The global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 20,321 million in 2021 and is expected to exhibit a CAGR of 24.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Cloud backup and recovery software refers to the technology that allows organizations to securely store and retrieve their data from remote cloud servers. This eliminates the need for traditional backup solutions such as tape drives and external hard drives, offering numerous advantages such as scalability, cost-efficiency, and easy accessibility. The increasing adoption of cloud computing across various industries is driving the demand for cloud backup and recovery software.
Market key trends:
One key trend driving the growth of the Cloud Backup & Recovery Software Market is the rising use of hybrid cloud solutions. Hybrid cloud combines both public and private clouds, allowing organizations to leverage the benefits of both. This approach offers greater flexibility, improved data security, and reduced costs. For example, many organizations now use a combination of on-premises infrastructure and public cloud services for their backup and recovery needs. This trend is expected to continue as businesses seek to optimize their IT infrastructure and enhance their data protection strategies.
PEST Analysis:
Political: Governments around the world are enacting data protection and privacy laws, which are driving organizations to adopt robust backup and recovery solutions to ensure compliance.
Economic: The cost-efficiency of cloud backup and recovery software is a major driver for its adoption. Organizations can reduce costs associated with hardware maintenance, power consumption, and IT personnel by leveraging cloud-based solutions.
Social: The increasing reliance on digital data and the growing need for data security and privacy are fueling the demand for cloud backup and recovery software. Additionally, the rise in remote work and the need for seamless data access further boost the market growth.
Technological: Technological advancements, such as artificial intelligence and machine learning, are being integrated into cloud backup and recovery software to enhance data protection and disaster recovery capabilities. This enables organizations to automate backup processes and improve the speed and accuracy of data recovery.
Key Takeaways:
- The global Cloud Backup & Recovery Software Market is expected to witness high growth, exhibiting a CAGR of 24.8% over the forecast period. The increasing adoption of cloud computing and the advantages offered by cloud backup solutions are the major drivers of market growth.
- North America is expected to dominate the market due to the presence of key players such as Veritas Technologies LLC, Commvault Systems Inc., and Microsoft Corporation. The region's advanced IT infrastructure and strict data protection regulations also contribute to its market dominance.
- Key players operating in the global Cloud Backup & Recovery Software Market include Veritas Technologies LLC, Actifio Inc., Veeam Software, Commvault Systems Inc., Symantec Corporation, CA Technologies, Microsoft Corporation, Dell Technologies Inc., IBM Corporation, and Hewlett Packard Enterprise. These players focus on strategic partnerships, mergers and acquisitions, and product innovations to strengthen their market position.
In conclusion, the global Cloud Backup & Recovery Software Market is experiencing significant growth due to the increasing adoption of cloud computing and the advantages it offers in terms of scalability, cost-efficiency, and easy accessibility. The rising use of hybrid cloud solutions and the integration of advanced technologies further drive market growth. With the presence of key players and favorable regulatory environment, North America is expected to dominate the market. However, the market is highly competitive, with key players focusing on strategic initiatives to maintain a strong market position.
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