The Global Cloud Backup and Recovery Market to reach USD 34.75 billion by 2030 Owing to Adoption of the Solution in Small and Medium Enterprises Analysis By Key Players: IBM Corporation, Oracle, Dell Inc., Commvault Systems, Inc., Microsoft etc.

The global cloud backup and recovery market was valued at USD 10.93 billion in 2021 and is expected to reach USD 34.75 billion by 2030 at a CAGR of 24.2% during the forecast period. In the upcoming years, market expansion is expected to be fueled by factors including high demand for and adoption of cloud data backup, a steadily growing trend toward digitization, and rising dangers of data breaches.

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The category of services that allow for the storage of data, the backup of apps, and other data to a cloud platform includes cloud backup and recovery. The system also offers enterprises a number of advantages, including cost savings, time savings, data virtualization, storage, and data protection. Because small and medium-sized businesses are using the cloud and data recovery services more frequently, advances in edge computing have made it possible for most subscriptions to be provided on a monthly or annual basis.

Cost Efficiency of Product to Augment Growth in Small and Mid-Sized Enterprises

The global market for cloud backup and recovery is divided into two user types based on size: large enterprises and small and medium enterprises. Due to rising utilization of the service, small and medium-sized businesses are anticipated to account for the greatest shares of the global cloud backup and recovery market.

For small and medium-sized businesses that cannot afford to build a sufficient backup and recovery system in-house, the cloud is the ideal choice because the service is affordable and offers the finest alternative option. The need for cloud-based backup and recovery software is rising primarily due to this. During the projected period, it is anticipated that the category of small and medium-sized businesses will significantly increase its share of the global market.

List of Key Companies Profiled:
• IBM Corporation
• Oracle
• Dell Inc.
• Commvault Systems, Inc.
• Microsoft
• Veritas
• Acronis International GmbH
• Unitrends.
• Hewlett Packard Enterprise
• Veeam Software
• NetApp, Inc
• Amazon Web Services, Inc.

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Growing Demand of Product in Multiple Sectors to Fuel Sales

The expansion of the cloud backup and recovery market has been fueled by the steadily increasing demand for cloud-based services across different sectors throughout the world.
This huge expansion is the result of a number of reasons, including increased capacity, increased productivity, and decreased hosting costs, among others.

Due to various benefits like cheaper labor and equipment expenses, increased cooperation, and more efficient operations, the majority of industries all over the world favor cloud-based services. Over the course of the projection period, the aforementioned elements are anticipated to propel the cloud backup and recovery market.

Segmentation:

By User Type
• Large Enterprises
• Small & Medium Enterprises

By Industry Vertical
• BFSI
• Government
• Healthcare
• Telecom & IT
• Retail
• Manufacturing
• Others

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Industry Developments

● IBM unveiled the z16, a mainframe that is quantum-safe and AI-accelerated, in April 2022. It has an on-chip accelerator for artificial intelligence and was designed for hybrid cloud settings. Enterprise workloads can assess real-time transactions at scale, enabling businesses to identify fraud as it happens. Lattice-based cryptography is used by the z16 to safeguard data and systems from present and potential threats.

Market Leaders Continue to Propel Market in North America

North America is anticipated to hold the largest revenue share in the global cloud backup and recovery market in the near future due to the presence and involvement of leading companies in the region. Additionally, huge amounts of data need to be backed up, stored, and recovered as a result of local businesses' increasing usage of big data.

However, Europe is anticipated to hold the second position responsible for possessing the largest market share due to the growing popularity and demand for cloud-based services among regional organizations.

Platform Development by Prominent Players as Business Development Strategy

The global market for data backup and recovery is fragmented, with a number of well-known enterprises active on a local, national, and international scale. These leading firms have concentrated on platform development and strategic alliances in order to broaden their product portfolios and compete effectively in the market, which is expected to drive market growth over the course of the projected period.

Several key players leading the global cloud backup and recovery market include IBM Corporation, Oracle, Dell Inc., Commvault Systems, Inc., Microsoft, Veritas, Acronis International GmbH, Unitrends., Hewlett Packard Enterprise, Veeam Software, NetApp, Inc, Amazon Web Services, Inc.

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This release was published on openPR.