CLOUD BACKUP & RECOVERY SOFTWARE MARKET ANALYSIS

Cloud Backup & Recovery Software MarketSize and Trends

The global cloud backup & recovery software market size was valued at US$ 20,321 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 24.8% from 2022 to 2030. Increased adoption of cloud backup services to secure enterprise data is expected to boost the growth of the market. Moreover, emerging trends such as the use of artificial intelligence (AI) and big data are expected to further strengthen the market. Along with this, technological advancements are also driving the growth of the market in the developed nations.

Global Cloud Backup & Recovery Software Market Trends:

Emergence of Infrastructure as a service (IaaS) among others is a recent trend

Various trends such as on-demand cloud providers, infrastructure as a service (IaaS), demand for big data and social networking, growing adoption of smart device and tablets, among others are increasing in the global cloud backup & recovery software market. These factors are leading to generation of huge amount of data, which in turn creates a need for backup and recovery system. Thus, this in turn drives the demand for cloud backup & recovery software, which is boosting growth of the market.

Growing adoption in BFSI sector is an emerging trend

The adoption of digital backing and investment solutions is rapidly increasing in the backing industry. Due to this, the demand for cloud computing in the BFSI industry is rising, as these solutions offer better business agility and scalability to the companies in the industry. Many financial service organizations are shifting to cloud solutions for delivering innovation, security, and customization so to have a competitive edge in the market. This in turn is creating demand for cloud backup & recovery software in BFSI sector, leading to growing adoption of the solutions. This trend is likely to continue in the market over the forecast period.