Veeam ONE Service Account
The service account must have Local Administrator permissions on the machine where Veeam ONE is installed.
Microsoft Hyper-V SMB Shares
To get information about used and free space on SMB shares used by connected Microsoft Hyper-V hosts and clusters, Veeam ONE service account must have read access to these shares.
You cannot use the Local System account as the service account during product installation. If you want to use Local System to run Veeam ONE services you can configure it later. For details, see Changing Veeam ONE Service Account.