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The cloud backup and recovery market is estimated to grow at a CAGR of 18.43% between 2022 and 2027. The size of the market is forecast to increase by USD 20,727.97 million. The growth of the market depends on several factors, including a reduction in IT expenditure, increasing demand for cloud-based applications, and stringent security rules and regulations to secure customer data.
This report extensively covers market segmentation by sector (ICT, manufacturing, BFSI, healthcare, and others), end-user (large enterprises and SMEs), and geography (North America, Europe, APAC, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 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 reduction in IT expenditure is notably driving market growth. In recent years, IT firms have doubled their expenditure on IT infrastructure procurement and maintenance to meet the growing demand and remain competitive in the market. The increased spending adds up to the operational cost of the firm. With cloud backup and recovery, most organizations can expect a significant reduction in their functional cost as considerable capital is required to maintain IT infrastructure. The implementation of cloud backup and recovery solutions often allows organizations to save annual operating expenditure, cloud storage costs 4 cents per gigabyte to store data internally. Storing information remotely does not require internal power, which helps users save costs. Increased adoption of these solutions enables organizations to reduce maintenance costs, system upgrades, software patching, and other operation-related functions of an IT department. Such factors will drive the growth of the global cloud backup and recovery market during the forecast period.
The expansion of cloud computing models is the key trend in the market. Cloud computing is evolving every year and is expected to expand rapidly in the coming years. Enterprises are shifting to hybrid and serverless cloud architectures to support different applications and lower operational costs. Several large cloud services providers, such as AWS, Google Cloud, and Microsoft Azure, are promoting serverless computing models. Several open-source frameworks have been developed to facilitate the development of enterprise software applications for the cloud. Managed application containers can be used by developers to build and deploy applications independently and faster. This has resulted in the growing popularity of application containers in the enterprise environment.
Thus, cloud services are expected to increasingly use tools such as Docker enterprise, Kubernetes, and Mesosphere for managed containers. The expansion of cloud computing models is one of the growing trends which is expected to drive the growth of the global cloud backup and recovery market during the forecast period.
Latency in the cloud network is the major challenge impeding market growth. One of the biggest challenges faced by cloud-based networks is latency in data transmission during the retrieval of information from the public cloud infrastructure. Latency in a cloud-based network is less predictable and highly complicated to measure. Tools for measuring latency, such as Ping and Traceroute, are usually not used. There are multiple factors for latency, such as distributed computing, virtualization, and prioritizing traffic. When the cloud environment is larger, it becomes less predictable. An increase in the workload leads to high variability in service delivery. In the case of virtual machines (VMs), separate networks can lead to packet delays. If the wide area network (WAN) on the customer network is busy, it might lead to a significant effect on latency. Data exchanges between cloud services can lead to higher latency. This delay in data transfer can result in an increased cost for users of multiple cloud service providers. Thus, latency in the cloud network can hinder the adoption of cloud backup and recovery solutions during the forecast period.
The 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 report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Cloud Backup and Recovery Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Veritas Technologies - The company offers cloud backup and recovery through its BACKUP EXEC as its key offering under the protection segment. They offer available solutions and products for enterprises which include InfoScale and Resiliency Platform for software-defined storage, management for hybrid clouds, and many more.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the ICT segment will be significant during the forecast period. The ICT segment dominates the global cloud backup and recovery market with its overall size and growth. The ICT sector leads the market primarily due to the increasing demand for the digitalization of core business processes. Before the cloud boom, it was common for an enterprise to install servers and storage devices separately for each department. But, after the integration with cloud-based infrastructure, resource utilization has increased.
This scenario is leading to an increase in the use of servers and a decrease in the total number of servers in use. This can lead to a significant change in the server business model and will be a major factor contributing to the growth of the segment during the forecast period.
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The ICT segment was valued at 2,054.95 million in 2017 and continue to grow until 2021. The ICT segment of the global cloud backup and recovery market is expected to witness an increase in its year-over-year growth rate during the forecast period. The primary drivers of this growth are the cost efficiency associated with the adoption of cloud services, the increase in scalability, the flexibility offered to SMEs for future development, and the increase in security. Thus, the ICT sector is expected to continue its dominance in the global cloud backup and recovery market during the forecast period.
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North America is estimated to contribute 32% 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.
North America held the largest revenue share of the global cloud backup and recovery market in 2022, owing to the early adoption of cloud-based services in the region. Cloud backup services help users scale resources as per the requirement, making it a viable option for start-ups and SMEs in the region. A vendor is responsible for managing, maintaining, and developing a pool of computing resources shared among multiple tenants across a network. The cloud model helps the sharing of resources such as storage, hardware, OS, databases, middleware, servers, and other software through virtualization. With the help of PaaS solutions, developers can create an application simply through their web browsers, utilizing the one-click functionality. Public PaaS solutions are flexible and are, thus, suitable for temporary workloads, as well as workloads that are experimental in nature or change unexpectedly. Thus, the demand for cloud services is increasing.
In 2020, the outbreak of COVID-19 severely affected economic growth in North America. However, the adoption of the work-from-home policy by several industries to mitigate the spread of COVID-19 created the need for organizations to partner with the vendors of cloud backup and recovery solutions to avail of the latter's cloud migration services. Furthermore, the Increasing adoption of advanced technologies such as AI, IoT, and big data in sectors such as healthcare and BFSI is expected to drive the demand for cloud backup and recovery solutions, which will further drive the growth of the cloud backup and recovery market in North America during the forecast period.
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Cloud Backup And Recovery Market Scope |
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Report Coverage |
Details |
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Page number |
170 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 18.43% |
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Market growth 2023-2027 |
USD 20,727.97 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
17.26 |
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Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
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Performing market contribution |
North America at 32% |
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Key countries |
US, Canada, China, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Acronis International GmbH, Actifio Inc., Arcserve (USA), LLC, Asigra Inc., Carbonite Inc., Cohesity Inc., Commvault Systems Inc., Datto Holdings Corp., Google LLC, Hewlett Packard Enterprise Co., International Business Machines Corp., Microsoft Corp., N able Solutions ULC and N able Technologies Ltd., NetApp Inc., Oracle Corp., Quest Technology Management, Rackspace Technology Inc., Redstor, Unitrends Inc., Veeam Software Group GmbH, and Veritas Technologies LLC |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and arket condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
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 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 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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