Cloud Backup Market - Recommendations To Companies For Strengthening Their Foothold In The Market

Cloud backup refers to online backup programs and digital storage where digital data is stored in servers and logical pools, keeping the data available and accessible. The concept of cloud storage is based on virtualized data storage infrastructure where cloud backup services can be utilized from deployed-on premises and off-premise services. In this age of massive and faster data creation and risk, cloud backup meets the backup needs of the market. Cloud backup provides much more than just restoring of data in the event of server or storage failure. The scope of the cloud backup market has been increasing with the development of new features such as snapshot management, cloud support, and VM protection. More and more enterprises are turning toward cloud backup services to supplement their backup needs. Carbonite, Mozy, SOS, Backblaze, CrashPlan, and OpenDrive are some of the examples of cloud back up programs.

Rapidly increasing ransomware attacks, changing compliance norms, rising concerns regarding data breaches, and rising cyber security issues, are some of the factors which are expected to drive the growth of the global cloud backup market during the forecast period. Cyber attacks have been growing over the last few years. Web based threats and the vulnerability of systems and networks getting hacked have led information technology professionals to implement comprehensive data storage solutions in the form of cloud backup storage. Therefore, awareness regarding cyber security is expected to drive the growth of the cloud backup market. Further, growth in cybercrime, sophisticated coding and networking configurations, and difficulties in detecting ransomware have also encouraged information technology professionals to launch counter attacks in the form of cloud backup storage technology. Strict compliance regulations in the healthcare and financial sector, and in legal firms and organizations, have led to increasing need to handle critical and large scale data, thus making cloud backup a mandatory information technology service to protect and manage huge amounts of critical data. Moreover, loss of confidential and corporate data due to data breach is also likely to majorly affect the growth of the market. Thus, the above mentioned factors are likely to push the growth of the global cloud backup market during the forecast period.

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However lack of higher bandwidth and proper network connectivity are some of the factors expected to create hindrances in the growth of the global cloud backup market.

The global cloud backup market has been segmented based on deployment model, type of services, end-use industry, and geography.

Based on deployment model, the market has been further sub-segmented into public cloud, private cloud, and hybrid cloud. Public cloud includes the availability of storage applications to the public at large over the internet. Public cloud services may be free or may entail a pay per usage cost. Private cloud refers to availability of cloud storage applications in the form of self service. Private cloud service is a more secured option compared to public cloud storage since in private cloud backup systems, access is restricted to connections made from a particular organization’s firewall. Hybrid cloud backup systems use both public and private cloud backup systems integrated together. Hybrid cloud backup system is expected to acquire a substantial chunk of the market during the forecast period owing to its high level of scalability, significant economies of scale, higher level of security, and improved flexibility.

Based on type of services the market has been segmented into managed service providers, training and consulting, support and maintenance services, and others. Managed service providers segment is expected to hold considerable market share during the forecast period. Growth of managed service providers will drive the growth of the cloud backup market owing to the fact that cloud backup systems help in lowering the cost of entry of managed service providers into the market. Further, managed service providers providing cloud backup services offer more efficient recovery services compared to in-house information technology departments.

Based on end-use industry, the market has been sub-divided into banking and financial industry, consumer electronics, retail, healthcare industry, media and entertainment, manufacturing, telecommunications and others. The banking and financial industry followed by the healthcare sector are expected to acquire considerable share of the market over the forecast period.

In terms of geography, the market has been segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America is expected to hold the dominant market share owing to huge investments, research and development activities, and high internet penetration.

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Some of the key players operating in the global cloud backup market are IBM Corporation, Google, Inc., Oracle Corporation, Amazon Web Services, Microsoft Corporation, Rackspace Hosting, Inc., EMC Corporation, Dropbox, Inc., Hewlett Packard Enterprise Company, and VMware, Inc. among others.

The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.

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