Cloud Backup Market Forecasts to 2028 – Global Analysis By Deployment Mode (Public, Private, Hybrid), Component (Service, Solution), End User, and By Geography

Cloud Backup Market Forecasts to 2028 – Global Analysis By Deployment Mode (Public, Private, Hybrid), Component (Service, Solution), End User, and By Geography

According to Stratistics MRC, the Global Cloud Backup Market is accounted for $2.95 billion in 2021 and is expected to reach $9.61 billion by 2028 growing at a CAGR of 18.4% during the forecast period. Cloud backup is a process used to store a huge amount of data online, which can be accessed remotely at any time. Cloud backup supports the information protection of an enterprise without increasing the workload of the information technology staff.

Market Dynamics:

Driver:

Increasing adoption of cloud computing

Many industries and enterprises prefer to replace physical servers with cloud-based servers. The adoption of cloud computing empowers enterprises to increase and scale down their organizations more conveniently. Cloud-based computing offers new business abilities and opportunities for businesses. Many organizations are generating good revenue from their AWS cloud computing services. With the increasing demand for cloud-based computing, cloud back is finding more applications. It is always convenient and cost-effective for companies to use cloud-based backup for any cloud server.

Restraint:

Lifetime storage and future cost

Data is needed to be stored and accessed forever which can't be ignored. This brings about the issue of lifetime costs related to the efficient storing and managing of information. The upfront cost might appear less, but the increase in data volumes might need organizations to pay more in the future to keep the information in the cloud. This rising data may give rise to networking costs and latency issues in the case of retrievals. Most cloud storage vendors charge for the outbound bandwidth, with which regular access to the stored data and files might add up to the cloud storage costs.

Opportunity:

Rising machine virtualization technology

Machine virtualization is a moving innovation widely adopted by data centers. It empowers the data centers to utilize process resources productively as compared to non-virtualized environments. The rising use of virtualization methods in data centers is helping organizations in reducing their capital expenditure and optimizes the hardware by utilizing a minimum number of physical servers. In recent times, many vendors can sense the developing opportunity arising because of the adoption of machine virtualization in data center applications.

Threat:

Data Compliance issue

Cloud backup faces numerous regulatory difficulties because of the storage of information in various countries/regions. With the introduction of cloud backup, there are possibilities when information of a company in one country may be managed by a cloud-based company in another country. Such information faces several data compliance issues because of the availability of two different regulations set by individual countries.

The hybrid segment is expected to be the largest during the forecast period

The hybrid segment is estimated to have a lucrative growth as hybrid cloud is gaining more popularity because of the advantage of creating a more varied cloud environment. With the increasing cross-border transaction, most businesses are looking for varied cloud environments. With the utilization of hybrid cloud technology, organizations are presently managing the public cloud for the bulk of their computer data storage with scalability, affordability, and reliability, while creating a smaller private cloud for their critical and sensitive data.

The banking, financial services, and insurance (BFSI) segment is expected to have the highest CAGR during the forecast period

The banking, financial services, and insurance (BFSI) segment is anticipated to witness the fastest CAGR growth during the forecast period as banking, financial services, and insurance companies are needed to manage, recover, and secure a huge amount of information, they are consistently adopting various cloud strategies. This continuous migration to multi-cloud environments for better scalability, low latency, and data security drives the need for cloud storage solutions for efficient data analysis and data management in the cloud.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to the increasing adoption of cloud storage solutions to reap the benefits, such as high flexibility and scalability and negligible maintenance costs. Furthermore, the existing data center facilities in North America are also witnessing expansions, which will prominently increase the usage of cloud backup.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the presence of market leaders in the region and the early adoption of technologies across various end-user verticals. Asia-Pacific nations like China, Japan, and India are projected to be the quickest developing locale in the cloud backup market because of the expanding size of the high information age in numerous nations.

Key players in the market

Some of the key players profiled in the Cloud Backup Market include VMware Inc., Rockspace Hosting Inc., Oracle Corporation, Microsoft Corporation, IBM Corporation, HP Enterprise Company, Google Inc., EMC Corporation, Dropbox Inc. and Amazon Web Services Inc.
Key Developments:

In June 2020, Google Inc. opened the Google Cloud Region in Jakarta to provide lower latency access to data and applications for Google Cloud customers in Indonesia. Google Cloud Region in Jakarta is the first Google Cloud Region in Indonesia.

In Dec 2019, Amazon Web Services Inc launches EBS direct APIs that provides read access to the EBS snapshot data, enabling backup providers to achieve faster backups of EBS volumes at lower costs.

Deployment Modes Covered:
• Public
• Private
• Hybrid

Service Providers Covered:
• Telecom and Communication Provider
• Managed Service Provider
• Cloud Service Provider

Organization Sizes Covered:
• Small and Medium Enterprises (SMEs)
• Large Enterprises

Components Covered:
• Service
• Solution

End Users Covered:
• Transportation and Logistics
• Media and Entertainment
• Healthcare and Life Sciences
• Government and Public Sector
• Education
• Consumer Goods and Retail
• Banking, Financial Services, and Insurance (BFSI)
• Telecommunication and ITES
• Manufacturing

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances