Cloud Backup Market by Component (Solution & Services), Provider (Cloud Service Provider, Telecom & Communication Service Provider, & Managed Service Provider), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022
Huge volumes of data generation, lower costs and greater efficiency than on-premises backup, and growing adoption of SaaS are driving the cloud backup market
The cloud backup market size is expected to grow from USD 1.30 billion in 2017 to USD 4.13 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.1% during the forecast period. The market is driven by factors, such as need for business agility, faster deployment and scalability, increasing awareness about cloud backup among enterprises globally, and reduced costs of ownership. However, enterprises face some obstacles while adopting cloud backup, such as bandwidth limitations, difficulty in achieving compliance and growing concerns over data privacy and governance.
System integration service is expected to have the fastest growth rate during the forecast period
System integration services help in solving complex problems and assure of cost-efficient business processes to produce a flexible environment that can fulfil performance, security, and availability. It provides facilities and frameworks for the integration of various platforms with third-party environments. The increasing trend of adopting the backup services is ultimately resulting in the growth of the system integration market segment.
North America is expected to hold the largest market share, Asia Pacific (APAC) to grow the fastest
North America is expected to hold the largest market during the forecast period, as organizations are shifting toward cloud-based solutions and services with the increasing adoption of digital business strategies. Furthermore, organizations have invested hugely on advanced technologies to gain competitive advantage and improve business operations. The APAC region is in the initial growth phase; however, it is the fastest growing region in the global cloud backup market. The key reasons for the high growth rate in APAC include the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and the tendency of cloud backup solutions to improve the operational issues.
The break-up profiles of primary participants are given below:
• By company: Tier 1 – 43%, Tier 2 – 35%, and Tier 3 – 22%
• By designation: C-level – 60%, Director level – 25%, and Others – 15%
• By region: North America – 44%, Europe – 25%, APAC – 21%, and RoW – 10%
The following key cloud backup providers are profiled in the report:
1. Accenture (Dublin, Ireland)
2. Acronis International GmbH (Schaffhausen, Switzerland)
3. Asigra Inc. (Ontario, Canada)
4. Barracuda Networks, Inc. (California, US)
5. Carbonite, Inc. (Massachusetts, US)
6. Code42 Software, Inc. (Minnesota, US)
7. Datto, Inc. (Connecticut, US)
8. Druva Software (California, US)
9. International Business Machines Corporation (IBM; New York, US)
10. Iron Mountain Incorporated (Massachusetts, US)
11. Microsoft Corporation (Washington, US)
12. Oracle Corporation (California, US)
13. Veeam Software (Linden Park, Switzerland)
The cloud backup market has been segmented on the basis of components, service providers, deployment models, organization size, verticals, and regions. A detailed analysis of the key industry players has been done to provide key insights into their business overviews, products and services, key strategies, new product launches, partnerships, agreements and collaborations, business expansions, and competitive landscape associated with the cloud backup market.
The report will help the market leaders/new entrants in this market in the following ways:
• This report segments the cloud backup market comprehensively and provides the closest approximations of the revenue numbers for the overall market and the subsegments across different regions.
• This report helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
• This report will help stakeholders to better understand the competitors and gain more insights to better their position in the business. The competitive landscape section includes vendor comparison of top market players in the cloud backup market.
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