Cloud Backup Market Impact Of Covid-19 By Component (Solution and Services), By Deployment Type (Private, Public, And Hybrid), Global Opportunity Analysis and Industry Forecast, 2021–2027

Cloud storage is a method used to store a huge amount of information online, which can be accessed remotely at any time. It helps the user back up the data online, instead of storing them offsite, which can be expensive. Some of the salient features of cloud backup are improved real-time accessibility, low implementation cost, user-friendly technology, and availability of the data at any remote location. Limitation of storage and poor support for cloud backup are some disadvantages of the cloud backup technology.
Increase in the adoption of mobile devices and easy deployment of cloud backup technology is driving the cloud backup market over the years. However, data accessibility through Internet poses the threat of identity theft, which is a restraint to the market growth. In addition, lack of high network bandwidth and strict government rules limit the adoption of cloud-backup technique. Increase in the number of mobile Internet users and need of technologically advanced solutions are anticipated to boost the market growth further during the forecast period.

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The market is characterized by its growth stage and presence of a large number of small and mid-size vendors. The key players are adopting strategies such as acquisition and partnership to increase their product line and services; for example, Amazon web services Inc. acquired Elemental Technologies Inc. in September 2015.
The global cloud backup market is segmented on the basis of component, service provider, organization size, industry vertical, and geography. Based on component, the market is divided into solution and service segments. Based on service provider, the market is segmented into managed service provider, cloud service provider, telecom and communication provider, and others. By deployment model, the cloud backup market is segmented into large and small & medium enterprises. On the basis of industry vertical, the market is divided into banking, financial services, and insurance (BFSI), consumer goods and retail, education, manufacturing, media and entertainment, public sector, healthcare and life sciences, and others. Based on geography, mobile backup market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

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Amazon Web Services Inc., Microsoft Corporation, IBM Corporation, VMware Inc., Dropbox Inc., Google Inc., Oracle Corporation, HP Enterprise Company, EMC Corporation, and Rockspace Hosting Inc. are some of the leading key players of cloud backup market.
Key Benefits

Qualitative analysis has been performed in order to understand current market scenario.
The report includes in-depth analysis of cloud backup market, outlining the possible driving factors, restraints, and opportunities.
The report provides highlights of top investment pockets, key impacting factors, and wining strategies for the global cloud backup market.
Key players of the market have been identified with their market strategies such as product launch, mergers & acquisitions, and partnerships among others.
Comprehensive analysis of factors that drive and restrict the growth of the global cloud backup market is provided. For instance, increasing BYOD trend drives the global cloud backup market. However, security of the data is likely to be a major restraint of the market.
Extensive analysis of the cloud backup market is conducted by monitoring the top competitors within the market framework.
The report contains in depth quantitative analysis of current and future market estimations through 2016-2023, which helps in recognizing the appealing market opportunities.

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