Today there is a high need for replication of data in order to back it up on account of an increase in need for frequent data protection as well as growing data explosion. This has led to a rise in the demand for cloud backup wherein a huge amount of data can be backed up to a remote cloud-based server. While traditional backups face several challenges such as mismanagement by companies, server collapse, cloud backup solution for backup and recovery, enables automatic backup of data, and helps in streamlining and sharing of important documents relating to a business, helping companies to enhance business transparency and efficiency.
The generation of humongous amounts of data and the need for lowering costs are helping the cloud backup market to grow. The rising adoption of SaaS and better efficiency of cloud backup than on-premises backup will also boost the growth of this market.
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The demand for cloud backup is driven by many factors, such as huge volumes of data generation, lower costs and greater efficiency than on-premises backup, and growing adoption of SaaS. With an increase in the adoption rate of cloud computing among enterprises, the cloud backup market is expected to gain a major traction during the forecast period.
Global Cloud Backup Market: Trends And Opportunities
One of the key trends which is accelerating the growth of the global cloud backup market is the availability cloud backup for virtual machines, which has become an integral part of the it infrastructure. Many enterprises are striving to achieve virtualization in the next few years as this technology offers several benefits such as better utilization of system resources and a rapid provisioning. Another trend which is influencing the market for cloud backup in a positive manner is the growing adoption of mobile technology, cloud computing, and web-based applications, in both commercial as well as Industrial sectors. The fear among businesses and enterprises regarding loss of data, which can create significant negative impact on businesses, resulting in loss as well as production and productivity remains the primary factor behind the growth of the cloud backup market.
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Global Cloud Backup Market: Regional Analysis
On the basis of end-user, this market is segmented into BFSI, telecommunication, government, and it sector. Of these, the government sector is one of the key users of cloud backup. By service, this market is segment into software as a Services, platform-as-a-service, integration is a service, and infrastructure-as-a-service. On the basis of solution type, this market is segmented into training and consulting, cloud integration and migration, managed services, and support and maintenance.
By geography, North America is leading in the cloud backup market. This region is anticipated to witness a high growth rate in the years to come and continue to hold deleting position within the market. Europe is another region which is expected to be lucrative for cloud backup on account of rise in the focus towards securing data.
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Companies mentioned:
Microsoft Corporation (U.S), IBM Corporation (U.S), Oracle Corporation (U.S), Amazon Web Services. (U.S), Google Inc. (U.S), EMC Corporation (U.S), VMware Inc. (U.S), Barracuda Networks, Inc. (US), Dropbox, Inc. (U.S), Veeam Software (Switzerland), Druva Software (US), Datto, Inc. (U.S.), and Code42 Software, Inc. (US).
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