Cloud Backup Market to Witness a CAGR of 22.1 % by 2025 : Market Giants - Datto Inc., Dropbox Inc., Druva Software, IBM Corporation, VMware

United States/New Jersey: The global cloud backup market is projected to value at US$ 1287 million in 2017 and is projected to reach US$ 6367 million by 2025. The market is estimated to witness a CAGR of 22.1 % over the forecast period (2017 – 2025).

Several service providers offer cloud backup services with various levels of reliability and performance. An average Cloud backup service provides an excellent chance for data preservation through various forms of remote, durable storage. Services offered include data deduplication, or the ability to re-arrange data on-demand, across multiple servers to accommodate growing requests; data deduplication is done automatically, when data is stored in a Cloud data center.

This study contains data on the industry's market growth as well as major segmentation factors that assist the worldwide Cloud Backup Market thrive in the modern day. The study also highlight the significance of the worldwide Cloud Backup Market's geographical categorization. The global Cloud Backup Market will eventually generate more revenue and will have a larger market size than the previous projection period due to increased demand.

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Major Key players in this Market:

Amazon Web Services
Barracuda Networks Inc.
Code42 Software Inc.
Datto Inc.
Dropbox Inc.
Druva Software
EMC Corporation
Google Inc.
IBM Corporation
Microsoft Corporation
Oracle Corporation
Veeam Software
VMware

Key Market Drivers:
Increasing adoption of online backup solutions is expected to propel growth of the global cloud backup market over the forecast period. For instance, in August 2021, BDO New Zealand, a network of independently-owned accounting practices, implemented an AvePoint party SharePoint Online backup solution that will allow it to demonstrate compliance with government-mandated retention policies.

Moreover, increasing M&A activities are also expected to aid in growth of the global cloud backup market over the forecast period. For instance, in December 2020, Google signed a deal to acquire Actifio, a data management company focused on backup and disaster recovery.

Covid-19 Impact Analysis

Post Covid-19, many organizations have increased their usage of cloud services. The pandemic has also led to increase in adoption of work from home. With many organizations adding more cloud services and further expanding hybrid setups of on premise and cloud, the cloud backup market is expected to witness significant growth over the forecast period.

Regional Classification

The primary regions covered in the study report include North America, Europe, Asia Pacific, Central and South America, as well as the Middle East and Africa. The specialists who worked on this area of the study looked at a variety of industries that are driving development and might give manufacturers with profitable expansion prospects in the future years. The study also contains sales and revenue prediction data by region and nation for the years 2021-2027.

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Key Takeaways

The cloud backup market is expected to exhibit a CAGR of 22.1% over the forecast period, owing to launch of new products. For instance, in August 2021, Amazon Web Services Inc. launched AWS Backup Audit Manager, a cloud tool that companies can use to check if their data protection processes are working as intended and complying with regulations.
Among regions, North America is expected to witness significant growth in the cloud backup market, owing to increasing adoption of cloud backup. For instance, in August 2021, City of Bend, Oregon, choose iland Secure Cloud Backup for Veeam Cloud Connect with iland Insider Protection (from iland, a VMware-based provider for application hosting, data protection and disaster recovery services) to secure a majority of the city's critical applications.
North America is also expected to witness significant growth in the cloud backup market, owing to increasing investment in cloud backup. For instance, in August 2021, OwnBackup, a platform that provides data backup and recovery services for cloud software providers, raised US$ 240 million in a series E round of funding at a $3.35 billion valuation.

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