can be done is slow compared to traditional backup service. and thus the backup time for the cloud is quite higher compared to on-premise, thereby hindering the growth of the market.
Data generated on a daily basis from the integration of advanced technologies, such as Artificial Intelligence (AI), Internet of Things (IoT), and others, is huge, which makes it complex to back through traditional or on- premise due to limited data availability. However, the company cannot risk its data loose the data generated; therefore, it requires continuous backup with on-demand availability. The backup as a service offers the organizations a platform to backup their data with easy management and access the same anywhere, anytime. In addition, it also offers improved security with reduced cost, which drives the growth of the market.
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Impact of COVID-19 on Backup as a Service Market
- The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Companies are adopting cloud as a crucial catalyst for business transformation. The COVID-19 pandemic has made it a key enabler for to ensure business continuity. The ability of the cloud to transform backup data into an asset to make it more open and accessible can help organizations to gain critical insights to uncover opportunities and expedite decision making in these challenging times.
- However, as more employees connect remotely to work from home, cloud adoption could be ineffective without data protection. Cloud data protection systems can ease increase in data complexity, provide a central access point, bring greater data visibility, lessen legal & regulatory risk, and save costs.
- While traditional backup systems are cost-intensive as well as time-consuming, cloud data protection system expedites the backup process. As a single secondary copy of all data is stored in the cloud infrastructure, backup hardware is no longer needed locally. It also eliminates the whole concept of performing a traditional backup as it is constantly updated to a configurable schedule. Therefore, backups from any point in time are always available and accessible from anywhere in the world. Remote working of employees across many organizations is estimated to accelerate the demand for backup services hosted on the cloud, which is estimated to provide opportunities for the market.
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Key benefits of the report:
- This study presents the analytical depiction of the global backup as service market along with current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of backup as a service market share.
- The current market is quantitatively analyzed from 2019 to 2027 to highlight the global backup as a service market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed analysis based on competitive intensity and how the competition will take shape in coming years.
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