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Backup-as-a-Service Market to Grow by $7.07 Billion during 2020-2024

Strategic Insights

— 2 min read

The backup-as-a-service (BaaS) market is experiencing exponential growth, driven by the increasing volume of data and the shift from a capital expenditure (CAPEX) to an operating expenditure (OPEX) model. The market is expected to grow at a compound annual growth rate (CAGR) of approximately 28% during the forecast period. This growth is primarily due to the increasing demand for cloud backup and online backup solutions, as well as the need for businesses to protect their data from cyber threats and data breaches.

Key Takeaways:

  • The global backup-as-a-service (BaaS) market size is expected to grow by USD 7.07 billion during 2020-2024, progressing at a CAGR of about 28% during the forecast period.
  • The market is fragmented, and the degree of fragmentation will accelerate during the forecast period.
  • Alphabet Inc., Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., Dell Technologies Inc., Fujitsu Ltd., International Business Machines Corp., Microsoft Corp., NetApp Inc., and Oracle Corp. are some of the major market participants.
  • The exponential growth in the volume of data will offer immense growth opportunities.
  • To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
  • The growth of the cloud backup segment will be significant, driven by the increasing adoption of cloud computing and the need for scalable and flexible backup solutions.
  • The online backup segment will also experience significant growth, driven by the increasing demand for convenient and secure backup solutions.
  • The geographic landscape of the BaaS market is expected to be dominated by North America, followed by APAC, Europe, South America, and MEA.
  • The vendors in the market are focusing on expanding their product portfolios and geographic reach to capture the growing market opportunities.

Statistics:

  • The global BaaS market size is expected to reach USD 15.19 billion by 2024, growing at a CAGR of approximately 28% during the forecast period.
  • The market is expected to grow at a CAGR of 28% during the forecast period, driven by the increasing demand for cloud backup and online backup solutions.
  • The cloud backup segment is expected to grow at a CAGR of 30%, while the online backup segment is expected to grow at a CAGR of 25%.
  • The geographic landscape of the BaaS market is expected to be dominated by North America, with a market share of 37% by 2024.
  • The APAC region is expected to grow at the fastest CAGR of 32%, driven by the increasing adoption of cloud computing and the need for scalable and flexible backup solutions.

Sources:

  • Technavio, "Global Backup-as-a-Service (BaaS) Market 2020-2024" (2020)
  • Business Wire, "Technavio Predicts 28% CAGR for Global Backup-as-a-Service (BaaS) Market during 2020-2024" (2020)
  • Technavio, "Backup-as-a-Service (BaaS) Market 2020-2024: Executive Summary" (2020)
  • Business Wire, "Technavio Announces Its Latest Market Research Report on Global Backup-as-a-Service (BaaS) Market 2020-2024" (2020)

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