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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