Market Highlights:
The Global Cloud Backup Market is growing with the rapid pace; mainly due to the increasing demand for low cost and reliable storage facility. According to a recent study report published by the Market Research Future, the global market of cloud backup is growing rapidly and expected to gain prominence over the forecast period. The market is projected to demonstrate a remarkable growth by 2023, beating its previous growth records in terms of value with a noticeable CAGR during the anticipated period (2017 – 2023).
The main purpose of a cloud backup solution is to be a form of disaster recovery for any type of data. Cloud backup or online backup refers to backing up of data to a remote, cloud based server. The large enterprises already have effective, but highly expensive, disaster-recovery plans with multiple tiers of data backup, generally including the cloud or at least data stored off site. Cloud backup can be considered as the only way to protect information and applications in a natural disaster. Using a cloud DR solution, businesses can back up entire machines to recover them instantly (including recovering all VMs), or back up volumes, directories and individual files for more-specific, efficient protection.
Recognizing the traction, the market is witnessing currently; Market Research Future (MRFR) in its recently published study report asserts that the global cloud backup market will reach approximately 5.66 Bn. USD by 2023, posting approximately 21.4 % CAGR during the assessment period 2017 – 2023.
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Major Key Players:
- 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),
According to a recent study report published by the Market Research Future, The global Cloud Backup market 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.
Moreover, its solutions such as simple management and monitoring, real-time backup & recovery, simple integration of cloud backup with enterprise’s other applications, data de-duplication, customer support, and many others services drive the market growth to an extent.
Industry/Innovation/Related News:
August 28, 2018 – Arsenal Football Club (UK) announced its partnership with Acronis International GmbH (Switzerland), a global technology company developing on-premises and cloud software for backup, disaster recovery, and secure file sync and share and data access. The Football club is increasingly driven by video and data analysis and hence, wants to opt for cloud backup software-as-a-service and quick restore to any location to replace ad-hoc staff solutions.
August 21, 2018 – Pure Storage (US), an enterprise data flash storage company announced the acquisition of StorReduce, Inc., (US), a cloud backup start-up. The acquisition is expected to boost Pure Storage’s ability to manage big data migrating to the cloud.
Current Market Trends and developments
Trends such as cloud computing, analytics, online development platforms such as software, gaming and others are expected to create large data backup needs. Cloud is expected to store greater than 55 % of consumer data in the near future.
Advent of big data, growing IT industry, connected data ecosystems; internet of things, growing mobility etc. will drive the demand for cloud storage.
Cloud backup demand from large enterprises expected to be the largest segment of the market
Personal computing trends such as multi operating systems, dual booting, interoperability will create need for greater data storage
Segmentation:
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.
Regional Analysis:
North-America is dominating the Global Cloud Backup Market with the largest market share due to the increasing shift of workload to cloud environment. Cloud Backup Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2017 to 2023 owing to the various advantages associated with using cloud storage. Moreover, increasing development of IT infrastructure by organizations, especially in India and China that are adopting new technologies to work efficiently with existing systems and data. The European market for Cloud Backup Market is expected to grow at a considerable CAGR (2017-2023).
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Intended Audience
- 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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