The global SaaS backup market was valued at US$ 1320.8Mn and it is expected to reach at US$ 3880.2Mnby 2027, growing at a CAGR of 16.6% over the forecast period.
SaaS backup is technology designed to store and protect data created by SaaS products. These are any software licensed out and delivered through the cloud rather than installed on-premises. SaaS stores this data either elsewhere on the cloud or on-premises so that if the SaaS products fail, its information is stored safely
SaaS Back-up solutions provide infrastructure and application support to enterprises at a lower cost than on-premises solutions. With the help of these solutions, companies can reserve and pay for only the amount of data they require and are actively using. This helps enterprises to reduce their capital and operational expenditure on IT infrastructure.
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Market Drivers: Increase in adoption of cloud technology across all the vertical
IT spending has been steadily shifting from traditional on-premises offerings to cloud services from the past five years, and it is continuing to grow. SaaS application spending will grow to over $99 billion worldwide by 2020.
There is a high need for replication of data in order to back it up on account of an increase in need for frequent data protection as well as growing data explosion. This has led to a rise in the demand for cloud backup wherein a huge amount of data can be backed up to a remote cloud-based server. While traditional backups face several challenges such as mismanagement by companies, server collapse, cloud backup solution for backup and recovery, enables automatic backup of data, and helps in streamlining and sharing of important documents relating to a business, helping companies to enhance business transparency and efficiency.
Market Restraints: Resistance to the adoption of SaaS backup solution and services due to time consuming recovery process
Small and medium enterprises are very resistive for the adoption of SaaS back up market. On-premise is the preferred solution by SME due to greater security and its reliable operation. This factor decreases the demand of SaaS back up market.
Market Opportunity: Acquisition creates opportunity in the market
Acquisition in the market is expected to create significant opportunity in the market.
For instance, In November 2020, Zix Corporation, technology company headquartered in Dallas, Texas, United States has acquired CloudAlly . The acquisition is aimed to add backup solutions for products including Microsoft Office 365 and Google Workspace to its portfolio.
Global SaaS Backup Market Analysis and Forecast By Type
The Global SaaS Backup Market Analysis and Forecast By Type is categorized into web based and cloud based.
Cloud based SaaS backup dominate the market. It has accounted for 76.1% market share in 2020. Cloud based segment is expected to create significant opportunity over the forecast period. In recent years, the need for meeting regulatory and compliance needs is constantly increasing due to the changing business needs, increasing data breaches and cyber-attacks, and rising data security concerns.
In addition to this, companies have to strive to survive in the market by taking measures to meet regulatory needs and prevent financial penalties, prevent customer and revenue losses, and avoid exposure to legal actions. This factor hinders the market growth
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Global SaaS Backup Market Analysis and Forecast By Application
The Global SaaS Backup Market Analysis and Forecast By application is categorized into large and SME
Large enterprise dominates the market. It has accounted for 79.4% market share in 2020. This is due to large enterprises are concerned about the initial implementation and maintenance costs of hosting data on-premises.
Moreover, staff expenses and issues with downtime are a few additional concerns for enterprises. The existing competition and global economic situations have accelerated the adoption of cost-effective measures to restructure business models. This leads to increase adoption of SaaS back up market.
Global SaaS Backup Market Analysis and Forecast By Region
North America region is the leading in SaaS Backup market. Europe region is showing a rapid growth in the SaaS Backup market. Asia-Pacific countries such as China, Japan and India is expected to be the fastest growing region in the Cloud Backup market owing to the increasing size of high data generation in many countries.
The demand for cloud backup is driven by many factors, like lower costs and greater efficiency than on-premises backup, huge volumes of data generation, and growing adoption of SaaS. Increasing the adoption rate of cloud computing among organizations, the cloud backup market is expected to gain a major traction during the forecast period.
Market Key Players
Some key operating players are discussed in this report such as SolarWinds, Spanning, Acronis, OwnBackup, Datto, UpSafe, BackupBuddy, Relational Junction, Barracuda, Mail Backup, Parablu Inc, etc.
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