IMARC Group, a leading market research company, has recently released a report titled “Cloud Backup Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032.” The study provides a detailed analysis of the industry, including the global cloud backup market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights:
How Big is the Cloud Backup Market?
The global cloud backup market size reached US$ 4.4 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 19.6 Billion by 2032, exhibiting a growth rate (CAGR) of 17.5% during 2024-2032.
What is Cloud Backup?
Cloud backup, also called online backup, represents a third-party service that helps organizations in sending a copy of a file to a secondary and off-site location for preservation in case of hardware or software failures and unforeseen disasters. It stores data and applications on a remote server. In line with this, cloud backup supports the data protection of an enterprise without increasing the workload of the information technology (IT) staff. As compared to traditional physical disaster recovery systems, it is more cost-effective, flexible, and provides on-demand scalability. Consequently, cloud backup is extensively used by small and medium-sized businesses (SMBs) across the globe.
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What are the Growth Prospects and Trends in the Cloud Backup Industry?
The growing instances of data breaches and the inflating popularity of virtualization across businesses for better utilization of system resources are primarily driving the cloud backup market. Additionally, the introduction of digital banking and continuous technological advancements, including the rising integration of the Internet of Things (IoT) and Artificial Intelligence (AI), are further bolstering the market growth. Besides this, the widespread adoption of cloud backup, as it provides better business agility, scalability, innovation, customization, and security, is acting as another significant growth-inducing factor. Moreover, the escalating demand for cloud computing in the banking, financial services, and insurance (BFSI) industry is positively influencing the global market. Apart from this, the increasing number of data generation is also stimulating market growth. Furthermore, the development of software as a service (SAAS) and hybrid models is anticipated to fuel the cloud backup market over the forecasted period.
Who are the Key Players Operating in the Cloud Backup Market?
Competitive Landscape with Key Players:
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Acronis International GmbH (Acronis AG)
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Amazon Web Services Inc. (Amazon.com Inc.)
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Asigra Inc.
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Barracuda Networks Inc. (Thoma Bravo LP)
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Carbonite Inc. (OpenText Corporation)
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Code42 Software Inc.
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Datto Inc.
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Dropbox Inc.
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International Business Machines Corporation
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Microsoft Corporation
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Oracle Corporation
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Veeam Software GmbH
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Vmware Inc. (Dell Technologies).
What is Included in Market Segmentation?
The report has categorized the market based on component, service provider, organization size, deployment mode, vertical and tregion.
Breakup by Component:
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Solutions
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Services
Breakup by Service Provider:
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Cloud Service Provider
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Telecom and Communication Service Provider
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Managed Service Provider
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Others
Breakup by Organization Size:
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Large Enterprises
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Small and Medium Enterprises
Breakup by Deployment Mode:
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Public Cloud
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Private Cloud
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Hybrid Cloud
Breakup by Vertical:
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BFSI
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Consumer Goods and Retail
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Education
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Government and Public Sector
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Healthcare and Life Sciences
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Manufacturing
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Media and Entertainment
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Telecommunication and ITES
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Others
Breakup by Region:
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North America (United States, Canada)
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Europe (Germany, France, United Kingdom, Italy, Spain, Others)
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Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
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Latin America (Brazil, Mexico, Others)
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Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Others)
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