The market for cloud backup and recovery was estimated to be worth USD 4.95 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 15.2% to reach USD 10.25 billion by 2032. The growth of cloud computing models is a notable development that the market is now experiencing. Every year, cloud computing advances and is expected to increase rapidly shortly.
New technologies like artificial intelligence (AI) and machine learning (ML) are also emerging in the cloud backup and recovery industry, and these technologies are being incorporated into backup and recovery systems to improve their capabilities. These technologies provide proactive monitoring and management, automatic backup and recovery procedures, and faster and more precise data recovery. In general, it is anticipated that the market for cloud backup and recovery will keep expanding in the upcoming years due to the rising need for disaster recovery and data protection solutions, the increasing use of cloud computing, and the introduction of new technologies.
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Cloud Backup and Recovery Market Segmentation
By Service
- Training and Consulting
- Support and Maintenance
- Cloud Integration and Migration
- Managed Services
Regional Scope
- North America
- Europe
- APAC
- South America
- Middle East
- Africa
Key Company
Amazon Web Services, Microsoft Corporation, IBM Corporation, Dell EMC, Google LLC, Oracle Corporation, VMware Inc., Hewlett Packard Enterprise Development LP, Cisco Systems, Inc., NetApp, Inc., Veeam Software, Commvault Systems, Inc., Veritas Technologies LLC, Carbonite, Inc., Acronis International GmbH
Market Opportunity
The increasing need for affordable business continuity and data security solutions is driving a rapid growth in the global market for cloud backup and recovery services. The necessity to safeguard mission-critical data and the complexity of IT settings are the two main drivers behind the demand for dependable backup solutions. In addition, cloud backup and recovery solutions are now more easily accessible to enterprises due to the expanding use of cloud computing and the general availability of internet services. The growing need for data security and the introduction of novel technologies like big data and blockchain are anticipated to propel the worldwide market for cloud backup and recovery.
The need for cloud backup and recovery solutions is also being driven by the proliferation of linked devices and the increasing use of mobile devices. Additionally, the market for cloud backup and recovery is anticipated to develop as a result of the growing ubiquity of cloud-based solutions and the Internet of Things (IoT). The growing need for disaster recovery solutions is one of the main factors behind the growth of the worldwide cloud backup and recovery market. Businesses need more dependable backup solutions that can promptly restore data in the event of a disaster as their reliance on digital infrastructure grows. Furthermore, the worldwide market for cloud backup and recovery is anticipated to gain from the expansion of the business storage sector. Due to the rising need for affordable data protection solutions and the introduction of new technologies, the global market for cloud backup and recovery is anticipated to rise significantly over the coming years.
Market Driver
The growing volume of data created by businesses is one driver propelling the cloud backup and recovery industry. The amount of data created by enterprises has skyrocketed due to the advent of digitalization and the increasing dependence on digital data for business operations. Important company data, including financial, operational, and consumer data, is included in this data. The need for cloud backup and recovery solutions has increased as a consequence of the necessity for businesses to guarantee that this data is safe and always accessible.
Organizations may store vital data in safe, dependable cloud-based storage systems with the help of cloud backup and recovery solutions. In the event of any data loss situations, such as cyberattacks, system failures, or natural disasters, this guarantees that the data is recoverable swiftly and accessible from any location at all time. In order to guarantee the protection and accessibility of their vital business data, enterprises must now use cloud backup and recovery solutions due to the exponential growth in data generation.
Reason to Buy this Report
- Market research: The study includes useful information on market trends, potential prospects, and competitive landscapes. Reading technology research may help organizations and investors obtain a better knowledge of the Cloud Backup and Recovery Market they are operating in or contemplating joining, allowing them to make more educated decisions based on data and analysis.
- Competitive analysis: The study provides thorough information on competitors’ strengths, weaknesses, and tactics, assisting organizations in identifying possible threats and opportunities in the Cloud Backup and Recovery Market.
- Innovation: The study offers insights into new technologies and trends, allowing firms to keep current with the latest advances and make educated decisions about where to spend their resources.
- Due diligence: Investors and acquirers can use the report to do due diligence when contemplating investing in or purchasing a technology firm. These reports can give useful information on the company’s finances, technology, market position, and other important aspects.
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