Cloud Backup & Recovery Software Market Demand Will Increase to 2031 Evaluated By Global Top Players | Veritas Technologies Llc., Actifio Inc

Cloud backup and recovery software helps businesses protect critical data stored on cloud servers or backup copies of on-premise data to the cloud. It provides automated data protection, recovery and security of critical files, application data, and operating systems.

Market Dynamics:

The cloud backup & recovery software market is driven by the rising adoption of cloud computing solutions across various industries. Cloud computing provides scalable, flexible and cost-effective storage and computing resources to businesses. Additionally, the growing threat of ransomware and cyberattacks has compelled organizations to invest more in robust data protection and disaster recovery solutions like cloud backup and recovery software. Moreover, the software enables easy recovery of data from any location in case of data loss accidents, further promoting its demand.

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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Major market drivers -

Growing adoption of cloud computing across organizations

The growing adoption of cloud computing infrastructure by organizations across industry verticals has significantly driven the demand for cloud backup and recovery software. As workloads are increasingly being migrated to cloud platforms, there is a need for reliable and scalable backup and recovery solutions to manage data security, redundancy and downtime risks. Furthermore, cloud-based solutions offer flexibility, scalability and pay-as-you-go pricing models that are more appealing to businesses compared to on-premise backup systems. Software-as-a-Service (SaaS) delivery and consumption-based pricing of cloud backup tools have also accelerated their adoption.

Major 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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Increasing need for data protection and disaster recovery (DR)

With rising concerns around data loss, cyber security threats and natural disasters, enterprises are recognizing the need for robust data protection strategies. Cloud backup and recovery software addresses these needs by providing offsite storage of critical business data that can be easily restored in case of data corruption, hardware failure, ransomware attacks or other crises. The software ensures around-the-clock availability of mission critical applications and continuity of business operations even during downtime situations. This has significantly boosted the demand for such software aimed at achieving comprehensive data protection and disaster recovery capabilities.

Major market restrain - Privacy and security issues

Despite the benefits, some organizations are still hesitant in adopting cloud backup solutions due to lingering privacy and security concerns. Storing sensitive corporate data in public cloud platforms raises doubts regarding unauthorized access to information by third-parties or hackers. Recent data breaches at large cloud service providers have further heightened such apprehensions. Additionally, regulatory restrictions in some nations do not allow cross-border flow of sensitive personal or financial data. Compliance issues act as a deterrent, especially for regulated industries. Overall, unaddressed security vulnerabilities remain a key inhibiting factor for broader acceptance of cloud backup software.

Major market opportunity -

Growing "as-a-service" models

Emergence of backup-as-a-service (BaaS) delivery and consumption-based billing presents significant growth prospects for software vendors. Under this model, backup solutions are delivered and managed remotely by third-party service providers offering pay-per-use subscription services. This addresses affordability concerns of SMBs and allows even small businesses to leverage robust cloud backup facilities without large upfront costs. Furthermore, the need for in-house IT expertise to manage backup infrastructure is eliminated. BaaS is gaining traction worldwide and opening new revenue streams for established as well as born-in-the-cloud software companies. Leveraging this model can help vendors expand their customer base considerably.

Major market trend -

Integration with other cloud services

A notable trend is the integration of cloud backup software with other cloud-based applications and infrastructure services. For example, major vendors have begun offering backup tools that can be seamlessly configured with popular SaaS suites like Microsoft 365, Google Workspace as well as IaaS platforms like Amazon Web Services, Microsoft Azure etc. This helps backup processes to be automatically triggered whenever new files are added to source applications or servers. Deeper product integrations simplify workflow management and provide a unified data management experience. Such coupling with broader cloud ecosystems is expected to drive continued installation of advanced backup platforms suited for modern multicloud environments.

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𝗙𝗔𝗤'𝗦:

What is the projected size of the Cloud Backup & Recovery Software Market by 2031?
Which major countries will experience the greatest impact from the Cloud Backup & Recovery Software Market?
Which regional market in the Cloud Backup & Recovery Software Market is the largest?
Which leading companies dominate the majority of the Cloud Backup & Recovery Software Market?
Which geographic market within the Cloud Backup & Recovery Software Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Cloud Backup & Recovery Software Market?
What are the current trends and future predictions for the global Cloud Backup & Recovery Software Market industry?
What are the key strategies employed in the Cloud Backup & Recovery Software Market?
What are the main growth prospects for the Cloud Backup & Recovery Software Market?

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