CLOUD BACKUP MARKET ANALYSIS

Cloud Backup MarketSize and Trends

Increasing volume of data is the major factor leading to high demand for cloud backup. According to Coherent Market Insights’ analysis, the data sphere will reach up to 163 zettabytes, by 2025. Increasing adoption of software-as-a-service and various advantages of cloud backup such as easy installation, cost-effectiveness, performance, scalability, and flexibility have also accelerated growth of the market.

Solution component segment held the dominant position in the market in 2016

Among components, solution segment held the dominant position in the market in 2016. Increasing demand for managing large volume of data and increasing adoption of cloud technology have accelerated growth of the segment. The service segment is sub-segmented into management and customization, professional services, training & consulting, and integrations. The integration service sub-segment is projected to exhibit the highest CAGR over the forecast period. Integration services helps provide cost-efficient business processes. The integrator is a pre build tools and connectors which provides services to more easily integrate cloud services such as access data on remote location access, real time data access etc.

The public cloud segment held the dominant position in the global cloud backup market in 2016

Among deployment models, the public cloud segment held the dominant position in the cloud backup market in 2016. Increasing workload on public cloud is one of the key factors for the growth of the market. According to Coherent Market Insights, in 2015, around 49% of the cloud workload was on public cloud and it is projected to reach 68% by 2020. Moreover, various advantages such as scalability, cost effectiveness, reliability, and location independency is expected to lead to increasing demand for cloud backup.

The global cloud backup market is projected to value at US$ 1287 million in 2017 and is projected to reach US$ 6367 million by 2025. The market is estimated to witness a CAGR of 22.1 % over the forecast period (2017 – 2025).

Increasing development in IT infrastructure by organizations especially in India and China that are adopting new technologies to work efficiently with existing systems and data. Rising trend of digitization across sectors, especially by small and medium enterprises is expected to fuel growth of market in the region.

Figure 1. Global Cloud Backup Market, By Deployment Model

SOURCE: COHERENT MARKET INSIGHTS ANALYSIS, 2017