According to a recent report by Reports and Data, the global cloud backup market is expected to reach USD 15.08 Billion by 2028, with a market size of USD 2,435.1 Million in 2020 and a market growth CAGR of 25.10%. The increasing demand for cloud backup in the IT telecommunication sectors and high investments in RD of cloud backup are driving market growth.
The global cloud backup market is growing predominantly due to the elevation of data globally, and the inclination towards digitization across all industry verticals. SMEs are expected to contribute significantly to the market growth due to their massive adoption of cloud deployment for their internal data and applications.
APAC is forecasted to achieve the fastest growth of about 32.8% in the period 2019 – 2026, due to the increasing cloud deployment of data in countries like China, Singapore, and India. North America holds the highest market share of 37.6% in 2018, mainly because of the prodigious rate of deployment of cloud backup solutions.
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The information and communication technology sector is rapidly gaining traction owing to rapid technological advancements, high demand for smartphones, laptops, computers and other modern electronic devices, and increasing adoption of latest technologies such as Artificial Intelligence (AI), Internet of Things (IoT), and cloud services. The ICT sector consists of several sections, software, hardware, telecommunications and other services. Factors such as increasing demand for advanced ICT services in BFSI, agriculture, retail, hospital and healthcare, rapid adoption of digitalization, rising number of internet users and high demand of advanced services and devices are expected to drive global market revenue growth during the forecast period. Other factors such as increasing need for managing large data base, rising concerns about data security and increasing investments in RD activities are expected to boost market growth during the forecast period.
Competitive Landscape:
One of the main advantages of cloud backup solutions is the ease of use and accessibility. Users can easily access their data from anywhere in the world, and the backup process is typically automated and requires little or no user intervention. Additionally, cloud backup services offer reliable data protection and recovery solutions that are often more cost-effective than traditional backup methods.
Cloud backup providers also offer a wide range of features and functionalities, such as automatic backup scheduling, file versioning, and data encryption, to ensure data security and protection. Many providers also offer advanced features such as artificial intelligence-based data analysis and management, which can help organizations gain insights into their data and improve their business processes.
The cloud backup market is highly competitive, with many established players such as Amazon Web Services, Microsoft Corporation, and IBM Corporation. These providers offer a range of cloud backup solutions, including cloud-based backup and recovery, disaster recovery, and data archiving.
some leading companies operating in the global Keyword market:
Microsoft Corporation, Amazon.com, Barracuda Networks, Hewlett Packard Enterprise Development, NetApp, Acronis International Gmbh, IBM Corporation, Efolder, Inc., Datto, Inc., and Code42 Software, Inc.
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The global market is further segmented into type and application:
Type Outlook (Revenue: USD Billion; 2018-2028)
- Solution
- Service
Type of Backup Outlook (Revenue: USD Billion; 2018-2028)
- Full Backup
- Incremental
- Differential
- Periodic Backup
- Mirror Backup
Component Outlook (Revenue: USD Billion; 2018-2028)
- Data Storage
- Data Archiving Application Hosting
- Cloud Integration Migration
- Security Encryption
- Latency Auto-Scaling
- Support Maintenance
- Training Consulting
- Others
Type of Cloud Outlook (Revenue: USD Billion; 2018-2028)
- Public
- Private
- Hybrid
Organization Size Outlook (Revenue: USD Billion; 2018-2028)
- Large Enterprises
- SMEs
End-Use Industries Outlook (Revenue: USD Billion; 2018-2028)
- IT Telecommunication
- BFSI
- Government Public Sectors
- Retail E-commerce
- Media Entertainment
- Healthcare Sectors
- Manufacturing Industries
- Others
Regional analysis provides insights into key trends and demands in each major country that can affect market growth in the region.
- North America (U.S., Canada, Mexico)
- Europe (Germany, U.K., Italy, France, BENELUX, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Rest of APAC)
- Latin America (Brazil, Rest of LATAM)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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