Cloud Back-Up Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component (Solution and Services), By Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), By End-user Industry (BFSI, IT & Telecom, Media & Entertainment, Retail, and Healthcare), By Region, By Competition 2018-2028
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationCloud Back-Up Market – Global Industry Size, Share, Trends, Opportunity, and Forecast Segmented by Component (Solution and Services), By Deployment Mode (Public Cloud, Private Cloud, and Hybrid Cloud), By End-user Industry (BFSI, IT & Telecom, Media & Entertainment, Retail, and Healthcare), By Region, By Competition 2018-2028
| Forecast Period | 2024-2028 |
| Market Size (2022) | USD 4.13 Billion |
| CAGR (2023-2028) | 10.37% |
| Fastest Growing Segment | BFSI |
| Largest Market | North America |
Market Overview
Global Cloud Back-Up Market has valued at USD 4.13 Billion in 2022 and is anticipated to project robust growth in the forecast period with a CAGR of 10.37% through 2028. Data loss is becoming a significant concern across all industries. In one recent survey, around 33% blamed hardware or system failure for data loss, while 29% reported that their companies lost data due to human error or ransomware. It is estimated that up to 93% of organizations that lose servers for 10 days or more during a disaster filed for bankruptcy within the next 12 months, with 43% never reopening. Another industrial survey of the US and Canadian IT professionals using cloud-based data protection services found that while 74% of respondents rely only on the native Microsoft 365 services for backup, only 15% could recover 100% of their data.
Key Market Drivers
Furthermore, IBM revealed that 90% of the data was created in the previous two years. Because of the large amount of data generated, there is a rising demand for low-cost data backup/storage across companies. Automated backup, Malware protection, Encrypted cloud storage, File-level Recovery, and Point-in-time Restore, among others, are some trending services in the market.
Key players in the market are increasing investments in cloud technologies. For Instance, Veeam Software has partnered with Microsoft Azure to provide New Veeam Backup, an enterprise-ready cloud backup and recovery solution for Microsoft Azure. The new product will help customers and service providers to migrate more apps and data to Azure and to cost-effectively, securely, and easily protect cloud applications and data in Azure.
Strengthening The Global Cloud Backup Market Growth Is The Availability Of Cloud Backup For Virtual Machines
Cloud backup, also known as online backup, helps send a copy of a file to a secondary, off-site location for preservation in case of hardware/software failures or unforeseen disasters. The secondary server is usually hosted by a third-party service provider that charges the user a fee depending on the data transmission bandwidth, storage space or capacity used, and the number of times the data has been accessed. Cloud backup supports the data protection of an enterprise without increasing the workload of the information technology (IT) staff. Consequently, it is used by small and medium-sized businesses (SMBs), as well as larger enterprises around the world. One of the major trends strengthening the global cloud backup market growth is the availability of cloud backup for virtual machines, which has become an integral part of the information technology (IT) infrastructure. Many enterprises are focusing on achieving virtualization as it offers several benefits, such as better utilization of system resources. Apart from this, the demand for cloud backup is escalating due to lower costs, greater efficiency than on-premises backup and a significant increase in the volume of data generated across various industries. Furthermore, the application of cloud backup is expanding on account of the growing adoption of software as a service (SaaS) model and the emergence of new technologies, such as big data, the Internet of Things (IoT) and Artificial Intelligence (AI). Besides this, the rising utilization of mobile devices is anticipated to provide lucrative opportunities for the leading players in the upcoming years.
Key Market Challenges
Problems regarding storage management and securing backups to impede the market pace
Several organizations leave their database backup unencrypted, this is mainly due to the complexity of the procedure, which may corrupt the data and create a need for additional software licenses. Furthermore, increasing number of backups causes more challenges for storage management needing deeper understanding of databases backup needs. This further creates issues in storage management. Hence, these factors are expected to restrain growth of the global cloud backup & recovery software market. However, with increasing technological development, market players are focusing on offering solutions that overcome these issues, and this in turn is expected to support growth of the market.
Slow reaction time in data retrieval and interruptions are to hinder the market growth
Latency in data transfer during the retrieval from the public cloud infrastructure, and prevalence of interruptions after the data is retrieved and transmitted to the location of end-user, creates hesitance among consumers towards the adoption of cloud backup & recovery software. In the data exchange between cloud services across the internet, latency can be significantly high. Such delays can lead to higher costs for users of multiple cloud services. This in turn is expected to restrain growth of the global cloud backup & recovery software market over the forecast period.
Key Market Trends
Emergence Of Infrastructure as a Service (IAAS) Among Others Is A Recent Trend
Various trends such as on-demand cloud providers, infrastructure as a service (IaaS), demand for big data and social networking, growing adoption of smart device and tablets, among others are increasing in the global cloud backup & recovery software market. These factors are leading to generation of huge amount of data, which in turn creates a need for backup and recovery system. Thus, this in turn drives the demand for cloud backup & recovery software, which is boosting growth of the market.
