Global Cloud Backup Market to Reach US$ 11.0 Billion by 2028, Stimulated by Increasing Volume of Data Generation

August 21, 2023 | Technology & Media

According to the latest report by IMARC Group, titled “Cloud Backup Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global cloud backup market size reached US$ 3.7 Billion in 2022. Cloud backup is a data storage and protection solution that enables users to store copies of their critical information on remote servers via the Internet. It serves as a secure and reliable method to safeguard valuable data, applications, and files from potential loss due to hardware failure, natural disasters, human errors, or cyber threats. Cloud backup works by encrypting the data before transmitting it to offsite data centers, ensuring the privacy and integrity of the information. This technology offers various advantages, such as automated backups, scalable storage options, and easy accessibility from any location with an internet connection. Users can schedule regular backups, ensuring that their data remains up-to-date and readily available in case of emergencies.

Global Cloud Backup Market Trends:

The exponential rise in data generation by businesses is driving the global market. Cloud Backup offers a scalable and flexible alternative, accommodating the ever-increasing storage demands. Moreover, the growing awareness of data security and the rising number of cyber threats have heightened the demand for reliable backup solutions as cloud backup provides an extra layer of protection against such threats, as the data is stored offsite, away from the primary network. Additionally, the trend of remote work and distributed teams has also played a role in augmenting the cloud backup market as employees increasingly access and work on data from different locations and devices, the need for seamless and centralized data backup and recovery becomes important. Furthermore, continual advancements in cloud technology, including faster internet speeds, improved data center infrastructure, and enhanced security measures, have contributed to the market. Looking forward, the market value is projected to reach US$ 11.0 Billion by 2028, expanding at a CAGR of 19.9% during 2023-2028.

Market Summary:

Based on the component, the market has been segmented into solutions and services.
On the basis of the service provider, the market has been divided into cloud, telecom and communication, and managed, and other service providers.
Based on the organization size, the market has been bifurcated into large, and small and medium enterprises (SMEs).
On the basis of the deployment mode, the market has been divided into public, private, and hybrid cloud.
Based on the vertical, the market has been segmented into BFSI, consumer goods and retail, education, government and public sector, healthcare and life sciences, manufacturing, media and entertainment, telecommunication and ITES, and others.
Region-wise, the market has been segmented into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and the Middle East and Africa.
The competitive landscape of the market 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).

Report Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
Units	US$ Billion
Segment Coverage	Component, Service Provider, Organization Size, Deployment Mode, Vertical, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered	United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered	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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Global Cloud Backup Market to Reach US$ 11.0 Billion by 2028, Stimulated by Increasing Volume of Data Generation

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