The rising IoT-based system adoption in several industries and large amounts of data processing in the telecommunication industry is driving the demand for the market. Cloud Data Back-Up & Recovery Market is forecasted to be worth USD 19.91 Billion by 2027, according to a current analysis by Emergent Research. The growing cloud computing adoption, increasing demand for computer data storage, and increasing demand for data centers are anticipated to propel the cloud data backup and recovery market. The usage of virtualization technology in data centers helps enterprises, through the use of a limited number of physical servers, to reduce capital expenditures and optimize resources. The concept of computer virtualization can reduce the cost of a data center by around 25%. This strategy is now increasingly being adopted by the majority of data centers, which is expected to further drive market growth.
However, data compliance problem owing to the lack of standardized guidelines is expected to hinder the market growth over the forecast period.
Key Highlights From The Report
In April 2020, The general availability of the latest Veeam Backup for Microsoft Azure, an enterprise-ready cloud backup and recovery solution, was announced by Veeam Software, the pioneer in backup solutions that provide Cloud Data Management. This latest offering would allow consumers and service providers to migrate more applications and data to Azure and to secure cloud services in Azure cost-effectively, efficiently, and securely. Moreover, the portable backup framework of Veeam allows full Cloud Mobility in a multi-cloud environment, with recovery, backup, and migration.
Over the forecast timeframe, the data retention segment is expected to dominate the market with a CAGR of 10.8%, since it offers continuous data storage for business data acceptance.
Due to the advantages, such as greater compliance with safety regulations, improved redundancy, minimizing total cost of ownership, quick recovery, improved availability, the hybrid sector is anticipated to hold the largest market during the forecast period.
As businesses focus on cloud storage & recovery technologies for data access to minimize unusual delays in accessing business data challenges, the large enterprise segment is expected to dominate the market over the forecasted period.
It is expected that the BFSI segment will hold the largest market share throughout the forecast timeframe since the banking sector has received a massive boost by effective online banking through cloud technologies.
North America is expected to hold the largest market share over the forecast timeframe due to the rapid adoption of cloud computing services among various industries.
Key participants include Dell Inc., Microsoft Corporation, IBM Corporation, Oracle Corporation, Acronis International GmbH, CA Technologies, Hewlett Packard Enterprise, Commvault, Veeam Software, and NetApp, Inc., among others.
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
The rise in the adoption of machine virtualization by data centers.
- 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