Global Cloud Backup Market Size By Service Provider (Telecom And Communication Provider, Cloud Service Provider), By Component (Solution and Services), By Deployment Type (Private, Public), By Vertical (Telecommunication and IT, Education), By Geographic Scope And Forecast

Cloud Backup Market Size And Forecast

Cloud Backup Market size was valued at USD 3.34 Billion in 2022 and is projected to reach USD 20.6 Billion by 2030, growing at a CAGR of 29.6% from 2023 to 2030.

The Global Cloud Backup Market Study provides an outlook on the development of the market in terms of revenue throughout the prognosis period. The drivers and restraints are intrinsic factors whereas opportunities and challenges are extrinsic factors of the market. The Global Cloud Backup Market Study provides an outlook on the development of the market in terms of revenue throughout the prognosis period.

Global Cloud Backup Market Definition

The Cloud Backup is commonly known as an online backup which is a data copy sent over the secure public network to the remote cloud-based server. This cloud backup introduces data availability at remote locations, real-time data accessibility, user-friendly technology, and low cost of implementation. It provides the automatic backup of data as compared to the traditional methods which were facing problems such as server collapse, mismanagement by companies, and others. It widely finds its application in telecommunication, healthcare, and many other sectors.

Global Cloud Backup Market Overview

Cloud computing has introduced various services and solutions that enable users to access data remotely, boosting demand for the global cloud backup market. This has prompted the information and technology domain to continue growing and facilitates it with a major aspect of data backup and . This feature, known as cloud backup, has facilitated IT professionals to store sensitive information and other databases in a single cloud-based service that can be obtained by multiple users.

With enhanced data storage at large enterprises, there is a greater demand for cloud-based services, that provide lower costs and greater efficiency. This characteristic has driven the global cloud backup market. However, issues with compliance for different applications may limit the global cloud backup market’s overall rate of growth.

Global Cloud Backup Market Segmentation Analysis

The Global Cloud Backup Market is Segmented on the basis of Component, Deployment Type, Service Provider, Vertical, and Geography.

Cloud Backup Market, By Component

• Solutions
• Services

Based on Component, the market is segmented into Solutions and Services. Solution accounted for the largest market share in 2021 as this is the most popular provider of cloud backup products or solutions for business. Clearing data is particularly crucial for those who work in highly regulated industries with very rigorous compliance with data privacy, such as financial Components and healthcare. Due to this, the segment has high demand in the cloud backup market.

Cloud Backup Market, By Deployment Type

• Private
• Public
• Hybrid

Based on Deployment Type, the market is segmented into private, public, and hybrid. The private cloud accounted for the largest market share in 2021. Private clouds designed for businesses that demand high-level security, full data control, and customization. The security and safety offered by the private cloud is a major factors expected to drive the market in this segment.

Cloud Backup Market, By Service Provider

• Telecom and Communication Provider
• Cloud Service Provider
• Managed Service Provider

Based on service provider, the market is segmented into telecom and communication provider, cloud service provider, managed service provider. Cloud service providers accounted for the largest market share in 2021. These are hosted in a data center that can be accessed by companies or individuals using network connectivity. Cloud service providers also offer cloud backup solution so that their customers can retrieve critical data in case of system failure.

Cloud Backup Market, By Vertical

• Telecommunication and IT
• Education
• Government and Public Sector
• Banking and Financial Institute
• Customer Goods and Retail
• Healthcare
• Transportation and Logistics
• Others

Based on vertical, the market is segmented into telecommunication and IT, Education, Government and public sector, banking and financial institute, customer goods and retail, healthcare, transportation and logistics, and others. Banking and financial accounted for the largest market share in 2021. The growing demand for cloud storage service and the trend of cloud computing in banking and financial institutes, the cloud backup market is expected to grow at a significant rate over the forecast period.

Cloud Backup Market, By Geography

• North America
• Europe
• Asia Pacific
• RoW

Based on Geography, the Global Cloud Backup Market is classified into North America, Europe, Asia Pacific, and RoW. North America is expected to hold the largest market share of the Cloud Backup market over the forecast period followed by Europe. North America region has significant growth in the global cloud backup market. The US is the major contributor in terms of revenue share in the regional market. The presence of major cloud service providers such as Microsoft, Google, Salesforce, etc. in the US is one of the major factors contributing to the growth of the cloud backup market in the region. The rising adoption of personal cloud services by many US SMEs for business operations is expected to bolster the growth of the cloud backup market in North America.

Key Players

The “Global Cloud Backup Market” study report will provide a valuable insight with an emphasis on the global market including some of the major players such as Druva Software, Carbonite, Inc., Barracuda Networks, Inc., International Business Machines Corporation, Acronis International GmbH, Iron Mountain Incorporated, Asigra Inc., Code42 Software, Inc., Datto, Inc., and Microsoft Corporation.

Our market analysis also entails a section solely dedicated to such major players wherein our analysts provide an insight into the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share, and market ranking analysis of the above-mentioned players globally.

Key Development

• In October 2021, Zix Corporation, a leading supplier of cloud email security, productivity, and compliance solutions, today announced the availability of its cloud-based data backup and recovery solution via its user-friendly Secure Cloud platform. Customers may now have total insight into the security and compliance of communication systems such as Microsoft Office 365, Google Workspace, SharePoint, OneDrive, Salesforce, Box, and Dropbox.
• In February 2021, Carbonite Inc. announced the acquisition of Webroot, a leading cybersecurity company. The acquisition enabled the company to create a completely new approach to endpoint protection through cloud-based cybersecurity, paired with cloud-based backup and recovery.
• In October 2020, Druva, Inc., the industry leader in Cloud Data Protection and Management, unveiled today the world’s first cloud-based, integrated backup and archive for network attached storage (NAS) systems. With integrated storage insights, the new solution enhances backup performance by more than 5X, adds intelligent cold-store tiering, and helps spread storage expansion. The direct-to-cloud architecture of Druva, which removes duplicate copies and infrastructure, enables enterprises to preserve, manage, and optimise the value of unstructured data with more ease and at a lower cost.
• In June 2020, Otava, a global pioneer in safe and compliant cloud solutions, has announced the addition of Otava Cloud Backup for Microsoft 365. On top of Otava’s compliant cloud infrastructure, the new Software as a Service (SaaS) solution provides backup service powered by Veeam® for customers of Microsoft 365 online apps. Following the recent introductions of Otava Cloud Connect and Otava Cloud Backup, the company’s fully managed and self-managed backup solutions, respectively, Otava Cloud Backup for Microsoft 365 is yet another addition to the company’s extensive range of Veeam-based cloud backup solutions.

Ace Matrix Analysis

The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.