New York, US, March 13, 2023 (GLOBE NEWSWIRE) -- Market Analysis
According to a comprehensive research report by Market Research Future (MRFR), “Cloud Backup Market Research, By Component, By Service Provider, By Deployment Model, By Organization Size, By Vertical - Forecast 2030”. Valuation is poised to reach USD 5.6 Billion by 2030, registering a 21.10% CAGR throughout the forecast period (2022–2030).
Availability for Virtual Machines to Boost Market Growth
The existence of cloud backup for virtual machines, which is a crucial component of the infrastructure for information technology (IT) will boost market growth over the forecast period. Since virtualization has several advantages, including greater system resource utilization, many businesses are concentrating on implementing it.
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Cloud Backup Market Key Players
Eminent industry players profiled in the cloud backup market report include
- HP Enterprise Company
- Dropbox Inc.
- VMware Inc.
- EMC Corporation
- Cohesity Inc.
- Carbonite Inc.
- Veritas Technologies
- Arcserve LLC,
- Asigra Inc.
Cloud Backup Market Report Scope:
|Cloud Backup Market Revenue forecast in 2030||USD 5.6 Billion|
|Cloud Backup Market Growth Rate||CAGR of 21.10% from 2022 to 2030|
|Forecast Units||Value (USD Billion)|
|Key Market Drivers||The huge volume of data generation leading to the rising adoption of cloud backup solution|
Rising Use of Smart Devices to offer Robust Opportunities
The market will increase at a faster rate over the anticipated period because to the rising adoption of smart devices like smartphones, laptops, and other devices. A significant driver fueling the market's expansion during the anticipated period is the rising need for backup technology in developing nations like China and India, as well as the simplicity with which backup solutions can be implemented in businesses and by a wide range of end users.
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Restraints and Challenges
Lack of Awareness to act as Market Restraint
The lack of awareness regarding cloud environments amid organizations, easy accessibility of alternate solutions, and reluctance of organizations to adopt cloud-based DR over the traditional methods may act as market restraints over the forecast period.
The global cloud backup market has been bifurcated based on vertical, organization size, deployment model, service provider, and component.
By component, solution will lead the market over the forecast period.
By service provider, cloud service provider will domineer the market over the forecast period.
By deployment model, private cloud will spearhead the market over the forecast period.
By organization size, large enterprises will have the lions share in the market in the forecast period.
By vertical, BFSI will have the largest share in the market over the forecast period.
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Around the world, the COVID-19 epidemic has had an impact on a number of businesses. The market for cloud backup has, however, expanded quickly lately. In the initial quarter of 2020, the abrupt COVID-19 outbreak presented a fantastic chance for cloud backup. Organizations all over the world, for instance, have embraced the idea of working remotely. The cloud has given these firms access to apps for remote access to develop data & run mission-critical programs as well as to collaborate with partners and employees globally.
North America to Lead Cloud Backup Market
Due to the presence of market leaders within this region and the early adoption of technology across multiple verticals, North America had the largest regional market share in 2021 and is anticipated to maintain its leadership throughout the projection period. Moreover, significant investments in R&D especially for cloud-based solutions, early adoption of novel technologies, and improved IT infrastructure are anticipated to fuel market expansion. For instance, IBM Cloud reduced the price of a particular virtual server, storage, backup, & network port speed in September 2019 to help different businesses further cut the cost of their cloud infrastructure. North America held the position of the leading regional market and is anticipated to maintain its dominance during the projection period due to the presence of market players in the area and the quick adoption of technology across various end-user verticals. Further market expansion is anticipated to be fueled by early adoption of new technologies, significant expenditures in cloud-based solution R&D, and improved IT infrastructure. Over the next five years, it is predicted that a significant amount of the need for cloud-based storage or backup solutions will come from the United States. The ongoing development and use of novel technologies to unlock the volumes which were previously regarded as non-commercial is a significant driving force behind industry investments. The government has made a number of investments in the healthcare, retail, communications, and industrial industries, and over the next five years, the market for the cloud-based solutions is anticipated to increase significantly. The nation has made numerous attempts to update its infrastructure.
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APAC to Have Favorable Growth in Cloud Backup Market
Due to the rapid expansion of technology usage in nations like China and India, the Asia-Pacific region had the largest growth rate in 2021. A few factors propelling the DRaaS in Asia-Pacific include the increasing availability of skilled labor and SMEs' focused focus on entering & expanding in this region. Companies in the area are hesitant to make large investments and concentrate on low-cost alternatives. As a result of its scalability, dependability, accessibility, and affordability, public cloud services have experienced tremendous growth in the Asia Pacific region. Asia Pacific will experience the fastest growth. The emergence of regional firms like Alibaba Group & the quick ascent of China and India both aided in the market's progress. Demand for the nation's cloud computing industry has grown as a result of significant investments being made in the manufacturing & IT industries through initiatives like Make in India. Hyper-scale cloud service providers such as Amazon.com Inc., Microsoft Corporation, and Google LLP are also constructing data centers in places like Thailand and Indonesia in order to match the goals of the governments on data sovereignty. The region with the highest anticipated CAGR throughout the forecast period is Asia Pacific. Ones of the region's most important economies include those of India, China, and Japan. Organizations, particularly those in China and India, are expanding their IT infrastructure as they adopt new technologies to integrate them effectively with their current systems and data.
February 2023- The "Locked Folder" of Google Photos, the tech giant's photo-sharing and storage service will purportedly get cloud backup capabilities. According to Android Central, the new feature was found in the hidden settings page in a recent version of the application. Users will now have a means to back up photos and videos stored in locked folders thanks to the new feature.
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