As businesses need to deal with an enormous amount of data that is being generated every day, it is necessary for them to have a dependable system in place where they can store their data and access them conveniently at any time. This is where cloud backup comes to play.
Progressive Markets has added a report, "Global Cloud Backup Market - Size, Trend, Share, Opportunity Analysis & Forecast, 2014-2025", which says that the global market is growing at a considerable CAGR.
Cloud backup refers to a technology that enables backing up of enterprise data on a remote or off-site server. This involves copying of a businesses' important data files and storing them on a server that is in a different physical location.
Cloud backup usually includes a software and hardware to store data. The technology is important for many organizations today as it safeguards critical business information and helps restore and access them at any time as required.
Cloud backup offers advantages such as low implementation costs, improved real-time accessibility, extra storage space, data security, and more.
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Market Drivers and Restraints
The cloud backup services market is experiencing a boom in the recent times. The factors that play a major role in the growth of the market include the growing usage of mobile devices and easy deployment, data security, low implementation cost, emerging backup mechanisms, and safety from catastrophic failures.
On the other hand, lack of high network bandwidth and stringent government regulations cause the cloud backup market to slow down.
Cloud Backup Market Segmentation:
The global cloud backup market encompasses the market segmentation based on component, service provider, deployment method, organization size, industry vertical, and geography. Based on the component, the market is classified into solutions and service provider.
Based on service provider, the market is categorized into cloud service provider, telecom and communication provider, managed service provider, and others. Based on deployment method, the cloud backup market is divided into hybrid, private, and public.
Based on organization size, the market is bifurcated into Small and Medium Enterprises (SMEs) and large enterprises. By industry vertical, the market is classified into manufacturing, banking, Financial Services and Insurance (BFSI), media & entertainment, and others.
Geographically, the market has been covered for the regions such as North America, Europe, Asia-Pacific, and LAMEA. The North American market covers the regions such as the U.S., Canada, and Mexico.
The cloud backup industry in Europe covers regions such as the UK, Germany, France, Russia, and the other parts of Europe. The market in the Asian-Pacific region covers China, Japan, India, Australia, and the rest of Asia-Pacific.
The market in the LAMEA region covers Brazil, Saudi Arabia, South Africa, and the other parts of LAMEA.
Key Market Players
The key players in the global cloud backup market include Rackspace US, INC., IBM Corporation, Hewlett Packard Enterprise Development LP, VMware, Inc., Google, Oracle Corporation, Amazon Web Services Inc., Microsoft Corporation, EMC Corporation, and Symantec Corporation.
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The cloud backup industry report provides a comprehensive analysis of the overall market, including cloud backup market size, cloud backup market share (2014-2025), current and future trends, Porter's analysis, changing market dynamics, competitive landscape, market scope, key market players, and market intelligence. The cloud backup market forecast and estimations in the report are provided for all the segments in the report by closely analyzing the current and future market trends for the period, 2017 - 2025.
The drivers and challenges of the cloud backup market help investors and players understand the growing capacity of the industry and determine whether investing in the market will lead to fruitful results.
The Porter's Five Forces Analysis helps identify and analyze the forces such as competition, potential of new entrants, power of suppliers, threat of substitutes, and more that shape the industry, thereby determining the market's pros and cons. The report also includes an overview and the recent developments of the players that operate in the market.
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