NEW YORK, Nov. 12, 2021 /PRNewswire/ — The latest global backup-as-a-service market research report by Technavio infers that the increasing adoption of smart toys is driving this market’s growth.

Resulting in a market growth of USD 14.29 billion from 2020 to 2025, read additional information about the market. Fill the form and get FREE sample report.

Vendor Landscape

The market structure is fragmented due to the presence of several global and regional vendors. Acronis International GmbH, Alphabet Inc., Amazon.com Inc., Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., Microsoft Corp., NetApp Inc., Quantum Corp., and International Business Machines Corp. are some of the few key vendors of this market. Vendors are competing to maintain their market position in the market. To succeed in this market, vendors must focus on providing backup-as-a-service solutions at competitive prices.

Vendors operating in the market are adopting various organic and inorganic growth strategies such as new product launches and mergers and acquisitions to stay competitive and expand their reach in the market.

For instance, in May 2021, Alphabet Inc.’s subsidiary Google Cloud and CrowdStrike extended their partnership to deliver defense-in-depth security, complete visibility and workload protection at scale across hybrid cloud environments. Also, in October 2020, Google launched Google TV, which will show content from various streaming services, including Netflix Inc and Walt Disney Cos Disney+.

View more about the market’s vendor landscape highlights with a comprehensive list of vendors and their offerings.

Key Market Segmentation

• Segmentation by Application: 
• Online backup: 
• The segment contributed greatly to the overall market growth in 2020.
• Online backup was the largest segment of the market in 2020 and will continue to remain as the largest segment of the market in 2025. The low cost of online-backup services is driving the growth of the segment.
• Cloud backup

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Regional Market Outlook

North America is leading the market with a contribution of 37% to the overall market in 2020 and would increase its contribution to a notable number of the global backup-as-a-service market by 2025.

North America will generate maximum growth across all the years of the forecast period between 2020 and 2025. The market growth in North America is driven by the increasing adoption of advanced technologies, such as artificial intelligence (AI), machine learning (ML), virtualization, and cloud computing in the region.

APAC would be the fastest-growing region within the overall market between 2020 and 2025.

Apart from regions, if we look at the country-wise market growth, the US, China, the UK, Germany, and Canada will contribute to the highest market growth.

Download our FREE sample report for more key highlights on the regional market share of most of the above-mentioned countries.

Latest Trends Driving the Global Backup-As-A-Service Market

• Backup-As-A-Service Market Driver:
• Shift from CAPEX to OPEX model:

BaaS solutions are highly flexible in terms of deployments models, which allows end-users to build their BaaS infrastructure as per their business requirements. End-users can choose from a wide range of services depending on their IT budgets and business requirements. Also, there are no fixed upfront costs associated with BaaS solutions, which makes them highly affordable. All these factors are driving the growth of the global backup-as-a-service market.

• Backup-as-a-service Market Trend:
• Exponential growth in the volume of data:

The rising use of smartphones, internet, and the increasing adoption of digital solutions among businesses has led to an exponential growth in the volume of data generated. This is creating the need for efficient backup solutions to store such critical information securely, which can be later used by enterprises to prevent losses caused by natural disasters, power outages, human errors, and malfunctions. Hence, businesses are exhibiting high demand for BaaS solutions to easily manage high amounts of data generated, which is fueling the market growth.

Find additional information about various other market drivers & Trends mentioned in our FREE sample report.

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