Cloud Backup Market – Overview:
According to a recent study report published by the Market Research Future, The global market of Cloud Backup is forecasted to gain prominence over the forthcoming years. The Market is forecasted to reach to USD ~5.66 Billion by 2023 growing with a striking double digit CAGR of ~21.4 % of during the forecast period 2017-2023.
The study indicates that the Cloud Backup market is boosted by its solution of making right and informed decisions to achieve the desire outcomes. The cloud backup is also driven by security, storage, savings, and virtualization to a hybrid cloud solution for the data security. It also indicates that the cloud backup is driven by many factors, such as huge volumes of data generation, lower costs and greater efficiency than on-premises backup, and growing adoption of SaaS. Additionally the need for business agility, faster deployment and scalability, increasing awareness about cloud backup among enterprises worldwide, and reduced costs of ownership these factors also provide impetus to the market growth of Cloud Backup. However there are also some restricting factors to the growth of Cloud Backup market – for instance; enterprises face some obstacles while adopting cloud backup, such as bandwidth limitations, difficulty in achieving compliance and growing concerns over data privacy and governance.
With the rise in data explosion, many organizations have supported the need for replication of data as backup and frequent data protection. Challenges such as server collapse and mismanagement of large company data have forced organizations to look for a substitute for traditional backups, as these are costly to maintain and require continuous monitoring. These challenges of traditional backups have resulted as the major driving force for the cloud backup market.
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The prominent players in the Cloud Backup Market are – Microsoft Corporation (U.S), Oracle Corporation (U.S), IBM Corporation (U.S), Amazon Web Services. (U.S), EMC Corporation (U.S), Google Inc. (U.S), VMware Inc. (U.S), Dropbox, Inc. U.S.), Barracuda Networks, Inc. (US), CommVault Software (U.S), Datto, Inc. (U.S.), Symantec Corporation (US), Code42 Software, Inc. (US), among others.
Global Cloud Backup Market – Competitive Analysis
Characterized by the presence of several major well-established players, the global Cloud Backup Market appears to be highly fragmented and competitive. Well established players incorporate acquisition, collaboration, partnership, expansion, and technology launch in order to gain competitive advantage in this market and to maintain their market position. Strategic partnerships between Key players support the growth and expansion plans of the key players during the forecast period. The Key players operating in the market compete based on pricing, technology, reputation and services. These Players invest heavily in the R&D to develop a technology that is on a completely different level compared to their competition. These Key players strive to develop products with the adept technologies, unrivalled design and features.
Global Cloud Backup Market – Segments
Segmentation By Solution : Comprises Primary storage, Disaster recovery, Cloud storage gateway and backup storage.
Segmentation By Deployment : Comprises Public Cloud, Private Cloud, and Hybrid Cloud.
Segmentation By Organization Size: Comprises SMEs and Large Enterprises
Segmentation By Service : Comprises Training and consulting, Support and maintenance, Cloud integration and migration and Managed services.
Segmentation By End-User : Comprises BFSI, Consumer goods and retail, Education, Government and public sector, Healthcare and life sciences.
Global Cloud Backup Market – Regional Analysis
The regional analysis of Cloud Backup market is being studied for region such as Asia Pacific, North America, Europe and Rest of the World. Cloud Backup has driven due to its solutions like storage, simple management and monitoring, real-time backup and recovery, simple integration of cloud backup with enterprise’s other applications, data de-duplication, customer support and many others services.
It has been observed that North America region is the leading in Cloud Backup market. The study reveals that Europe region is showing a rapid growth in the Cloud Backup market. Asia-Pacific countries like China, Japan and India is projected to be the fastest growing region in the Cloud Backup market due to the increasing size of high data generation in many countries.
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- Software investors
- Cloud vendors
- Application design and development service providers
- System integrators/migration service providers
- Training and education service providers
- Data integration service providers
- Managed service providers
- Data quality service providers
- Security Management Service Provider
- Security Equipment Providers
- Security Agencies
- System Integrators
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