Cloud Backup Market – Global Industry Analysis And Forecast (2023-2029)

Cloud Backup Market was valued at US$ 11.62 Bn in 2022. The Global Cloud Backup Market size is estimated to grow at a CAGR of 9.56% over the forecast period.

Cloud Backup Market Overview:

Emerging technologies like artificial intelligence (AI) & machine learning make it possible for businesses to use AI capabilities, which promotes cloud expansion. The COVID-19 pandemic has emerged as a major threat to the world economy. Cloud computing can assist businesses in overcoming the obstacles to company continuity posed by lockdown, work-from-home, social isolation, and other market mandates. However, remote working has become the newest trend and is expected to last in the long run as companies, managers, and individuals continue to choose it as a result of the pandemic. Cloud Backup MarketTo know about the Research Methodology :- Request Free Sample Report 2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. The past five years' trends are considered while forecasting the market through 2029. 2020 is a year of exception and analysis, especially with the impact of lockdown by region.

Cloud Backup Market Dynamics:

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. Organizations are being forced by rapid digitization to update their infrastructure and application landscape in order to increase cost effectiveness and business agility. Organizations may successfully support their core business operations, migrate business workloads to a cloud platform, and reduce network latency by implementing cloud solutions and services. According to surveys, over 60% of the commercially sensitive data stored on hard discs is not held securely. Some of the crucial security services provided by the vendors include data encryption, authorization management, access control, cloud integration, communication security, monitoring & auditing, and business continuity services. For instance, 99.9% uptime is offered by vendors like Google LLP, Microsoft Corporation, and Amazon.com Inc., which frees up enterprises from having to build and operate recovery facilities and backup infrastructure. The Software as a Service (SaaS) market accounted for more than 54% of total revenue in 2022. The popularity of SaaS can be due to its adaptable pricing, simple upkeep, and quick setup. According to MMR report estimates, more businesses are transferring their operations to the cloud, with 73 % of businesses shifting the majority of their applications to the SaaS platform. Demand for SaaS services that allow collaborative teams to access formerly centralised data and analytics has increased as a result of remote working. As SaaS products' Total Cost of Ownership (TCO) approaches that of on-premise deployment strategies, they are expected to experience rapid growth in the years to come. Throughout the forecast period, the expansion of the SaaS segment is expected to be accelerated by the rising demand for SaaS delivery models and the rising number of companies providing cloud-based services. SaaS offers a pay-as-you-go strategy that enables businesses more flexibility and options, as well as web-based subscriptions for remote access to the software. Delivering software solutions that have the potential to reach a large audience is the main goal of the SaaS delivery model.

Cloud Backup Market Segment Analysis:

By Organization Size, In the year 2022, the major firm’s market share was over 51.5 %, which was the highest. Demand is being driven by lower operating costs, enhanced collaboration, greater flexibility, and shorter time to market. Businesses can assign mundane tasks to technology that can complete them more quickly thanks to cloud computing. As a result, growing utilisation in big businesses to streamline processes is anticipated to support the segment's growth. The number of large businesses expanding across developed and developing countries would increase demand for cloud computing services over the forecast period. Over the forecast period, the Small & Medium-Sized Enterprises (SMEs) category is expected to develop at the quickest rate. The rise is attributable to the expansion of SMEs in developing nations like China and India. The market is also anticipated to grow as a result of an increase in SMEs' need for cloud computing services to streamline workflow and save operating expenses. SME's may cut costs, stop repetitive tasks, set priorities, and improve teamwork with the use of cloud computing. In the upcoming years, these benefits are expected to fuel adoption within the market. Cloud Backup Market By Vertical, 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.

