BFSI Sector is Expected to Dominate the Global Cloud Back-Up Market.

Emerging technologies like artificial intelligence (AI) & machine learning make it possible for businesses to use AI capabilities, which promotes cloud expansion, are the major factors driving the market growth.

According to TechSci Research report, “Global Cloud Back-Up Market - Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”. The Global Cloud Back-Up Market is anticipated to project robust growth in the forecast period with a CAGR of 10.37% through 2028. One of the biggest changes in the workplace are estimated to result from the pandemic. In order to speed up Industry 4.0, the fourth industrial revolution, it is changing how companies use smart technologies like mobile supercomputing, IoT, big data, and artificial intelligence. In Q3 2020, the cloud computing market saw an increase in demand as businesses continued to move workloads from analogue to digital formats. To maintain employee well-being and operational efficiency, many businesses from a variety of industries have embraced the work-from-home model, which has raised the demand for Software-as-a-Service (SaaS)-based solutions.

For instance, due to the strong demand for collaboration tools, the number of users of the Microsoft Team platform increased to 44 million globally. While the standalone 8x8 Video Meetings cloud solution saw a more than 300 % increase in registered users across 150 countries in the final week of February 2020. Due to lockdowns, there has been a significant surge in demand for streaming services like Amazon Prime, Disney+, Twitch, Netflix, Hulu, YouTube, and Apple TV. To meet consumer demands, the demand for Infrastructure as a Service (IaaS) has increased due to the rise of Video-on-Demand (VoD).

Cloud computing provides quicker & more effective ways to manage commercial operations in response to shifting market circumstances. It streamlines the technology consumerization process. It has opened up previously unimaginable opportunities to develop very engaging customer experiences. With the help of the cloud, people and businesses have changed their behavior, and multiple business lines are now able to get things done by skirting IT regulations. Fundamentally, cloud trends are influencing how businesses spend, make digital business decisions, and choose vendors and technologies.

October 2022: IBM and Tietoevry, an IT software and services firm, announced a global technology and consulting cooperation for its financial technology software subsidiary Tietoevry Banking to assist in offering safe and innovative payment and transaction technologies to banks globally

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By End User Industry, In the year 2022, the BFSI segment's revenue share was over 25%, which was the highest. Moneylenders have adopted digital transformation as a result of a growth in online banking activity in the BFSI industry, with cloud computing playing a crucial part in this strategy. In the BFSI industry, cloud computing has aided businesses in cutting costs, fostering innovation, enhancing customer relationships, and expanding flexibility. The COVID-19 pandemic has changed the way that people frequently communicate and conduct business. The expansion can be attributed to the use of cloud services for customer data storage and management. Among other services, payment gateways, online fund transfers, digital wallets, and unified customer experiences are projected to play a significant role in the BFSI sector and support the overall shift to cloud deployment.

In the year 2022, North America had a revenue share of over 40% of the overall market. Companies in the United States prioritise digital transformation, and they are frequently seen as early adopters of cutting-edge technologies like the Internet of Things (IoT), additive manufacturing, big data analytics, connected industries, AI, augmented reality (AR), machine learning (ML), and virtual reality (VR), as well as the newest telecommunications technologies like 4G, 5G, and LTE. The continued adoption of cutting-edge technology by American corporations is encouraging for future expansion. This area is expected to maintain its position in the market thanks to the presence of various suppliers including Microsoft Corporation, Oracle Corporation, Amazon.com Inc., and International Business Machines Corporation as well as a higher tendency to adopt new technologies.

Key market players in the Global Cloud Back-Up Market include:

• Acronis International GmbH (Acronis AG)
• Amazon Web Services Inc. (Amazon.com Inc.)
•  Asigra Inc.
• Barracuda Networks Inc. (Thoma Bravo LP)
•  Carbonite Inc. (OpenText Corporation)
• Code42 Software Inc
• Datto Inc.
•  Dropbox Inc.
• International Business Machines Corporation

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“The amount of digital data generated by businesses and individuals is growing at an exponential rate. This data needs to be backed up and protected in order to ensure business continuity and prevent data loss. Cloud backup provides a scalable and cost-effective way to store and protect large volumes of data. Data is one of the most valuable assets of any organization. In the event of a data breach, cyberattack, or natural disaster, it is essential to be able to recover data quickly and efficiently. Cloud backup provides a reliable and secure way to store data offsite, so that it can be recovered quickly in the event of a disaster. Cloud backup solutions are typically more cost-effective than traditional on-premises backup solutions. They also offer a number of automation features that can help to reduce the workload on IT staff. ” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

Cloud Back-Up Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component (Solution and Services), By Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), By  End-user Industry (BFSI, IT & Telecom, Media & Entertainment, Retail, and Healthcare), By Region, By Competition 2018-2028.  has evaluated the future growth potential of Global Cloud Back-Up Market and provides statistics and information on market structure, size, share, and future growth. The report is intended to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities present in the Global Cloud Back-Up Market.

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