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How a cloud backup & recovery software market will hit $22,228 million: Insights and opportunity

02-05-2020 02:50 PM CET | IT, New Media & Software

Press release from: Allied Market Research

Cloud Backup & Recovery Software Market

Cloud Backup & Recovery Software Market

Increased demand for cloud-based services and high requirements for data backup among enterprises drive the growth of the market. However, delay in data retrieval & interruptions and storage management restrain the market growth. On the other hand, rise in adoption of smart devices & tablets and advent of IaaS & on-demand cloud providers would create new opportunities to the market.

Large enterprises segment contributed more than half of the total market share in 2017, owing to the growing need to support the existing backup infrastructure during disaster recovery and ensuring protection of end-user data. This segment is expected to lead in terms of revenue by 2023. However, small & medium enterprises would grow at the highest CAGR of 25.1% from 2017 to 2023, owing to rise in adoption of cloud back and recovery software to prevent data loss.

Access full summary report at https://www.alliedmarketresearch.com/cloud-backup-and-recovery-software-market

Hybrid deployment model segment contributed more than two-thirds of the total revenue in 2017 and is expected to dominate throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 25.1% from 2017 to 2023, as it offers benefits of both platforms and enables better flexibility while shifting between public and private clouds. The report also analyzes private and public deployment models.

The global cloud backup & recovery software market garnered $6.04 billion in 2017 and is expected to reach $22.22 billion by 2023, growing at a CAGR of 24.2% from 2017 to 2023.

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Telecom & IT segment accounted for nearly one-fourth of the total market revenue in 2017, owing to the growing need for unstructured data and increasing requirement for data variety and mobile workforces. It would maintain its lead position by 2023. However, government segment would register the highest CAGR of 27.0% from 2017 to 2023, owing to the need to prevent cyber terrorism and overcome challenges such as compliance, reduced IT budgets, and limited IT resources. The report also analyzes BFSI, healthcare, retail, manufacturing, and other segments.

Growing demand to manage enormous amount of data generated by smart devices in North America have enabled the region to contribute the highest in 2017, contributing more than one-third share of the total revenue. However, Asia-Pacific would register the highest CAGR of 26.1% from 2017 to 2023 due to the growing adoption of cloud data protection services, surge in data volumes, and need to counter cyber threats.

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The leading market players analyzed in the report include Veritas Technologies LLC, Commvault, Veeam Software, Dell EMC, IBM Corporation, Symantec Corporation, CA Technologies, Hewlett Packard Enterprise, Microsoft Corporation, and Actifio Inc. These market players have adopted various strategies such as partnerships, collaborations, expansions, joint ventures, and others to gain a strong position in the industry.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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