Regional Insights:

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. Over the forecast period, the Asia Pacific is expected to become the region with the quickest growth. The advent of local players like Alibaba Group and the rapid rise of China and India both contributed to the expansion of the regional market. Making large investments in the manufacturing and IT sectors through programmes like Make in India has created demand for the country's cloud computing business. Additionally, in order to meet the objectives of the governments regarding data sovereignty, hyper-scale cloud service providers like Microsoft Corporation, Amazon.com Inc., and Google LLP are building data centres in regions like Thailand and Indonesia. The objective of the report is to present a comprehensive analysis of the global Cloud Backup Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Cloud Backup Market dynamic, and structure by analyzing the market segments and projecting the Cloud Backup Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Components portfolio, growth strategies, and regional presence in the Cloud Backup Market make the report investor’s guide.

Cloud Backup Market Scope: Inquire before buying

Cloud Backup Market
Report Coverage Details
Base Year: 2022 Forecast Period: 2023-2029
Historical Data: 2018 to 2022 Market Size in 2022: US$ 11.62 Bn.
Forecast Period 2023 to 2029 CAGR: 9.56% Market Size in 2029: US$ 22.02 Bn.
Segments Covered: by Components Solution Services
by Service Provider Managed Service Providers Telecom & Communication Services Cloud Service Providers Others
by Deployment Model Hybrid Cloud Public Cloud Private Cloud
by Organization Size Small and Medium Size Enterprises Large Enterprises
by Vertical BFSI Government and Public Sector Manufacturing IT and telecom Healthcare & Life Sciences Consumer Goods and Retail Education Energy Others

Cloud Backup Market by Region:

North America (United States, Canada and Mexico) Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe) Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC) Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A) South America (razil, Argentina Rest of South America)

Key Players:

