Back up as a Service Market, By Storage (On-Premise, On-Cloud), By On-Cloud Sub Segment (Public, Private, Hybrid) – Forecast 2023
By storage segment, cloud solution accounts for largest market share in back up as a service market. This solution has gain growth owing to easy integration with the existing IT infrastructure of an enterprise. While are some major trends boosting the back up as a service market. That includes automatic data recovery and backup, cloud backup for virtual machines and increase implementation of social, mobile, analytics and cloud (SMAC) technology in organization. Cloud back up for virtual machine trend states that virtualization has become significant part of IT infrastructure. This technology enable enterprise with rapid provisioning and optimize utilization of system resources. However, technological challenges have forced organization to implement separate solutions for storing of physical and virtual machines. This technological limitation may affect the back up as a service market.
The prominent players in the back up as a service market are- Commvault (U.S.), Emc Dell Inc. (U.S.), International Business Machines Corporation (U.S.), Symantec Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Acronis International Gmbh (U.S.), Asigra Inc. (Canada), Cisco Systems, Inc. (U.S.), Fujitsu Ltd. (Japan), Google (U.S.) and among others.
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The segmentation on the basis of storage includes on-premise and on-cloud. Cloud based storage solution offers additional services in encryption, side- duplication and compression to make effective use of available network bandwidth and transfer data rapidly on cloud. And other file based confidential information to monitor hackers and malicious threats. According to the study, the enterprises are adopting cloud based back up as a service system as it offers secure and manageable platform for carrying out business operations.
According to Market Research Future Analysis, back up as a service market has been valued at approximately USD 5 Billion by the end of forecast period with approx. 28% of CAGR during forecast period 2017 to 2023.
Market Research Analysis:
In back up as a service market, North America region is growing due to high adoption of cloud storage solution. In US region, there is large utilization of back up as a services storage solutions for preventing prime data from unauthorized users and strict compliance regulation. The cloud service is majorly adopted by users in the region as it is less time consuming. Asia-Pacific market is estimated to be one of the fastest growing market as it is continuously investing into research and development of back up as a service market to directly address the data security of enterprises during disaster. Increased utilization of internet and mobile commerce has led to security thefts, malicious attack on sensitive data. High adoption of hybrid cloud solutions to reduce cyber-attacks and identification of issues while handling customer information has led to a higher demand of back up as a services solutions in the region. Countries such as China and India are slowly developing their IT landscape. However, the presence of large players and SMEs and growing demand of hybrid cloud storage is boosting the back up as service market in the region. And the increasing back up as service outsourcing is driving the market in the region.
Back up as a Service Market Segmentation
The back up as a service market has been segmented on the basis of storage type includes on-premise and on-cloud. The cloud storage solution is further segmented into public, private and hybrid cloud. The hybrid cloud solution is gaining popularity in small and large enterprise. The main advantage of using hybrid cloud solution is that the users can automatically get the data offsite. It enables organization with easy and quick digital transportation.
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On the basis of regional analysis the market is segmented into North America, Europe, Asia-Pacific and Rest of the World. North America region is generating highest market share in the back up as a service market owing to growing IT infrastructure, digitization and higher technology implementation. Digitization in North America region is mainly due to the invention of advanced technology and economies benefitting from it. The implementation of back up as a services storage solution by government is growing rapidly due to increased cyber-attacks and rising higher usage of mobile commerce. And increased research and development spending by vendors in the region is driving the back up as a service market. The increasing cyber-attacks and strict compliance regulation is driving the market in the region. The region is implementing annual subscription of back up as service for protecting enterprise data and customer information. By storage segment, back up as a service market consists of on-premise and on-cloud storage of data. The cloud storage solution is further sub-segmented into public, private and hybrid. The major benefit of deploying on-premise storage solution includes data recovery during disaster and security measures such as vaults or locked file cabinet. While there are some restraints which may hamper the growth of on-premise storage solution that includes high cost associated with installation of hardware and software and higher cost associated with hiring professional storage engineers to understand this technology well.
By region, MRFR analysis shows that Europe region is expected to account for largest market share in back up as a service market owing to growing adoption of cloud storage solution and the region is concentrating more on preventing sensitive data from cyber-attacks and virus. Asia-Pacific region is expected to be one of the fastest growing market owing to increased IT infrastructure and increased internet usage and demand for hybrid cloud storage solution by enterprise is driving the growth of back up as a service market in the region.
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