Cloud Backup Market Emerging Factors, Leading Growth Drivers, Segments, Sales, Profits and Outlook

Market Highlights

The global Cloud Backup market, according to the analysis by Market Research Future (MRFR), is anticipated to grow up to a significant market valuation of USD 5.6 Billion by 2023, at 21.2% of CAGR over the forecast period of 2017 to 2023.

The study indicates that the increasing demand of the secure storage and backing up the data on cloud is a key driver for Cloud Backup market. The study signifies that a trend of high adoption of Cloud computing boosting the cloud backup market. It also reveals that with the increase in the adoption of cloud backup among enterprises cloud service will be growing fast in the forecast periods.

Drivers and Restraints

Cloud Backup market is driven owing to its offered solutions like storage, real-time backup, and recovery, simple management and monitoring, simple integration of cloud backup with enterprise's other applications, customer support, data de-duplication, and many other services.

The demand for cloud backup is growing in the foreseeable future due to the massive volume of data generation, lesser costs, and better efficiency than on-premises backup, and increasing adoption of SaaS. The market is escalating with the advent of new applications and technologies such as the Internet of Things (IoT), Artificial Intelligence (AI), big data, and cloud computing. The vast volume of data generation leading to the increasing adoption of cloud backup solutions and services is also a driving factor for the expansion of the cloud backup market. On the other hand, the Resistance to the deployment of cloud backup solutions and services owing to the time-consuming recovery process.

Moreover, the higher implementation rate of the hybrid cloud is projected to pose as a challenge for the cloud backup market, along with difficulty in achieving compliance and the rising concerns regarding data privacy and governance. Nevertheless, the Growing adoption among SMEs and the high adoption rate of hybrid cloud is anticipated to transform the cloud backup market.

Segmentation:

The Cloud Backup Market Size has been segmented, for a better understanding of the market, on the basis of solution, services, deployment, and end-user. Looking through the end-user segment, it has been observed that the telecommunication and IT sector is showing the rapid growth of usage of the Cloud Backup. The study indicates that the BFSI and government sector is also showing a positive sign in a graph in terms of high usage of cloud backup.

Regional Analysis

On geographic basis, Cloud Backup Market is studied in different regions as North America, Europe, Asia-Pacific and Rest of world. It has been observed that North America region is leading Cloud Backup in the market and is expected to grow with a high rate as well as hold the largest market share. In the Europe region there has been a major focus onto the online secure data storage system and is expected to gain a major traction during the forecast period. The study shows that developing economies in Asia Pacific region like China, Japan, India and others has a significantly growing well in Cloud Backup market.

Competitive Analysis

The major market players in the Cloud Backup Market, identified by MRFR are IBM Corporation (U.S), Microsoft Corporation (U.S), Oracle Corporation (U.S), Amazon Web Services. (U.S), Google Inc. (U.S), EMC Corporation (U.S), VMware Inc. (U.S), Barracuda Networks, Inc. (the US), Dropbox, Inc. U.S.), CommVault Software (U.S), Symantec Corporation (US), Datto, Inc. (U.S.), Code42 Software, Inc. (US), among others.

Browse Complete Report @ https://www.marketresearchfuture.com/reports/cloud-backup-market-3152