What Has Been The Evolution of the Cloud Backup Market in Recent Years?
The cloud backup market has seen considerable growth due to a variety of factors.
• The size of the cloud backup market has experienced rapid expansion in the past few years. The market, which will expand from $5.95 billion in 2024 to $7.54 billion in 2025, is set to experience a compound annual growth rate (CAGR) of 26.8%.
The significant growth in the past can be credited to the explosion of data due to digitalization, a surge in cloud computing adoption, escalating concerns about data loss and security, mounting regulatory compliance obligations, and advancements in internet infrastructure.
What Is the Forecasted Market Size and Growth Rate for The Cloud Backup Market By 2029?
The cloud backup market is expected to maintain its strong growth trajectory in upcoming years.
• Anticipated to undergo substantial expansion in the coming years, the market size for cloud backup is predicted to escalate to $19.27 billion by 2029, with a compound annual growth rate (CAGR) of 26.4%.
The predicted growth during this period can be linked to factors such as the surge in remote work and hybrid settings, escalating cyberattack and ransomware threats, a mounting dependence on cloud-based applications, breakthroughs in AI and machine learning aiding backup optimization, and an increased implementation of data protection rules and policies. Key trends for the forecast period are the incorporation of AI and machine learning for automatic backup processes, utilization of blockchain for augmented data security and integrity, serverless backup structures, multi-cloud and hybrid cloud backup services, and the integration of edge computing for quicker and localized backups.
What Are The Leading Drivers Of Growth In The Cloud Backup Market?
The rise in remote and mixed working settings is projected to drive the expansion of the cloud backup market in the future. Remote working includes staff operating from sites outside of the traditional office setting, whereas a hybrid workspace entails a blend of on-site and remote working conditions. This shift towards remote and combined working situations is being steered by the requirement for increased flexibility, cost savings, and a better work-life equilibrium, expedited by technological advancements and the coronavirus crisis. By facilitating safe, accessible, and scalable data storage and recovery across numerous devices and locales, cloud backup fortifies remote and hybrid work conditions. As an illustration, the US Bureau of Labor Statistics, a government agency in the US, reported in April 2023 that the proportion of institutions with employees who solely worked remotely escalated to 42.2% in 2022, up from 37.4% in 2021. Hence, the transition towards remote and mixed work conditions is stimulating the growth of the cloud backup market.
What Are The Main Segments Of The Global Cloud Backup Market?
The cloud backup market covered in this report is segmented –
1) By Component: Solutions, Services
2) By Solution: Primary Storage, Disaster Recovery, Backup Storage
3) By Deployment: Public Cloud, Private Cloud, Hybrid Cloud
4) By End-User Industry: Banking, Financial Services, And Insurance (BFSI), Information Technology (IT) And Telecom, Media And Entertainment, Retail, Healthcare, Other End-User Industries
Subsegments:
1) By Solutions: Cloud Storage Backup, Disaster Recovery Backup, Hybrid Cloud Backup, Data Archiving
2) By Services: Managed Backup Services, Professional Services, Support And Maintenance Services, Consulting Services
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What Emerging Trends Are Influencing The Growth Of The Cloud Backup Market?
Major companies operating in the cloud backup market are focusing on developing innovative solutions, such as scalable and centralized management, to enhance data security, improve accessibility, and streamline backup processes. Scalable and centralized management refers to the ability to efficiently manage and expand resources from a single control point while accommodating growing data and user demands. For instance, in April 2023, BESTOL Inc., a US-based data management and digital transformation services company launched Zmanda Endpoint Backup, a cloud-based backup solution designed for Windows desktops and laptops. The product offers scalable and centralized management of endpoints, enabling organizations to oversee their entire backup system from a single, unified interface. It simplifies onboarding with bulk user addition, allowing quick import and assignment of roles and licenses, thus saving time for IT administrators. Additionally, real-time notifications for critical events, such as ransomware attacks, empower organizations to respond swiftly to potential threats.
Who Are the Key Players In The Cloud Backup Market?
Major companies operating in the cloud backup market are:
• Google Inc.
• Microsoft Corporation
• Dell Technologies Inc.
• International Business Machines Corporation
• Oracle Corporation
• Asigra Inc.
• Amazon Web Services Inc.
• Iron Mountain Incorporated
• Open Text Corporation
• Dropbox Inc.
• Veritas Technologies
• Veeam Software GmbH
• Rubrik Inc
• CommVault Systems Inc
• Barracuda Networks Inc.
• Cohesity Inc.
• Acronis International GmbH
• Datto Inc.
• Druva Software
• Arcserve LLC
• Backblaze Inc.
• Carbonite Inc.
• IDrive Inc.
• CrashPlan
What Is The Most Dominant Region In The Cloud Backup Market?
North America was the largest region in the cloud backup market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the cloud backup market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
