Cloud Backup Market Size, Share, Growth Analysis, By Component(Solution, and Services), By Service Provider(Managed Service Provider, Cloud Service Provider), By Industry Vertical(Banking, Financial Services), By Deployment Mode(Public, Private), By Organization Type(Large Enterprises, Small and Medium Enterprises (SMEs)) - Industry Forecast 2024-2031

Report ID: SQMIG45D2090 | Region: Global | Published Date: April, 2024
Pages: 199 | Tables: 150 | Figures: 76

Cloud Backup Market Insights

Global Cloud Backup Market size was valued at USD 11.65 billion in 2022 and is poised to grow from USD 12.76 billion in 2023 to USD 26.37 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

Cloud backup simply refers to a data backup on a cloud platform that is accessible from all over the world and is highly scalable as compared to traditional storage methods. The surge in the adoption of different cloud platforms and services is projected to be the key factor driving cloud backup market development in the future. Increasing generation of data, growing deployment of advanced analytics, high utilization of data to optimize business operations, and growing use of technologies such as artificial intelligence and machine learning are predicted to be other key prospects that could uplift the demand for cloud backup across the forecast period and beyond. However, data privacy and security concerns are estimated to impede cloud backup market growth potential in the long run. Cloud backup providers should target the Asia Pacific region to maximize their revenue generation potential and

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Cloud Backup Market size was valued at USD 11.65 billion in 2022 and is poised to grow from USD 12.76 billion in 2023 to USD 26.37 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).

Cloud backup providers can capitalize on the growing adoption of different types of cloud platforms and services that provide added flexibility and scalability for companies. Cloud backup market players can also benefit from expanding existing data storage and transmission networks worldwide. Cloud backup companies need to improve their security to enhance their business potential and maximize revenue generation across the forecast period and beyond. 'Amazon Web Services Inc.', 'Oracle Corporation', 'DropBox Inc. ', 'Druva Software', 'Microsoft Corporation', 'CommVault Software', 'Asigra Inc.', 'Barracuda Networks', 'EMC Corporation', 'Google Inc.', 'Efolder Inc. ', 'Iron Mountain Incorporated', 'IBM Corporation', 'VMware Inc.', 'Dropbox Inc.', 'Datto Inc.', 'Symantec Corporation', 'HP Enterprise Company'

With all systems going digital across the world, the sheer amount of data that is generated has increased quite exponentially in recent years and it’s not possible for all companies to create a storage infrastructure, which is slated to boost the demand for solutions and services going forward.

Rise of Use of Artificial Intelligence: Cloud backup providers can earn a massive fortune by tailing the artificial intelligence trend as it becomes prominent in almost all walks of life. Growing use of AI will also promote the demand for training data management, which in turn, is slated to uplift the adoption of cloud backup solutions and services in the long run.

North American countries have been early adopters of almost all kinds of cloud-based technologies, and this has allowed this region to hold sway over the cloud backup demand outlook as well. Growing penetration of cloud platforms, presence of key tech companies, and increasing digitization of different industry verticals are also slated to allow North America to maintain its dominant stance in the landscape. The United States is slated to be the key contributor to cloud backup demand followed by Canada in this region going forward.

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