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Report explores the cloud backup & recovery software market growth & demand to 2023

IT Market Research

This study includes the analytical depiction of the global cloud backup & recovery software market along with current trends and future estimations to determine the imminent investment pockets.

Cloud backup involves backing up of electronic data by sending a copy of the data over the proprietary or public network to a remote network server. Recovery and cloud backup play a vital role in business continuity strategy.

The adoption of cloud backup provides additional benefits such as cost saving, and security, storage, and virtualization of the data. 

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The cloud backup & recovery software market is driven by the need for companies to reduce their IT expenditure, increase in demand for cloud-based services across several industry verticals, and surge in backup requirements of enterprises.

Furthermore, emergence of IaaS and on-demand cloud providers, increased adoption of smart devices and tablets, and high demand for big data and social networking present numerous opportunities for market progression.

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Hybrid is expected to grow at a significant pace during the forecast period. The IT & telecom segment led the market in 2016, and is expected to continue to this trend in the near future.

Furthermore, North America is expected to dominate overall market during the forecast period, as it is the highest adopter of cloud storage solutions.

The report focuses on the growth prospects and restraints of the market based on the analysis of regional trends. The study provides Porters Five Forces analysis of the industry to understand the impact of various factors such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the growth of the market.

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