Market Highlights
Cloud backup or online backup is a copy of a physical file or database at a secondary location in case of equipment. Reliance on cloud backup by companies of all sizes for protecting the integrity of their data and curtail data transmission charges. The global cloud backup market report by Market Research Future (MRFR) provides an unbiased overview of the industry as well as its imperativeness in light of increasing cyberattacks. The report looks at market variables of drivers, drawbacks, trends, and opportunities for predicting growth patterns for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its effects are explored in the report.
Market Scope
The global cloud backup market size is expected to grow at USD 5.6 billion by 2023 at 21.2% CAGR over the forecast period. Rise of cloud computing, adoption of SaaS, and generation of huge volumes of data can drive the market demand significantly. Lower costs of backup and higher efficiency than on-premises solutions can support the trend. Cloud backup solutions can collect, compress, and encrypt data to clients without delay.
Presence of cloud-to-cloud backup services for handling data transfer and data migration to a safe destination can bode well for the market. These applications can provide an interface to the cloud for saving data quickly and recovering data from the copy while saving data transfer costs. Moreover, the scaling of a company’s operations can work favorably for the market, as companies can integrate new data to the online cloud and send unused data for archiving.
However, data compliance laws in different countries can hinder market growth.
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Segmentation:
By solutions, it is segmented into primary storage, disaster recovery, cloud storage gateway, and others.
By services, it is segmented into managed services, training and consulting, cloud integration and migration, and support and maintenance.
By deployments, it is segmented into public cloud, private cloud, and hybrid cloud.
By organization size, it is segmented into small and medium enterprises (SMEs) and large enterprises.
By end-user, it is segmented into media and entertainment, consumer goods and retail, telecommunication and ITES, BFSI, education, government and public sector, healthcare and life sciences, manufacturing, and others. Telecommunication and ITES, BFSI, and government sectors are expected to be the biggest end-users of the cloud backup market owing to their customer-centric view of their services. Adoption of IoT equipment and deployment of 5G can drive the demand for cloud backup services.
Regional Analysis
North America is leading in the global cloud backup market. This is attributed to the number of data centers and cloud applications. Adoption of internet of things based devices has led to the generation of copious volumes of data creating a golden opportunity for cloud vendors. Increasing costs of workspaces and high expenses of maintaining data infrastructure can spur the demand for cloud backup.
Europe is showcasing a rapid growth in the cloud backup market. This is attributed to tough restrictions on data protection and data privacy by the European Union. Compliance with physical and technical security applications and integration of blockchain for added encryption can bode well for the regional market. On the other hand, Asia Pacific countries such as China, Japan and India are projected to grow the fastest in the global cloud backup market due to the increasing size of high data generation.
Competitive Outlook
Datto, Inc., Code42 Software, Inc., Google Inc., Microsoft Corporation, EMC Corporation, VMware Inc., Dropbox, Inc., Symantec Corporation, Oracle Corporation, IBM Corporation, Barracuda Networks, Inc., Amazon Web Services, and CommVault Software are key vendors in the global cloud backup market.
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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 2027
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