Cloud Backup & Recovery Software Market Size, Share, Company Profiles, Emerging Technologies, Trends, Industry Growth, Segments, Landscape, and Demand by Forecast until 2030 | Actifio Inc., Veeam Softwares

Cloud backup and recovery software is used by businesses to back up data stored on remote cloud storage services through software tools designed for cloud-based data protection. These tools allow automated backup, recovery, and replication of critical application data, systems, and virtual machines.

Market Dynamics:

The growing adoption of cloud-based solutions by businesses due to various advantages such as scalability, flexibility, low upfront costs is driving the growth of the cloud backup and recovery software market. Additionally, the need to protect vital business data from ransomware attacks, natural disasters, and human errors is also fueling the demand for cloud backup and recovery software. Furthermore, features offered by cloud backup solutions such as granular recovery of files, automated processes and remote access are increasing its adoption rate.

The global cloud backup & recovery software market size was valued at USD 20,321 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 24.8% from 2022 to 2030.

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Cloud Backup & Recovery Software Market Drivers:

Increasing Focus on Reducing IT costs for Data Backup & Recovery

As businesses have become more reliant on data, information technology (IT) costs related to data backup and recovery have escalated significantly. Traditional on-premises data backup solutions require huge upfront capital investments in hardware, software, regular maintenance costs and dedicated teams for management. Cloud backup and recovery software provides a cost-effective software-as-a-service model which eliminates the need for expensive hardware infrastructure while also reducing operational costs related to installation, deployment and management of backup solutions. Switching to cloud reduces total cost of ownership and provides pay-as-you-go pricing models which help optimize budgets for backup and recovery.

Growing Adoption of Hybrid and Multi-Cloud Backup Strategies

Organizations are recognizing the advantages of adopting hybrid cloud and multi-cloud backup strategies for greater resilience and redundancy. Hybrid cloud combines on-premises storage with public cloud storage while multi-cloud involves backup across multiple public cloud platforms. Cloud backup solutions easily support hybrid and multi-cloud configurations through their standardized APIs and services. This allows businesses to leverage multiple clouds as well as on-premises systems together as part of their overall backup strategy. The ability to back up to different clouds as well as locally provides protection against outages or compliance issues with any single cloud platform.

Top Key Players:
Veritas Technologies Llc., Actifio Inc., Veeam Softwares, Commvault Systems Inc., Symantec Corporation, Ca Technologies, Microsoft Corporation, Dell Technologies Inc., Ibm Corporation, and Hewlett Packard Enterprise

Detailed Segmentation:

Global Cloud Backup & Recovery Software Market, By Deployment Model
Private
Public
Hybrid

Global Cloud Backup & Recovery Software Market, By User Type
Large Enterprises
Small & Medium Enterprises

Global Cloud Backup & Recovery Software Market, By Industry Vertical
BFSI
Government
Healthcare
Telecom & IT
Retail
Manufacturing
Others

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Regional Analysis:

⁃ North America: United States, Canada, and Mexico

⁃ South & Central America: Argentina, Chile, Brazil and Others

⁃ Middle East & Africa: Saudi Arabia, UAE, Israel, Turkey, Egypt, South Africa & Rest of MEA.

⁃ Europe: UK, France, Italy, Germany, Spain, BeNeLux, Russia, NORDIC Nations and Rest of Europe.

⁃ Asia-Pacific: India, China, Japan, South Korea, Indonesia, Thailand, Singapore, Australia and Rest of APAC.

Cloud Backup & Recovery Software Market Opportunity:

Focus on Disaster Recovery-as-a-Service (DRaaS)

Organizations are increasingly recognizing the need for reliable disaster recovery plans as downtime incidences can lead to huge financial and reputational losses. However, maintaining niche DR capabilities requires high upfront costs and specialized expertise that is not always available in-house. DRaaS is emerging as a compelling opportunity for cloud backup vendors as it allows customers to leverage the cloud for comprehensive disaster recovery capabilities on-demand with pay-as-you-go charging models. DRaaS provides failover to cloud infrastructures during regional outages with near real-time restoration of applications and data. Cloud backup players are enhancing their platforms with automated DR orchestration, replication, failover and failback services to help enterprises achieve always-on business continuity.

Cloud Backup & Recovery Software Market Trends:

Rise of Targeted Ransomware Attacks

A major trend impacting the backup and recovery market is the exponential rise in debilitating ransomware attacks that encrypt live systems as well as backup data. Sophisticated ransomware groups are specifically targeting large enterprises, governments and critical infrastructure through tailored exploits. They are deploying "double extortion" tactics like exfiltrating or threatening to leak sensitive data to coerce victims into paying hefty ransoms. As primary and secondary systems are increasingly falling victim to ransomware, businesses are compelled to re-evaluate existing backup strategies and adopt new prevention techniques. This is driving additional spending on advanced anti-ransomware technologies and immutability features in cloud backup platforms that can withstand targeted cyber-extortion.

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Key Questions Addressed in the Market Report:

What is the expected size, share, and CAGR of the Cloud Backup & Recovery Software Market over the forecast period?
What are the key trends expected to influence the Cloud Backup & Recovery Software Market between 2023 and 2030?
What is the expected demand for various types of products/services in the Cloud Backup & Recovery Software Market?
What long-term impact will strategic advancements have on the Cloud Backup & Recovery Software Market?
Who are the key players and stakeholders in the Cloud Backup & Recovery Software Market?
What are the different segments and sub-segments considered in the Cloud Backup & Recovery Software Market research study?
Strategic Points Covered in Table of Content of Global Cloud Backup & Recovery Software Market:

Chapter 1 : Introduction, market driving forces, and product The study and research objectives are to investigate the Cloud Backup & Recovery Software market.

Chapter 2: Exclusive Summary - Cloud Backup & Recovery Software Market Fundamentals.

Chapter 3: The Changing Impact on Market Dynamics- Drivers, Trends, and the Challenges and Opportunities of Process Spectroscopy

Chapter 4: Cloud Backup & Recovery Software Market Factor Analysis, Porter's Five Forces Analysis, Supply/Value Chain, SWOT Analysis, Market Entropy, and Patent/Trademark Analysis are all presented .

Chapter 5: 2017-2022 Forecast by Type, End User, and Region/Country

Chapter 6: Evaluating the key players in the Cloud Backup & Recovery Software market, including the Competitive Landscape, Peer Group Analysis, BCG Matrix, and Company Profile.

Chapter 7: To evaluate the market by segments, countries, and manufacturers/companies, as well as revenue share and sales by major countries in these regions (2023-2030).

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