The Business Research Company’s report on the Cloud Backup Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the cloud backup market in recent years?
The shift to remote work and hybrid environments is expected to propel the growth of the cloud backup market going forward. A remote work environment involves employees working from locations outside the office, while a hybrid work environment combines both in-office and remote work arrangements. The shift to remote and hybrid work environments is driven by the need for greater flexibility, cost reduction, and improved work-life balance, accelerated by advancements in technology and the COVID-19 pandemic. Cloud backup supports remote and hybrid environments by ensuring secure, accessible, and scalable data storage and recovery across multiple devices and locations. For instance, in April 2023, according to the US Bureau of Labor Statistics, a US-based governmental organization the percentage of establishments with employees who teleworked all the time increased to 42.2% in 2022 from 37.4% in 2021. Therefore, the shift to remote and hybrid work environments is fueling the growth of the cloud backup market.
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What is the projected market size of the cloud backup industry, and how is it expected to grow?
The cloud backup market size has grown exponentially in recent years. It will grow from $5.95 billion in 2024 to $7.54 billion in 2025 at a compound annual growth rate (CAGR) of 26.8%. The growth in the historic period can be attributed to data explosion due to digitalization, increased adoption of cloud computing, rising concerns over data loss and security, growing regulatory compliance requirements, and advancements in internet infrastructure.
The cloud backup market size is expected to see exponential growth in the next few years. It will grow to $19.27 billion in 2029 at a compound annual growth rate (CAGR) of 26.4%. The growth in the forecast period can be attributed to increased use of remote work and hybrid environments, rise in cyberattacks and ransomware threats, growing reliance on cloud-based applications, advancements in artificial intelligence and machine learning for backup optimization, and increasing adoption of data protection regulations and policies. Major trends in the forecast period include integration of ai and machine learning for automated backup processes, use of blockchain for enhanced data security and integrity, serverless backup architectures, multi-cloud and hybrid cloud backup solutions, and adoption of edge computing for faster and localized backups.
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Who are the key players driving competition in the cloud backup market?
Major companies operating in the cloud backup market are Google Inc., Microsoft Corporation, Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, Asigra Inc., Amazon Web Services Inc., Iron Mountain Incorporated, Open Text Corporation, Dropbox Inc., Veritas Technologies, Veeam Software GmbH, Rubrik Inc, CommVault Systems Inc, Barracuda Networks Inc., Cohesity Inc., Acronis International GmbH, Datto Inc., Druva Software, Arcserve LLC, Backblaze Inc., Carbonite Inc., IDrive Inc., CrashPlan
What key trends are expected to drive the circuit monitoring market during the forecast period?
Major companies operating in the cloud backup market are focusing on developing innovative solutions, such as scalable and centralized management, to enhance data security, improve accessibility, and streamline backup processes. Scalable and centralized management refers to the ability to efficiently manage and expand resources from a single control point while accommodating growing data and user demands. For instance, in April 2023, BESTOL Inc., a US-based data management and digital transformation services company launched Zmanda Endpoint Backup, a cloud-based backup solution designed for Windows desktops and laptops. The product offers scalable and centralized management of endpoints, enabling organizations to oversee their entire backup system from a single, unified interface. It simplifies onboarding with bulk user addition, allowing quick import and assignment of roles and licenses, thus saving time for IT administrators. Additionally, real-time notifications for critical events, such as ransomware attacks, empower organizations to respond swiftly to potential threats.
Which key geographies are driving the growth of the cloud backup market?
North America was the largest region in the cloud backup market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud backup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the cloud backup market?
The cloud backup market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Solution: Primary Storage, Disaster Recovery, Backup Storage
3) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
4) By End-User Industry: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Media And Entertainment, Retail, Healthcare, Other End-User Industries
Subsegments:
1) By Solutions: Cloud Storage Backup, Disaster Recovery Backup, Hybrid Cloud Backup, Data Archiving
2) By Services: Managed Backup Services, Professional Services, Support And Maintenance Services, Consulting Services
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How is the cloud backup market defined?
The cloud backup market focuses on leveraging cloud-based solutions to store, secure, and manage critical business data. This involves using remote servers hosted on the internet to back up files and ensure data accessibility in case of system failures, cyberattacks, or other emergencies. Cloud backup solutions are designed to enhance data security, simplify disaster recovery, and support remote work environments by offering scalable and cost-effective options for businesses of all sizes.
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