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.
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