Global Cloud Backup Market Advancement, Comprehensive Analysis and Developments Status
Market Highlights
The cloud backup
market is set for a good time ahead owing to the factors such as offering
solutions for making right and informed decisions to achieve the desired
outcomes, providing storage, savings, security, and virtualization to a hybrid
cloud solution for saving data. These factors have come up to be essential ones
that are driving the market to reach great extent in the coming years.
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 study also
indicates that the market is also driven by the factors of lower costs, vast
volumes of data generation, and greater efficiency than on-premises backup as
well as growing SaaS adoption across the globe. Moreover, the surge in the
adoption of mobile devices and easy deployment of cloud backup technology is
also boosting the cloud backup market over the years. As an add on to it, the
market is categorized by its growth phase and occurrence of a large number of
small and mid-size retailers.
On the other
hand, the significant players are also rapidly adopting strategies such as
acquisition and partnership to increase their product lines and services to
expand the market size and valuation. In a case of point, Amazon web services
Inc. acquired Elemental Technologies Inc. in September 2015 for backing up its
all essential data to a safer side. Such factor has also fundamentally driven
the market to rise and reach a higher valuation. Such a move is now will go
ahead and is expected to achieve more during the forecast period.
On the flip
side, factors such as data accessibility with the help of internet pose as a
threat of identity, which is considered to be a restraint to the market growth.
With this, other factors such as lack of high network bandwidth and strict
government rules could also limit the adoption of cloud-backup techniques
during its growth period while the growth in the number of mobile Internet
users and requirement of technologically advanced solutions are likely to boost
the market growth further during the assessment period.
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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.
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.
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.
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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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