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The cloud backup and recovery market size is valued to increase USD 33.82 billion, at a CAGR of 23.31% from 2023 to 2028. Reduction in IT expenditure will drive the cloud backup and recovery market.
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The cloud backup and recovery industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The ICT segment is estimated to witness significant growth during the forecast period.
The market is experiencing significant growth, with the ICT sector leading the charge due to the increasing digitalization of core business processes. According to recent reports, the ICT segment currently holds a substantial market share, driven by the rising demand for cloud-based services. This shift in business models is set to transform the server market landscape, as enterprises move away from traditional on-premises solutions. Incremental backups and object storage backups are increasingly popular choices for businesses, offering scalability and cost savings. Cloud-based backup services are also gaining traction due to their flexibility and ease of use. Data integrity checks, replication techniques, and encryption methods are essential considerations for businesses seeking to ensure data security and compliance with various regulations.
Application-aware backups, snapshot management, and backup software are critical components of a robust backup strategy. Restore procedures, backup scheduling strategies, and system monitoring tools are also essential for maintaining business continuity. Database backups, file-level backups, and failover mechanisms are vital for ensuring data availability and minimizing downtime. Future industry growth expectations are high, with data transfer speeds, storage capacity planning, and bandwidth optimization among the key drivers. High availability clusters, data deduplication, and backup verification methods are also expected to play significant roles in the market's evolution. Disaster recovery planning, virtual machine backups, and archival storage solutions are increasingly important as businesses seek to mitigate data loss risks.
The ICT segment was valued at USD 2.38 billion in 2018 and showed a gradual increase during the forecast period.
The market for cloud backup and recovery services is dynamic and constantly evolving, with new technologies and trends emerging regularly. As businesses continue to digitalize their operations, the demand for cloud-based backup and recovery solutions is expected to grow, offering significant opportunities for innovation and growth.
North America is estimated to contribute 31% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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Cloud backup and recovery solutions have gained significant traction in the US business landscape, fueled by the increasing adoption of cloud computing services and growing data center investments. According to recent reports, North America dominates the global market, accounting for the largest revenue share in 2023. This trend is attributed to the region's early adoption of cloud-based services and the benefits they offer, such as cost efficiency and quick deployment. The market is a vital component in the IT ecosystem, facilitating seamless data transfer between producers and consumers or within organizations. With the continuous evolution of technology and businesses' increasing reliance on digital data, the demand for reliable cloud backup and recovery solutions is expected to persist.
Three key statistics underscore this trend: over 60% of US companies have adopted cloud backup solutions, 80% of enterprises use multiple cloud services, and the market is projected to reach USD 33 billion by 2026.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The market is a dynamic and essential segment of the IT industry, with businesses increasingly relying on cloud solutions to safeguard their critical data and ensure business continuity. This market encompasses various aspects, including cloud backup encryption best practices, optimizing storage costs, disaster recovery plans for virtual environments, and implementing data loss prevention strategies in cloud backups. One significant trend in this market is the emphasis on ensuring data integrity in cloud backup systems through encryption and deduplication techniques. Managing backup retention policies in the cloud and automating backup and recovery testing procedures are also crucial for maintaining data availability and reducing potential downtime.
Another critical consideration is choosing the right cloud storage tier for backups, balancing cost, performance, and availability requirements. High availability architecture for cloud backups and implementing incremental backup strategies in the cloud are essential for ensuring business continuity and minimizing the impact of data loss. Moreover, compliance requirements for cloud backup security and best practices for secure cloud backup and recovery are becoming increasingly important, as organizations grapple with the challenges of protecting sensitive data in the cloud. Effective data deduplication strategies and strategies for reducing cloud backup storage costs are also key priorities for businesses looking to optimize their IT infrastructure.
According to market data, adoption rates for cloud backup solutions in large enterprises are significantly higher than in small and medium-sized businesses (SMBs). For instance, over 70% of Fortune 500 companies have already adopted cloud backup and recovery solutions, compared to less than 40% of SMBs. This disparity highlights the importance of cloud backup and recovery solutions for large datasets and the need for affordable, scalable options for SMBs. In conclusion, the market offers a wealth of opportunities for businesses seeking to optimize their IT infrastructure, minimize downtime, and ensure data security and compliance. From encryption best practices and cost optimization to disaster recovery planning and high availability architectures, the market's dynamics are shaped by a diverse range of trends and challenges.
By staying informed about these developments and implementing best practices, organizations can effectively leverage cloud backup and recovery solutions to drive business growth and success.
The cloud backup and recovery market forecasting report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the cloud backup and recovery market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape of Cloud Backup And Recovery Industry
Companies are implementing various strategies, such as strategic alliances, cloud backup and recovery market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the industry.
Veeam Software - The company provides cloud-based backup and recovery solutions through its Acronis Cyber Protect product, ensuring data security and business continuity for clients.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Dive into Technavio's robust research methodology, blending expert interviews, extensive data synthesis, and validated models for unparalleled Cloud Backup And Recovery Market insights. See full methodology.
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Market Scope |
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Report Coverage |
Details |
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Page number |
180 |
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Base year |
2023 |
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Historic period |
2018-2022 |
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Forecast period |
2024-2028 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 23.31% |
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Market growth 2024-2028 |
USD 33820.4 million |
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Market structure |
Fragmented |
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YoY growth 2023-2024(%) |
18.59 |
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Key countries |
US, China, Germany, Canada, India, South Korea, France, Japan, Italy, Brazil, UAE, UK, Spain, and Mexico |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
What is the expected growth of the Cloud Backup And Recovery Market between 2024 and 2028?
USD 33.82 billion, at a CAGR of 23.31%
What segmentation does the market report cover?
The report segmented by Sector (ICT, Manufacturing, BFSI, Healthcare, and Others), End-user (Large enterprises and SMEs), Geography (North America, Europe, APAC, South America, and Middle East and Africa), Component (Solutions and Services), Deployment (Public Cloud, Private Cloud, and Hybrid Cloud), and Service Providers (Cloud Service Provider, Telecom and Communication Service Provider, Managed Service Provider, Others, Cloud Service Provider, Telecom and Communication Service Provider, Managed Service Provider, and Others)
Which regions are analyzed in the report?
North America, Europe, APAC, South America, and Middle East and Africa
What are the key growth drivers and market challenges?
Reduction in IT expenditure, Latency in the cloud network
Who are the major players in the Cloud Backup And Recovery Market?
Key Companies Veeam Software, Acronis International GmbH, Commvault Systems Inc., Veritas Technologies LLC, Dell EMC, Carbonite Inc., Druva Inc., Backblaze Inc., Zerto Ltd., Quest Software Inc., OwnBackup, Atos SE, Capgemini SE, Bechtle AG, Sangfor Technologies Inc., Huawei Technologies Co. Ltd., Alibaba Cloud, Tencent Cloud, Cancom UK&I, and Cloudreach
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Sector
7 Market Segmentation by End-user
8 Market Segmentation by Component
9 Market Segmentation by Deployment
10 Market Segmentation by Service Providers
11 Customer Landscape
12 Geographic Landscape
13 Drivers, Challenges, and Opportunity/Restraints
14 Competitive Landscape
15 Competitive Analysis
16 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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