The global cloud backup & recovery market size is expected to reach USD 20.69 Billion in 2028 at a CAGR of 13.6% during the forecast period. Increasing adoption of cloud computing across various organizations to streamline their data platforms is a key factor driving revenue growth of market. Cloud is now the primary data storage hub across various organizations as enterprises are transferring their application to cloud to leverage advantages and benefits offered by innovative and advanced analytics solutions.
Growing demand for safe and reliable remote cloud backup and restoration to optimize business outcomes is expected to further drive revenue growth of market over the forecast period. Cloud backup and recovery services safeguard confidential and sensitive information of enterprises, automatically backup laptop, desktops, and database from across an organization. Increasing need to minimize downtime with better backup and recovery solutions is expected to further boost revenue growth of cloud backup and recovery market. In addition, increasing adoption of Infrastructure-as-a-Service (IaaS) cloud computing, which provides virtualized computing resources over the internet, is also expected to drive market growth over the forecast period.
However, increasing security and privacy issues concerned with cloud storage and tedious recovery processes of cloud backup and recovery solutions are key factors expected to restrain market growth to a significant extent over the forecast period.
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Some Key Highlights in the Report:
- Hybrid segment is expected to register significantly high revenue CAGR of 14.0% during the forecast period owing to increasing adoption of hybrid cloud platform among organizations as it provides increased flexibility in shifting and testing of software and data to public cloud while maintaining framework integrity of private settings.
- SME segment revenue is expected to expand steadily over the forecast period owing rising incorporation of cloud computing amongst small and medium enterprises to minimize operational costs. SMEs are rapidly shifting to cloud computing as it efficiently and safely stores data and eliminate the need to build a private server which is increasingly susceptible to downtime.
- BFSI segment is expected to account for largest revenue share during the forecast period owing to increasing demand for cloud backup and recovery solutions in banking and financial sector due to rapidly rising digital banking and investment applications across the sector.
- Asia Pacific market revenue is expected to expand considerably over the forecast period majorly attributed to increasing adoption of cloud technology across various sectors to safe access data from remote locations and prevent loss of crucial data and rapid expansion of IT and telecommunication sector in the region.
- Prominent players in the market include Microsoft Corporation, Veritas Technologies LLC, Carbonite, Inc., Actifio, Inc., Acronis International GmbH, Broadcom Inc., CommVault Systems, Inc., International Business Machines Corporation, Redstor Limited, and Rackspace, Inc.
- In March 2019, Carbonite, Inc., which is a leading provider of cloud-based data protection, acquired Webroot Inc. Combining cloud-based backup and recovery solutions with cloud-based cybersecurity is expected to introduce a novel approach to end-point data protection.
For the purpose of this report, Emergen Research has segmented the global cloud backup & recovery market on the basis of type, user type, end-use, and region:
Type Outlook (Revenue, USD Billion; 2018–2028)
User Type Outlook (Revenue, USD Billion; 2018–2028)
- Large Enterprise
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Telecommunication & IT
Regional Outlook (Revenue, USD Billion; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
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