Cloud Backup Market Expands with Public Cloud Segment at a robust CAGR
The increasing global cloud backup
market is driven by data growth and digital transformation, business continuity
and disaster recovery needs during the forecast period 2024-2028.
According to TechSci Research report, “Global Cloud Backup Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast 2018-2028, The
Global Cloud Backup Market is a dynamic and rapidly expanding sector within the
broader cloud computing and data storage industry. This market is characterized
by the increasing adoption of cloud-based solutions for data protection,
backup, and recovery across a diverse range of industries and organizations.
Several key factors are driving the growth and evolution of the Global Cloud
Backup Market.
One of the primary drivers is the
exponential growth of data generated by businesses worldwide. With the digital
transformation of industries and the proliferation of IoT devices, data volumes
are skyrocketing. This surge in data necessitates reliable and scalable backup
solutions, which cloud backup services readily provide.
Data security and compliance have become
paramount concerns for businesses, particularly in light of stringent
regulations such as GDPR and HIPAA. Cloud backup services offer advanced
encryption, access controls, and compliance features, providing organizations
with the assurance that their data is protected and aligned with regulatory
requirements.
The global shift toward remote work
arrangements, accelerated by the COVID-19 pandemic, has further underscored the
importance of cloud backup. Organizations require secure and accessible data
repositories that can support remote employees and ensure business continuity,
irrespective of their physical location.
Hybrid and multi-cloud strategies have
gained traction as businesses seek to enhance their IT resilience and
flexibility. Cloud backup solutions are instrumental in managing and protecting
data across complex hybrid and multi-cloud environments, offering centralized
data management and recovery capabilities.
Furthermore, digital transformation
initiatives are driving the adoption of cloud backup services. Businesses are
increasingly relying on data analytics, artificial intelligence, and machine
learning for decision-making and innovation, making data availability and
integrity paramount.
Looking ahead, the Global Cloud Backup
Market is poised for continued growth and innovation. Providers in this space
are likely to focus on enhancing security, automation, and intelligent data
management features. As organizations recognize the critical role of data in
their operations and competitive strategies, cloud backup solutions will remain
at the forefront of modern data management, ensuring data resilience,
availability, and protection. The market is expected to witness increased
competition and consolidation, with a focus on delivering comprehensive and
secure cloud backup services to meet the evolving needs of businesses globally.
Browse over XX market data Figures
spread through XX Pages and an in-depth TOC on the "Cloud Backup Market."
The global cloud backup market is
segmented into component, deployment mode, end-user industry, and region. Based
on component, the market is segmented into solutions and services. Based on
deployment mode, the market is segmented into public cloud, private cloud,
hybrid cloud. Based on end-user industry, the market is segmented into BFSI, IT
& telecom, media & entertainment, retail, healthcare, others. Based on
region, the market is further bifurcated into North America, Asia-Pacific,
Europe, South America, Middle East & Africa.
Based on end-user industry, IT &
Telecom dominated in the global cloud backup market in 2022. The IT &
Telecom sector is inherently data-driven, generating vast amounts of critical
data daily. This data encompasses customer information, network configurations,
call records, and more. Given its value, safeguarding this data is paramount,
and Cloud Backup solutions offer a reliable and secure means to do so.
IT & Telecom companies operate in an
environment where downtime is costly and disruptive. Cloud Backup solutions
provide robust disaster recovery capabilities, ensuring that critical IT
systems and telecommunications networks can be restored quickly in the event of
data loss or system failures.
As IT & Telecom companies expand
their operations or introduce new services, their data storage needs grow
exponentially. Cloud Backup solutions are scalable, allowing these
organizations to seamlessly accommodate increasing data volumes without significant
upfront capital investment.
Security is a top concern for IT &
Telecom companies, given the sensitive nature of the data they handle. Leading
cloud providers offer state-of-the-art security features and compliance
certifications, meeting the stringent requirements of the sector and ensuring
data protection.
Key market players in the global Cloud
Backup market are: -
- Acronis International GmbH
- Amazon Web Services (AWS)
- Arcserve LLC
- Barracuda Networks, Inc.
- Carbonite Inc.
- Cohesity Systems, Inc.
- Commvault Systems, Inc.
- IBM Corporation
- Microsoft Corporation
- Rubrik, Inc.
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“The Global Cloud Backup Market is a
rapidly growing sector driven by the increasing need for secure data storage,
protection, and recovery solutions. Organizations across various industries are
embracing cloud backup services to safeguard their critical data, ensuring
business continuity and compliance with data security regulations. This market
benefits from the exponential growth of digital data, remote work trends, and
the adoption of hybrid and multi-cloud strategies. As data security and
accessibility become paramount, cloud backup services are integral to modern
business operations. The market is characterized by ongoing innovation and is
expected to remain a vital component of data management strategies worldwide.”
said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Cloud Backup Market – Global Industry
Size, Share, Trends, Opportunity, and Forecast, Segmented By Component
(Solution, Services), By Deployment Mode (Public Cloud, Private Cloud, Hybrid
Cloud), By End-user Industry (BFSI, IT & Telecom, Media & Entertainment,
Retail, Healthcare, Others), By Region, and By Competition, 2018-2028,” has evaluated the future
growth potential of Global Cloud Backup Market and provides statistics
& information on market size, structure, and future market growth. The
report intends 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 in Global Cloud Backup Market.
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