According to a recent report by Emergent Research, the global market for cloud data backup and recovery is expected to reach USD 19.91 billion by 2027. The market for cloud data backup and recovery is expected to develop as a result of rising interest in cloud computing, computer data storage, and data centers. Utilizing only a small number of physical servers, virtualization technology in data centers enables businesses to lower capital costs and maximize resources. A data center’s cost can be reduced by about 25% using the idea of computer virtualization. This method is now progressively being followed by the majority of data centers, which is likely to further fuel market growth.
Data backup and recovery is the process of creating secure ways that enable data restoration and backing up data in case it is lost. To ensure that data is available in the event of data loss or damage, data backup entails copying and preserving data. Businesses and organizations operate under the assumption that anyone can make mistakes, and that any computer or its operating system, can fail. Additionally, data backup and recovery are essential parts of keeping data for every firm. Businesses must prepare in advance and put in place data backup procedures that guard against unintentional data deletion and enable speedy data recovery. Successful data backup options involve using an offshore server, different discs, or cloud backup to store big volumes of data.
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Some Key Highlights From the Report
Veeam Software, the industry leader in backup solutions that offer Cloud Data Management, announced the public availability of the most recent Veeam Backup for Microsoft Azure in April 2020. This solution is enterprise-ready and offers cloud backup and recovery. With the help of our most recent offering, customers and service providers will be able to secure cloud services on Azure in an efficient, cost-effective, and secure manner. Additionally, Veeam’s portable backup technology enables full Cloud Mobility in a multi-cloud environment, including migration, backup, and recovery.
Since it provides ongoing data storage for corporate data acceptance, the data retention category is anticipated to lead the market with a CAGR of 10.8% throughout the forecast year.
The hybrid sector is predicted to hold the largest market over the projection period due to benefits including increased compliance with safety requirements, improved redundancy, the reduced total cost of ownership, quick recovery, and improved availability.
The large enterprise segment is anticipated to dominate the market over the projected period as businesses rely on cloud storage & recovery technologies for data access to avoid uncommon delays in accessing corporate data difficulties.
Because of the significant boost that effective online banking provided by cloud technology has given the banking industry, it is anticipated that the BFSI category will hold the biggest market share throughout the projection period.
Due to the growing use of cloud computing services across a variety of industries, North America is anticipated to account for the biggest market share during the forecasted period.
Acronis International GmbH, CA Technologies, Hewlett Packard Enterprise, Commvault, Veeam Software, NetApp, Inc., and Microsoft Corporation are a few of the important participants.
Emergen Research has segmented the global Cloud Data Back-Up & Recovery Market based on software, deployment model, organization, end-use, and region:
Software Outlook (Revenue, USD Billion; 2017-2027)
- Data Reduction
- Data Replication
- Data Retention
Deployment Model (Revenue, USD Billion; 2017-2027)
Organization (Revenue, USD Billion; 2017-2027)
- Large Enterprises
- Small and Medium Enterprises
End-Use Outlook (Revenue, USD Billion; 2017-2027)
- IT and Telecommunications
Regional Outlook (Revenue, USD Billion; 2017-2027)
- North America
- the U.S.
- the UK
- Rest of Europe
- the Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA