The main drivers for this expected growth are the growing demand for enterprises for ever larger amounts of data and a rising number of remote-located employees and contractors needing access to relevant data stores.Īlso, a key challenge for the industry is to effectively defend against security threats and improve data privacy for corporate and personal data. This represents a forecast CAGR of 18.5% from 2022 to 2027. Backblaze’s Market & CompetitionĪccording to a 2023 market research report by MarketsAndMarkets, the global market for cloud storage services was an estimated $78.6 billion in 2022 and is forecast to reach $184 billion by 2027. The firm seeks customers primarily through online marketing, social media, partnerships and word of mouth.īLZE operates a self-serve website that enables users to sign up for a free trial and convert to a paid subscription. Management is headed by co-founder, Chairperson and CEO Gleb Budman, who has been with the firm since its inception and was previously in various senior positions at SonicWall, MailFrontier and Kendara. San Mateo, California-based Backblaze was founded to develop a cloud-based SaaS storage service suite for businesses and consumers wishing to easily back up and store their critical data. However, given the company's lower forward revenue growth outlook and its increasing operating losses, I’m not optimistic about Backblaze, so my outlook is Bearish. The firm provides cloud-based storage and recovery software to businesses and individuals. Backblaze ( NASDAQ: BLZE) went public in November 2021, raising approximately $100 million in gross proceeds from an IPO priced at $16.00 per share.
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