1. Asigra Inc. 2. Carbonite, Inc. 3. Datto, Inc. 4. Efolder, Inc. 5. Iron Mountain Incorporated 6. Veeam Software 7. Acronis International GmbH 8. Barracuda Networks, Inc. 9. Code42 Software, Inc. 10. Druva Software 11. IBM Corporation 12. Microsoft Corporation 13. Carbonite, Inc. 14. Oracle Corporation 15. EMC Corporation 16. VMware Inc. 17. Google Inc. 18. Amazon Web Services. 19. CommVault Software 20. Symantec Corporation 21. Dropbox, Inc. Frequently Asked Questions: 1. What is the growth rate of Cloud Backup Market? Ans. The Global Cloud Backup Market is growing at a CAGR of 9.56 % over forecast period. 2. Which region has largest share in The Global Cloud Backup Market? Ans. North America holds the largest share. 3. What is the Global Cloud Backup Market segment based on Organization Size? Ans. Based on Organization Size, The Global Cloud Backup Market is divided into Small and Medium Size Enterprises, Large Enterprises. 4. Who are the key players in the Global Cloud Backup Market? Ans. The key players in the Global Cloud Backup Market are Asigra Inc., Carbonite, Inc., Datto, Inc., Efolder, Inc., Iron Mountain Incorporated, Veeam Software, Acronis International GmbH, Barracuda Networks, Inc., Code42 Software, Inc., Druva Software, IBM
1. Global Cloud Backup Size: Research Methodology 2. Global Cloud Backup Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to Global Cloud Backup Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. Global Cloud Backup Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape by region • North America • Europe • Asia Pacific • The Middle East and Africa • Latin America 3.12. COVID-19 Impact 4. Global Cloud Backup Size Segmentation 4.1. Global Cloud Backup Size, by Components (2022-2029) • Solution • Services 4.2. Global Cloud Backup Size, by Service Provider (2022-2029) • Managed Service Providers • Telecom & Communication Services • Cloud Service Providers • Others 4.3. Global Cloud Backup Size, by Deployment Model (2022-2029) • Hybrid Cloud • Public Cloud • Private Cloud 4.4. Global Cloud Backup Size, by Organization Size (2022-2029) • Small and Medium Size Enterprises • Large Enterprises 4.5. Global Cloud Backup Size, by Vertical (2022-2029) • BFSI • Government and Public Sector • Manufacturing • IT and telecom • Healthcare & Life Sciences • Consumer Goods and Retail • Education • Energy • Others 5. North America Cloud Backup (2022-2029) 5.1. North America Cloud Backup Size, by Components (2022-2029) • Solution • Services 5.2. North America Cloud Backup Size, by Service Provider (2022-2029) • Managed Service Providers • Telecom & Communication Services • Cloud Service Providers • Others 5.3. North America Cloud Backup Size, by Deployment Model (2022-2029) • Hybrid Cloud • Public Cloud • Private Cloud 5.4. North America Cloud Backup Size, by Organization Size (2022-2029) • Small and Medium Size Enterprises • Large Enterprises 5.5. North America Cloud Backup Size, by Vertical (2022-2029) • BFSI • Government and Public Sector • Manufacturing • IT and telecom • Healthcare & Life Sciences • Consumer Goods and Retail • Education • Energy • Others 5.6. North America Cloud Backup, by Country (2022-2029) • United States • Canada • Mexico 6. European Cloud Backup (2022-2029) 6.1. European Cloud Backup, by Technology (2022-2029) 6.2. European Cloud Backup, by Service Provider (2022-2029) 6.3. European Cloud Backup, by Deployment Model (2022-2029) 6.4. European Cloud Backup, by End-Use (2022-2029) 6.5. European Cloud Backup, by Country (2022-2029) • UK • France • Germany • Italy • Spain • Sweden • Austria • Rest Of Europe 7. Asia Pacific Cloud Backup (2022-2029) 7.1. Asia Pacific Cloud Backup, by Technology (2022-2029) 7.2. Asia Pacific Cloud Backup, by Service Provider (2022-2029) 7.3. Asia Pacific Cloud Backup, by Deployment Model (2022-2029) 7.4. Asia Pacific Cloud Backup, by End-Use (2022-2029) 7.5. Asia Pacific Cloud Backup, by Country (2022-2029) • China • India • Japan • South Korea • Australia • ASEAN • Rest Of APAC 8. The Middle East and Africa Cloud Backup (2022-2029) 8.1. The Middle East and Africa Cloud Backup, by Technology (2022-2029) 8.2. The Middle East and Africa Cloud Backup, by Service Provider (2022-2029) 8.3. The Middle East and Africa Cloud Backup, by Deployment Model (2022-2029) 8.4. The Middle East and Africa Cloud Backup, by End-Use (2022-2029) 8.5. The Middle East and Africa Cloud Backup, by Country (2022-2029) • South Africa • GCC • Egypt • Nigeria • Rest Of ME&A 9. Latin America Cloud Backup (2022-2029) 9.1. Latin America Cloud Backup, by Technology (2022-2029) 9.2. Latin America Cloud Backup, by Service Provider (2022-2029) 9.3. Latin America Cloud Backup, by Deployment Model (2022-2029) 9.4. Latin America Cloud Backup, by End-Use (2022-2029) 9.5. Latin America Cloud Backup, by Country (2022-2029) • Brazil • Argentina • Rest Of Latin America 10. Company Profile: Key players 10.1. Asigra Inc., 10.1.1. Company Overview 10.1.2. Financial Overview 10.1.3. Global Presence 10.1.4. Capacity Portfolio 10.1.5. Business Strategy 10.1.6. Recent Developments 10.2. Carbonite, Inc. 10.3. Datto, Inc. 10.4. Efolder, Inc. 10.5. Iron Mountain Incorporated 10.6. Veeam Software 10.7. Acronis International GmbH 10.8. Barracuda Networks, Inc. 10.9. Code42 Software, Inc. 10.10. Druva Software 10.11. IBM Corporation 10.12. Microsoft Corporation 10.13. Carbonite, Inc. 10.14. Oracle Corporation 10.15. EMC Corporation 10.16. VMware Inc. 10.17. Google Inc. 10.18. Amazon Web Services. 10.19. CommVault Software 10.20. Symantec Corporation 10.21. Dropbox, Inc.

About This Report

Report ID 8040
Category Information Technology & Telecommunication
Published Date June 2023
Updated Date
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