Cloud Backup Market Segments, Size, Emerging Growth Factors, Top Key Players and Business Opportunities till 2027 | Impact of COVID-19
Global Cloud Backup Market Research Report- Forecast 2023
Market Highlights
Cloud Backup market is driven owing to its offered solutions like storage, real-time backup, and recovery, simple management and monitoring, simple integration of cloud backup with enterprise's other applications, customer support, data de-duplication, and many other services.
The global Cloud Backup market, according to the analysis by Market Research Future (MRFR), is anticipated to grow up to a significant market valuation of USD 5.6 Billion by 2023, at 21.2% of CAGR over the forecast period of 2017 to 2023.
The demand for cloud backup is growing in the foreseeable future due to the massive volume of data generation, lesser costs, and better efficiency than on-premises backup, and increasing adoption of SaaS. The market is escalating with the advent of new applications and technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, and cloud computing. The vast volume of data generation leading to the increasing adoption of cloud backup solutions and services is also a driving factor for the expansion of the cloud backup market. On the other hand, the Resistance to the deployment of cloud backup solutions and services owing to the time-consuming recovery process.
Moreover, the higher implementation rate of the hybrid cloud is projected to pose as a challenge for the cloud backup market, along with difficulty in achieving compliance and the rising concerns regarding data privacy and governance. Nevertheless, the Growing adoption among SMEs and the high adoption rate of hybrid cloud is anticipated to transform the cloud backup market.
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Competitive Analysis
The major market players in the Cloud Backup Market, identified by MRFR are IBM Corporation (U.S), Microsoft Corporation (U.S), Oracle Corporation (U.S), Amazon Web Services. (U.S), Google Inc. (U.S), EMC Corporation (U.S), VMware Inc. (U.S), Barracuda Networks, Inc. (the US), Dropbox, Inc. U.S.), CommVault Software (U.S), Symantec Corporation (US), Datto, Inc. (U.S.), Code42 Software, Inc. (US), among others.
Regional Analysis
The regional analysis of the Cloud Backup market is being studied for regions such as Asia Pacific, North America, Europe, and the Rest of the World.
It has been observed that the North America region is leading in the Cloud Backup market over the forecast period, and is expected to acquire a substantial market share. This is attributed to the massive demand for cloud backup solutions in the region. The presence of significant market players in a higher concentration is also expected to create favorable conditions for market growth in the region. The analysis reveals that the Europe region is showing rapid growth in the Cloud Backup market. This is attributed to the increasing investments towards cloud backup solutions and the deployment of other advanced technologies in the region. The established industries in the region are catering to the growing demand for cloud back solutions and services in the region, especially in countries such as Germany, the Netherlands, Denmark, the UK, among others. Asia-Pacific countries like China, Japan, and India are projected to contribute substantially towards market growth and make Asia Pacific the fastest-growing region in the Cloud Backup market owing to the increasing volume of high data generation in many developing countries in the region, in the expanding end-use industries such as banking, financial services and insurance (BFSI), telecommunications, and IT, among others.
Segmentation:
The Cloud Backup Market has been segmented, for a better understanding of the market, on the basis of solution, services, deployment, and end-user. Looking through the end-user segment, it has been observed that the telecommunication and IT sector is showing the rapid growth of usage of the Cloud Backup. The study indicates that the BFSI and government sector is also showing a positive sign in a graph in terms of high usage of cloud backup.
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Cloud Backup Market, By Solution (Primary storage, Disaster recovery and backup storage), By Deployment (Public Cloud, Private Cloud), By Organization size (SMEs and Large Enterprises), By End-User (BFSI, Consumer goods and retail, Education) - Forecast 2023
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