By default only one application gets created to backup the Sharepoint Online data within the Tenant but a user can test by configuring additional applications as well. This may improve backup performance by reducing the throttling effect or atleast reduce any throtling related errors during backup.
These applications help tackle throttling issues which can occur when communicating with the Microsoft API's. The applications are given specific permissions with respect to the workload where throttling is encountered.
Since applications within a tenant have limits on their usage, using multiple applications would help to load balance the communication with Microsoft servers.
Note : Backup Exec follows the best practices recommended by Microsoft to handle throttling. Refer this link for more details https://learn.microsoft.com/en-us/sharepoint/dev/general-development/how-to-avoid-getting-throttled-or-blocked-in-sharepoint-online
1. Open Backup Exec User Interface > Right click on M365 Tenant container in Backup and Restore Tab. Select Update.
2. To Create additional Application select the option from the drop down menu.

3. One can start with 5 and if that behaves well, increase the number of applications used for Sharepoint online backups even further. There can be instances where lowering the number of configured applications can add more stability with backup success. It is important to test with different numbers of applications and then choosing which one provides the most optimal results. Click Next on this screen after entering the appropriate value.

4 Click Copy Code and click the M365 Authentication Link. Enter the code and sign in with administrator credential for M365 tenant. Select the checkbox after the authentication on the site has completed and click Next .

5. Click finish on the Summary screen.

6. In the Resource container properties, click on Fetch Details button and it will display the additional applications configured to take backups of Sharepoint online. Test the backup and check if the performance is better.