Rise in adoption of cloud backup & recovery solutions among small and medium enterprises is expected to create several growth opportunities in the global cloud backup & recovery software market over the forecast period. As per the Salesforce website, the cost of data recovery for SMEs can be US$ 10,000 excluding the cost of man hours and downtime needed for recovering the data. Thus, getting the data back without backup and recovery solution for SMEs becomes difficult for and this further results into rise in adoption of cloud backup & recovery solutions. This in turn creates various opportunities in the global cloud backup & recovery software market.
Moreover, increase in implementation government regulations for data security is also expected to provide several business opportunities in the global cloud backup & recovery software market over the forecast period. For instance, Health Insurance Portability and Accountability act (HIPAA), founded standards for the privacy and security of healthcare-related data. The healthcare organization have to ensure that the electronic data systems in their organization adhere to the HIPAA regulations. This factor is creating growth opportunities for the players in the market.
Segmental Insights
End User Industry Insights
The banking industry is increasingly embracing digital banking and investing solutions, which is increasing demand for Cloud storage/backup in the BFSI sector. Further, some financial sector businesses are transitioning to cloud technologies to obtain a competitive advantage, enabling innovation, customization, and security. Further, Government and private organizations are collaborating with many companies to anticipate new growth opportunities in the market over the next five years. For Instance, UBS and Microsoft Corp have expanded their collaboration to boost UBS's public cloud footprint over the next five years. UBS (multinational investment bank and financial services company) intends to operate more than half of its applications, including critical workloads, running on Microsoft Azure, now UBS's primary cloud platform. The partnership furthers UBS's cloud-first strategy and the modernization of its global technology estate.
Furthermore, the growing number of data breaches in the banking sector is driving banks to use cloud backup solutions that will allow them to recover from any disaster. Public cloud solutions provide an enhanced backup resource to ensure business continuity despite a disaster.
The increasing trends for cloud-based real-time payment solutions can be attributed to their flexibility in providing real-time payment insights to retailers. The growing adoption of digital payment methods in BFSI globally is anticipated to drive market growth over the next five years. According to an IBM survey on Cloud usage by organizations, Microsoft Azure has the highest percentage of 56% of cloud usage in the last year.
Regional Insights
The North America region is expected to dominate the market during the forecast period.
The United States is anticipated to occupy a crucial portion of the demand for cloud-based storage/backup solutions over the next five years. A significant driver behind the investments in the market is the continuous evolution and application of new technologies to unlock volumes that were previously considered non-commercial. With a series of investments across healthcare, retail, communications, and manufacturing applications in the country, the market for cloud-based solutions is expected to witness significant growth over the next five years.
The country has made multiple efforts to modernize its infrastructure. To achieve this, the US Army planned to spend up to USD 249 million to deploy private cloud computing services and data centers. General Dynamics, HP, and Northrop Grumman were among the service providers selected for the Army Private Cloud contract, providing cloud computing services to consolidate data centers using a secure private cloud. In the United States, the adoption of cloud-based computing is increasing rapidly, owing to which the data centers in the country are also witnessing an increase. According to Credit Suisse, the United States currently accounts for the highest number of hyperscale data centers worldwide, holding more than one-third of the total hyperscale data centers in the country. The overall GDP of the country is expected to grow more than USD 30966.06 by the end of 2021, to which the digital economy contributes significantly. Over the next five years, this digital economy is expected to grow further. Also, the data center industry in the country is increasing considerably due to the rapidly growing IT and telecommunication sectors.
Recent Developments
- In January 2017, Carbonite acquired Double-TakeSoftware, an affiliate of Vision Solutions, Inc. and Clearlake Capital. Throughthis acquisition Carbonite would enhance its suite of data protection solutionsfor Small and Medium-sized Businesses (SMBs) which would significantly reducedowntime.
- In January 2017, Comarch entered into an agreementwith Siminn, a leading telecom provider in Iceland. Under this agreement, Comarchwould offer managed services to Siminn, to reduce OPEX and enhance itsexcellence in business operations. The agreement would help the company inexpanding its customer base across Europe. With Comarch’s Managed Services,Siminn would reduce its OPEX and also have the opportunity to stay ahead of thecompetition in the cloud OSS/BSS market
- In May 2016, Druva announced new consumption-basedpricing for Druva Phoenix. This would allow enterprises to pay only for theactual storage they use. Also, it would increase the adoption of cloud-basedtechnologies among the enterprises.
- July 2022Backblaze, Inc., the top independent cloudstorage platform, declared a collaboration with Veritas to include B2 CloudStorage into Veritas Backup Exec. Customers who use Backup Exec to synchronizetheir data backup and recovery procedures have access to simple, economical,S3-compatible object storage through their combined solution. Using Veritas'Backup Exec service, businesses can secure practically any data on any storagemedium, including tape, servers, and the cloud.
- September 2022UiPath, a prominent enterpriseautomation software firm, during its FORWARD 5 global user conference, revealedthat it is working with Microsoft to provide best-in-class automationexperiences and interfaces between the two key partners. Microsoft Azure is apreferred cloud platform for UiPath, including the UiPath Automation Cloud,while UiPath is a preferred enterprise automation partner at Microsoft..
Key Market Players
- 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 BusinessMachines Corporation
| By Component | By Deployment Mode | By End-user Industry | By Region | |
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