Backup-as-a-service Market is set to grow at a CAGR of 32% from 2020 to 2025| Evolving Opportunities with Acronis International GmbH and Alphabet Inc.|17000+ Technavio Reports
NEW YORK, Jan. 13, 2022 /PRNewswire/ -- The key factor driving growth in the backup-as-a-service market is the increasing demand to shift from CAPEX to OPEX model. The key benefit of implementing BaaS solutions is the pay-per-use pricing model, i.e., clients have to pay for what they use. BaaS solutions are also flexible in terms of deployment models as cloud services are available in three deployment models: infrastructure-as-a-service (IaaS), platform-as-a-service (PaaS), and SaaS. This allows clients to build their BaaS infrastructure as per business requirements. Industrial clients can select a range of these services depending on their IT budgets and business requirements. There is no fixed upfront cost required (in sharp contrast with on-premises IT infrastructure), which makes BaaS an affordable solution for enterprises. The backup-as-a-service market is expected to increase by USD 14.29 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 32% as per the latest market report by Technavio.
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Backup-as-a-service Market 2021-2025: Scope
Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The backup-as-a-service market report covers the following areas:
Backup-as-a-service Market 2021-2025: Challenge
The possibility of failure during implementation will be a major challenge for the backup-as-a-service market. The chance of failure during the implementation phase makes prospective clients skeptical about BaaS, and they may favor traditional backup solutions such as hard disks. Implementation is not a one-way process; it takes a considerable amount of time to perform various processes such as project management, vulnerability management, compliance, content management, event monitoring, access management, and managing huge servers and databases. These processes are complex and require flawless execution. The complexity of implementation increases the chances of failure, which may direct end-users toward traditional backup solutions.
Backup-as-a-service Market 2021-2025: Revenue Generating Segment
The backup-as-a-service market share growth by the online backup segment will be significant for revenue generation. The cost of online backup solutions makes them favorable for large and medium-sized enterprises and enterprises with critical data. Also, vendors are using 128-bit to 448-bit encryption to transfer the data over unsecured links, which builds trust between enterprises and service providers. This increases the adoption of online backup solutions by large and medium-sized enterprises.
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Backup-as-a-service Market 2021-2025: Segmentation
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Backup-as-a-service Market 2021-2025: Key Highlights
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