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| Global Cloud Backup & Recovery Software Market Size |
Cloud backup and recovery software is a type of application software designed
to backup and restore data stored on physical or virtual machines in cloud
computing environments. It functions by making additional copies of data and
storing them at remote locations for easy access and storage of critical data.
With increasing concerns around data security and seamless business operations
across geographies, cloud backup and recovery software solutions help
organizations in protecting critical data stored on servers and endpoints from
ransomware attacks, natural disasters, and human errors.
The global
Cloud Backup & Recovery Software Market is estimated to be valued at US$ 16.7 Billion in 2023 and is
expected to exhibit a CAGR of 9.3% over the forecast period 2023-2031, as
highlighted in a new report published by Coherent Market Insights.
Market key
trends:
The rising migration of organizations toward cloud-based solutions due to the
cost benefits and scalability has led to increased demand for cloud backup and
recovery software. Cloud services offer advantages like pay-per-use pricing
model, 24/7 data accessibility, low upfront infrastructure cost, disaster
recovery capabilities, and centralized data management which has accelerated
the adoption of cloud backup solutions among SMBs and large enterprises. As
organizations are expanding business operations globally and embracing remote
and hybrid work models, cloud backup software protects critical business data
from security threats and ensures business continuity irrespective of
employees' locations. This growing dependence on cloud infrastructure and
emphasis on data security is expected to propel the cloud backup and recovery
software market growth over the forecast period.
Segment
Analysis
The cloud backup and recovery software market is segmented on the basis of
component, organization size, deployment, verticals and region. By component,
the market is divided into software and services. The software segment
dominates the market as the adoption of cloud backup and recovery software is
growing among SMEs and large enterprises to protect critical data. By
organization size, the market is bifurcated into small & medium-sized
enterprises and large enterprises. Large enterprises hold a larger market share
due to generation of large volumes of critical data that needs to be secured.
Key Takeaways
Global
Cloud Backup & Recovery Software Market Size is expected to witness
high growth over the forecast period. The increasing reliance on cloud
computing and growing need for data security and disaster recovery among
organizations is driving the adoption of cloud backup & recovery solutions.
Regional analysis: North America holds the major share of the cloud backup
& recovery software market currently. The increasing digitization and
growing threat of cyber attacks have boosted the demand for cloud backup and
recovery solutions in the region. Asia Pacific is expected to grow at the
highest CAGR during the forecast period owing to rapid digital transformation,
growing adoption of cloud services and increase in cyber threats in the region.
Key players
operating in the cloud backup & recovery software market are Veritas
Technologies LLC, Veeam Software, Commvault, IBM Corporation, Dell EMC, CA
Technologies, Symantec Corporation, Microsoft Corporation, Hewlett Packard
Enterprise and Oracle Corporation. Veritas Technologies LLC holds the largest
market share currently due to its robust product portfolio and global presence.
Veeam Software is known for its availability and recovery capabilities.
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