The global Cloud Backup & Recovery Software Market is estimated to account for US$ 20,321 Mn in terms of value by the end of 2021. Cloud backup and recovery software is used to back up data and recover it in the event of a disaster. The need to cut IT expenditure has led to an increase in the demand for such products. Some of the solutions offer a variety of features, including cloud storage, on-demand data recovery, and virtual restore. These solutions help organizations protect critical business information. Despite these benefits, it's important to make sure the solution is a good fit for an IT environment.
Global Cloud Backup & Recovery Software Market: Drivers
Increasing backup needs of enterprises is anticipated to drive growth of the global cloud backup & recovery software market over the forecast period. The data produced by average organizations continues to increase in diversity and volume, while there is a decrease in the time available for backup and time allowable for recovery. Due to the inability of accessing information, there can be unknown delays in conducting business, which is why enterprises are focused on solutions of backup & recovery. This in turn is likely to fuel growth of the market over the forecast period.
Global Cloud Backup & Recovery Software Market: Opportunities
Rise in adoption rate of novel technological solutions and untapped potential of the market to create various growth opportunities in the global cloud backup & recovery market over the forecast period. The increasing adoption of new technologies will create lucrative opportunities for the market. As the demand for these solutions is high among different end user industries such as government, communication service providers, data center operators, internet content providers, and financial services providers among others, the market is likely to witness several business opportunities.
Global Cloud Backup & Recovery Software Market: Restraints
High cost linked with the software and technical limitations are expected to hamper growth of the global cloud backup and recovery software market over the forecast period. Along with this, the shortage of skilled professionals and rise in penetration of data silos is also anticipated to obstruct growth of the market. Along with this, management of unstructured data and mismanaged data also act as restraining factors for the market growth.
Global Cloud Backup & Recovery Software Market C- Impact of Coronavirus (Covid-19) Pandemic:
The outbreak of Covid-19 pandemic impacted more than 100 countries around the world. Due to the virus outbreak several countries imposed stringent lockdown regulations to curb the virus spread. During this period, many companies had to adopt work from home module. Thus, the data volume generated during this period, was significantly high among various sectors. This further created strong demand for cloud-based backup & recovery solutions. Thus, the global cloud backup & recovery software market was positively impacted by the Covid-19 pandemic.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cloud-backup-recovery-software-market-5475
Key Takeaways:
The global cloud backup & recovery software market was valued at US$ 20,321 Mn in 2021 and is forecast to reach a value of US$ 31,675 Mn by 2030 at a CAGR of 24.8% between 2022 and 2030.
Hybrid segment held dominant position in the global cloud backup & recovery software market in 2020, accounting for 56% share in terms of value, increasing approval and launch of new products is expected to propel growth of the segment during the forecast period.
Global Cloud Backup & Recovery Software Market Trends:
Among deployment model type, Private segment in gaining traction in the global cloud backup & recovery software market over the forecast period. Medium and large enterprises around the world continue to generate sensitive information of different types in large volumes needing additional security, the adoption of private cloud-based backup & recovery software is increasing among these businesses. Moreover, the popularity of these solutions is greater among government and BFSI, as the need for privacy is high among these sectors, the demand for private cloud-based solutions for data backup and recovery is increasing, which is likely to support growth of the market in the near future.
Furthermore, rise in acceptance of public cloud services along with high demand for online backup & recovery services in Europe is anticipated to augment growth of the global cloud backup & recovery software market over the forecast period. According to the Coherent Market Insights, nearly 30% of the European organizations have adopted backup cloud services, and a further 43% plant to adopt these solutions in the near future. Thus, this is projected boost growth of the global cloud backup & recovery software market in Europe over the forecast period.
Global Cloud Backup & Recovery Software Market: Competitive Landscape
Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc., Symantec Corporation, Ca Technologies, Microsoft Corporation, Dell Technologies Inc., Ibm Corporation, and Hewlett Packard Enterprise
Global Cloud Backup & Recovery Software Market: Recent Developments
In September 2016, Hewlett Packard Enterprise announced the launch of Integrated Microsoft Azure Hybrid Cloud Solution that offers security, identity, workload migration, networking, along with backup & recovery.
