Global Cloud Backup & Recovery Software Market Estimated To Witness High Growth Owing To Increasing Adoption of Cloud Computing

Cloud Backup & Recovery Software Market 

The global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 20,321 million in 2021 and is expected to exhibit a CAGR of 24.8% over the forecast period 2022-2030, as highlighted in a new report published by Coherent Market Insights.


Market Overview:
Cloud backup and recovery software refers to the technology that allows organizations to securely store and retrieve their data from remote cloud servers. This eliminates the need for traditional backup solutions such as tape drives and external hard drives, offering numerous advantages such as scalability, cost-efficiency, and easy accessibility. The increasing adoption of cloud computing across various industries is driving the demand for cloud backup and recovery software.

Market key trends:
One key trend driving the growth of the Cloud Backup & Recovery Software Market is the rising use of hybrid cloud solutions. Hybrid cloud combines both public and private clouds, allowing organizations to leverage the benefits of both. This approach offers greater flexibility, improved data security, and reduced costs. For example, many organizations now use a combination of on-premises infrastructure and public cloud services for their backup and recovery needs. This trend is expected to continue as businesses seek to optimize their IT infrastructure and enhance their data protection strategies.

PEST Analysis:
Political: Governments around the world are enacting data protection and privacy laws, which are driving organizations to adopt robust backup and recovery solutions to ensure compliance.

Economic: The cost-efficiency of cloud backup and recovery software is a major driver for its adoption. Organizations can reduce costs associated with hardware maintenance, power consumption, and IT personnel by leveraging cloud-based solutions.

Social: The increasing reliance on digital data and the growing need for data security and privacy are fueling the demand for cloud backup and recovery software. Additionally, the rise in remote work and the need for seamless data access further boost the market growth.

Technological: Technological advancements, such as artificial intelligence and machine learning, are being integrated into cloud backup and recovery software to enhance data protection and disaster recovery capabilities. This enables organizations to automate backup processes and improve the speed and accuracy of data recovery.

Key Takeaways:
- The global Cloud Backup & Recovery Software Market is expected to witness high growth, exhibiting a CAGR of 24.8% over the forecast period. The increasing adoption of cloud computing and the advantages offered by cloud backup solutions are the major drivers of market growth.
- North America is expected to dominate the market due to the presence of key players such as Veritas Technologies LLC, Commvault Systems Inc., and Microsoft Corporation. The region's advanced IT infrastructure and strict data protection regulations also contribute to its market dominance.
- Key players operating in the global Cloud Backup & Recovery Software Market include Veritas Technologies LLC, Actifio Inc., Veeam Software, Commvault Systems Inc., Symantec Corporation, CA Technologies, Microsoft Corporation, Dell Technologies Inc., IBM Corporation, and Hewlett Packard Enterprise. These players focus on strategic partnerships, mergers and acquisitions, and product innovations to strengthen their market position.

In conclusion, the global Cloud Backup & Recovery Software Market is experiencing significant growth due to the increasing adoption of cloud computing and the advantages it offers in terms of scalability, cost-efficiency, and easy accessibility. The rising use of hybrid cloud solutions and the integration of advanced technologies further drive market growth. With the presence of key players and favorable regulatory environment, North America is expected to dominate the market. However, the market is highly competitive, with key players focusing on strategic initiatives to maintain a strong market position.

Comments

Post a Comment

Popular posts from this blog

Location-Based Services Market to Reach US$ 32,210 Million in 2022

Image
Location-Based Services Market Market Overview: The global Location-Based Services (LBS) Market is estimated to be valued at US$ 32,210 Million In 2022 and is expected to exhibit a CAGR of 18.7% over the forecast period from 2023 to 2030. Location-Based Services enable businesses and organizations to provide personalized services and target customers based on their real-time geographic location. These services offer benefits such as increased customer engagement, improved operational efficiency, and enhanced decision-making. The need for Location-Based Services is driven by the growing adoption of smartphones and the increasing demand for location-aware applications in various industries including retail, healthcare, transportation, and hospitality. Market Key Trends: One key trend in the Location-Based Services Market is the integration of LBS with Internet of Things (IoT) technology. The convergence of LBS and IoT allows businesses to track and monitor assets in real-time, enablin...
Read more

Precision Medicine Market to Reach US$ 73,946.2 Million In 2022: Coherent Market Insights

Image
Precision Medicine Market The global Precision Medicine Market is projected to reach a value of US$ 73,946.2 Million In 2022 , with a CAGR of 10.3% over the forecast period 2022-2030, according to a new report by Coherent Market Insights. Market Overview: Precision Medicine involves personalized treatment plans and therapies based on an individual's genetic makeup, lifestyle, and environment. It offers several advantages, such as improved treatment outcomes, minimized adverse effects, and targeted therapy for complex diseases. The need for Precision Medicine is increasing due to rising cases of chronic and genetic diseases, increasing healthcare expenditure, and advancements in genomics technology. Market Key Trends: One key trend in the Precision Medicine Market is the use of genomic sequencing. Genomic sequencing refers to the process of determining the complete DNA sequence of an individual. It plays a crucial role in identifying genetic variations and mutations that can be t...
Read more

The Evolution And Growth Of The Europe E-Bike Market: A Journey Towards Sustainable Mobility

Image
Europe E-Bike Market In recent years, the Europe E-bike Market has witnessed a remarkable transformation, reflecting the continent's commitment to sustainable and eco-friendly transportation solutions. Electric bikes, or e-bikes, have emerged as a popular choice for commuters and outdoor enthusiasts alike, bridging the gap between traditional bicycles and motorized vehicles. This paper explores the evolution of the Europe e-bike market, delving into its factors driving growth, market trends, regulatory landscape, environmental impact, and the challenges and opportunities it presents. The roots of e-bikes can be traced back to the late 19th century, but it was only in the last two decades that they gained significant traction in Europe. Factors such as increasing urbanization, traffic congestion, rising environmental awareness, and technological advancements in battery and electric motor technologies played a pivotal role in their popularity. E-bikes offered an efficient and sust...
Read more