Backup as a Service Market By Component (Solution & Services), Provider (Cloud Service Provider, Telecom & Communication Service Provider, & Managed Service Provider), - Forecast 2021-2028

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 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.

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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.
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.

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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.
Continuously increasing the volume of data:
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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