The global backup as a service market to grow at a CAGR of 27.5% during the period 2016-2020.
The report covers the present scenario and the growth prospects of the global backup as a service market for 2016-2020 This report considers revenue generated from backup services offered on cloud platforms. The services from online backup service and cloud backup service providers are included in the market size.
With the rise in data explosion, a large number of organizations have supported the need for replication of data as backup and frequent data protection. Challenges such as server collapse and mismanagement of large company data have forced organizations to look for a substitute for traditional backups, as these are costly to maintain and require continuous monitoring.
A trend which is propelling market growth is the availability of cloud backup for virtual machines. Virtualization is now an integral part of IT infrastructure. Many enterprises have committed to pursue virtualization beyond 50% benchmarks over the next few years. The technology offers many business benefits, including rapid provisioning and better utilization of system resources. Many organizations are seeking to implement agentless solutions for the backup and recovery of virtual machines. However, technological limitations (as of 2015) have compelled enterprises to use separate solutions for backing up physical and virtual machines.
According to the report, a key growth driver is the integration with cloud storage providers. Backup as a service integrates various services with cloud storage providers through connectors. This allows IT departments to manage cloud storage for backup services as quickly as on-premise storage with improved flexibility and lower costs.
Further, the report states that one challenge that could restrict market growth is the ambiguity in selecting vendors.