According to the latest report by IMARC Group, titled “Cloud Backup Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global cloud backup market reached a value of US$ 3.2 Billion in 2020. Cloud backup refers to a third-party service that enables organizations to store data and applications on a remote server. It sends a copy of the file to another location for preservation during system failure, outage, or natural disasters. As compared to traditional physical disaster recovery systems, cloud backups are more cost-effective, flexible, and provide on-demand scalability. They also help safeguard the data, allow real-time data recovery and duplication, and eliminate costs of building and maintaining on-premise information technology (IT) infrastructure.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.?
Global Cloud Backup Market Trends:
The increasing instances of data breaches, the rising volume of data generation and the widespread virtualization across businesses for better utilization of system resources are majorly driving the global cloud backup market growth. Cloud backup provides better business agility, scalability, innovation, customization, and security, which, in turn, is creating a positive outlook for the market. In line with this, the increasing adoption of cloud-based services, such as software as a service (SAAS) and hybrid models, are further catalyzing the market growth. Additionally, continuous technological advancements, including the integration of big data, the Internet of Things (IoT), and artificial intelligence (AI), are acting as another growth-inducing factor. The emergence of digital banking is accelerating the demand for cloud computing in the banking, financial services and insurance (BFSI) industry, which is acting as another major growth-inducing factor. Looking forward, the market is expected to grow at a CAGR of around 24.4% during 2021-2026.
- Based on the component, the market has been bifurcated into solutions and services.
- On the basis of the service provider, the market has been divided into cloud, telecom and communication, and managed service provider, and others.
- Based on the organization size, the market has been segmented into large, and small and medium enterprises (SMEs).
- On the basis of the deployment mode, the market has been segregated into public, private, and hybrid cloud.
- Based on the vertical, the market has been classified into the BFSI, consumer goods and retail, education, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, telecommunication and IT, and others.
- Region-wise, the market has been segmented into?North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others),?Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has also been examined,?with some of the key players being Acronis International GmbH (Acronis AG), Amazon Web Services Inc. (Amazon.com Inc.), Asigra Inc., Barracuda Networks Inc. (Thoma Bravo LP), Carbonite Inc. (OpenText Corporation), Code42 Software Inc., Datto Inc., Dropbox Inc., International Business Machines Corporation, Microsoft Corporation, Oracle Corporation, Veeam Software GmbH and Vmware Inc. (Dell Technologies).
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