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An increasing need for data security and recovery among various industries has driven demand for the cloud backup market, globally. The growing number of data breaches, cyberattacks, and ransomware events has inspired companies toward advanced technologies that protect their critical data. Other key features that Cloud Backup services offer to end users include data redundancy, encryption, compliance with rules such as GDPR (General Data Protection Regulation), HIPAA, and so forth, thus making sure that sensitive data stays safe while carrying out all international laws related to data privacy.
Cloud Backup solutions are relatively cheaper as compared to traditional on-premises backup systems. Most Cloud Backup solutions provide expandable storage solutions where one expands or reduces the storage capacity based on data requirements. As such, if these features are included and with the continuous need for data protection, demand for the Cloud Backup market shall like it or not increase in the coming years. In the world of business digital transformation, the use of the cloud has become a cornerstone of the enhancement of IT infrastructure. Cloud Backup services unify smoothly with cloud infrastructure, and thus, it becomes easy for organizations to move their protection strategies to the cloud.
The cloud backup market demand and trends are also shaped by the growing remote or hybrid work culture trend, especially in America and Europe. The rising demand for remote work and the growing popularity of mobile devices have increased the adoption of cloud backup services, leading to a rise in cloud backup market revenue.
Nowadays, globalisation has led to diversity in global workspaces which has led to the need for common and safe data storage options among employees for the backup of data that they produce from remote and mobile work environments. Cloud Backup services fulfil these requirements and ensure that the backed up data is accessible from any device and location; thereby, the risks of data loss are minimised and business continuity is maintained. Therefore, the remote work culture has increased the need for safe and unified data storage and backup solutions across diverse sectors, thus leading to the growth of the cloud backup market revenue.
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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In 2023, the global cloud backup market attained a value of nearly USD 4.69 billion.
The market is projected to grow at a CAGR of 20.7% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 25.34 billion by 2032.
The major market drivers include the growing digital transformation, the increasing awareness regarding the benefits of cloud backup, and the rising popularity of hybrid and remote work.
The key trends aiding the market growth are the rising adoption of technologies like IoT and AI, the growing demand for cloud backup solutions in the healthcare sector, and the increasing focus on cybersecurity.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is bifurcated into solution and services.
The leading end-use sectors in the industry are the BFSI, IT and telecom, media and entertainment, retail, healthcare, and others.
The competitive landscape consists of Microsoft Corporation, Amazon Web Services, Inc. IBM Corporation, Hewlett Packard Enterprise Development L, Oracle Corporation, Dell Inc., Dropbox, Inc. Backblaze, Inc. Barracuda Networks, Inc., Open Text Corporation (Carbonite), Acronis International GmbH, Cohesity, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124