The global cloud backup market is anticipated to grow at a CAGR of 22.0% during the forecast period (2022-2028). Cloud backup is a service in which the data and applications on a business’s servers are backed up and stored on a remote server. Businesses opt for backup to the cloud to keep files and data readily available in the event of a system failure, outage, or natural disaster. It supports the user back up the data online, instead of storing them offsite, which can be expensive. Several features that are available include real-time accessibility, low implementation cost, user-friendly technology, and availability of the data at any location.
Moreover, the increase in the adoption of mobile devices and easy deployment of cloud backup technology is another factor that is going to boost the growth of the market. The application of cloud backup is expanding owing to the growing adoption of the 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). However, data accessibility through the internet has a threat of privacy issues that is acting as a restraining factor for the growth of the global cloud backup market.
Some major companies in the market include Amazon Services, Inc. (AWS), IBM Corp., and Oracle Corp., among others. The market players are contributing significantly to the growth of the market by the adoption of various strategies including mergers & acquisitions, geographical expansion, partnerships, new product launches, and collaborations, to stay competitive in the market. For instance, in January 2019, Amazon Services, Inc. introduced AWS Backup which is integrated with Amazon EBS, Amazon DynamoDB, Amazon EFS, Amazon RDS, and AWS Storage Gateway which provides a fully managed AWS backup solution.
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Market Coverage
The market number available for – 2021-2028
Base year- 2021
Forecast period- 2022-2028
Segment Covered-
By Component
By Service Provider
By Deployment Mode
By Organization Size
By Industry
Regions Covered-
North America
Europe
Asia-Pacific
Rest of the World
Top Major Key Players:
Amazon Services, Inc. (AWS), IBM Corp., and Oracle Corp., among others.
Key questions addressed by the report
What is the market growth rate?
Which segment and region dominate the market in the base year?
Which segment and region will project the fastest growth in the market?
How has COVID-19 impacted the market?
Deviation from the pre-COVID-19 forecast
Most affected region and segment
Who is the leader in the market?
How players are addressing challenges to sustain growth?
A full report of cloud backup market is available at:
https://orionmarketreports.com/global-cloud-backup-market/97494/
Global Cloud Backup Market Report by Segment
By Component
Solutions
Services
By Service Provider
Managed Service Provider
Cloud Service Provider
Telecom and Communication Provider
Others
By Deployment Mode
Public
Private
Hybrid
By Organization Size
Large Enterprises
Small and Medium Enterprises
By Industry
BFSI
Consumer Goods and Retail
Education
Manufacturing
Media
Entertainment
Others
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