The Global Cloud Backup Market is Segmented by Type (Public Cloud, Private Cloud, Hybrid Cloud), by Application (Small and Medium-Sized Enterprises, Large Enterprises). Global Opportunity Analysis and Industry Forecast 2021 – 2026. This report is published on Valuates Reports under Web Services Category.
The global Cloud Backup market size is projected to reach USD 4229.3 Million by 2026, from USD 1834.3 Million in 2019, at a CAGR of 12.5% during 2021-2026.
Major factors driving the growth of the cloud backup market:
The cloud backup solutions have grown as a result of its numerous advantages, including easy management and monitoring, real-time backup and recovery, simple integration of cloud backup with other enterprise applications, data deduplication, and customer support.
The volume and diversity of data generated in the organization are growing rapidly. Business-critical data cannot be jeopardized, and it necessitates continuous backup and on-demand accessibility.
Furthermore, the use of cloud backup solutions has risen in response to the growing use of cloud-based technologies & services such as SaaS.
Cloud backup market growth is fueled by its greater efficiency and reduced costs when compared to traditional on-premise backup systems.
Trends influencing the growth of the cloud backup market
The volume and diversity of data generated in the organization are growing rapidly. Furthermore, Employers have promoted the usage of Bring Your Own Device (BYOD) in recent years in order to save money on IT, which has resulted in massive data collection on a continuous basis. Business-critical data cannot be jeopardized, and it necessitates continuous backup and on-demand accessibility. Cloud backup allows for convenient data administration and access from any location with an internet connection, as required by the company. It allows for continuous and automatic cloud backup, making it simple to manage large amounts of data. Thus the increasing data generated is expected to fuel the growth of the cloud backup market.
The increasing need for cost-effective backup and recovery solutions is expected to drive the growth of the cloud backup solutions market. Organizations are rapidly adopting digital transformation, which is driving up demand for more scalable and cost-effective backup and recovery solutions. Cloud backup and recovery software solutions offer businesses lower-cost infrastructure and application support than on-premises options. Companies can reserve and pay for only the quantity of data they require and are actively consuming with the help of these solutions. This enables businesses to save money on IT infrastructure both in terms of capital and operational costs.
Furthermore, due to the global coronavirus outbreak, the demand for cloud backup solutions has been on the rise. This is primarily due to the increase in remote working locations of employees across the world. Also, SaaS-based collaborative applications witnessed a substantial increase in demand during the lockdown period, due to the need to work remotely.
Cloud backup market share analysis
Based on type, private cloud is expected to be the most lucrative. This is due to the high-level security, full data control, and customization offered by the private cloud.
Based on region, North America is expected to be the most lucrative region. The United States (US) has the largest share of the cloud storage market, with well-established providers and end-user sectors that are constantly adapting to emerging technologies to boost corporate productivity. PR Newswire