Cloud Backup Market Opportunities, Growth Potential, Demand, Future Estimations and Statistics | Coronavirus Effects

 Market Highlights

The study reveals that Cloud Backup is trending in North America region. The Cloud Backup Market is driven by the innovation and advancements in cloud computing technologies that is the virtual data backup and also developing new applications for the convenience to the backup system and it is cost effective as well.

The study indicates that the increasing demand of the secure storage and backing up the data on cloud is a key driver for Cloud Backup market. The study signifies that a trend of high adoption of Cloud computing boosting the cloud backup market. It also reveals that with the increase in the adoption of cloud backup among enterprises cloud service will be growing fast in the forecast periods.

The Cloud Backup Market is growing rapidly over ~ 21% of CAGR and is expected to reach at USD ~$5.66 billion by the end of forecast period.

Market Drivers & Key Barriers

The cloud backup market is set for a good time ahead owing to the factors such as offering solutions for making right and informed decisions to achieve the desired outcomes, providing storage, savings, security, and virtualization to a hybrid cloud solution for saving data. These factors have come up to be essential ones that are driving the market to reach great extent in the coming years.

The study also indicates that the market is also driven by the factors of lower costs, vast volumes of data generation, and greater efficiency than on-premises backup as well as growing SaaS adoption across the globe. Moreover, the surge in the adoption of mobile devices and easy deployment of cloud backup technology is also boosting the cloud backup market over the years. As an add on to it, the market is categorized by its growth phase and occurrence of a large number of small and mid-size retailers.

On the other hand, the significant players are also rapidly adopting strategies such as acquisition and partnership to increase their product lines and services to expand the market size and valuation. In a case of point, Amazon web services Inc. acquired Elemental Technologies Inc. in September 2015 for backing up its all essential data to a safer side. Such factor has also fundamentally driven the market to rise and reach a higher valuation. Such a move is now will go ahead and is expected to achieve more during the forecast period.

On the flip side, factors such as data accessibility with the help of internet pose as a threat of identity, which is considered to be a restraint to the market growth. With this, other factors such as lack of high network bandwidth and strict government rules could also limit the adoption of cloud-backup techniques during its growth period while the growth in the number of mobile Internet users and requirement of technologically advanced solutions are likely to boost the market growth further during the assessment period.

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Segmentation:

On the basis of segmentation, the global cloud backup market splits into several elements of solutions, services, deployments, organization size, and end-user.

In terms of Solutions: Primary storage, Disaster Recovery, Cloud storage gateway and more are the segments.

In terms of services: Training and consulting, Support and maintenance, Cloud integration and migration, and Managed Services are the segments.

In terms of Deployments: Public Cloud, Private Cloud, and Hybrid Cloud are the segments.

In terms of organization size: Small and Medium Enterprises (SMEs) and Large Enterprises are the segments.

In terms of end-user: BFSI, Consumer goods and retail, education, government, and public sector, healthcare, and life sciences, manufacturing, media and entertainment, telecommunication and ITES, and others are the segments.

Regional Outlook

On geographic basis, Cloud Backup Market is studied in different regions as North America, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading Cloud Backup in the market and is expected to grow with a high rate as well as hold the largest market share. In the Europe region there has been a major focus onto the online secure data storage system and is expected to gain a major traction during the forecast period. The study shows that developing economies in Asia Pacific region like China, Japan, India and others has a significantly growing well in Cloud Backup market.

Key Players

The well-known players in the Cloud Backup Market are listed as Symantec Corporation (US), EMC Corporation (U.S), Oracle Corporation (U.S), VMware Inc. (U.S), IBM Corporation (U.S), Dropbox, Inc. U.S.), Amazon Web Services. (U.S), Microsoft Corporation (U.S), Google Inc. (U.S), CommVault Software (U.S), Datto, Inc. (U.S.), Barracuda Networks, Inc. (US), Code42 Software, Inc. (US), and to name a few.

Industry News

October 2019:

  • Famous Australian-based animation and visual effects studio namely Animal Logic, partnered with Alibaba Cloud to begin with backing-up on-premise production content into the cloud. The aim is to meet the mounting demand for media production.
  • NetApp announced a range of diverse backup and recovery products as well as updates to existing solutions, including Cloud Backup Service, Azure NetApp Files Backup, and NetApp SaaS Backup.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/cloud-backup-market-3152

Cloud Backup Market, By Solution (Primary storage, Disaster recovery and backup storage), By Deployment (Public Cloud, Private Cloud), By Organization size (SMEs and Large Enterprises), By End-User (BFSI, Consumer goods and retail, Education) - Forecast 2023

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