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The global cloud backup market is set to reach US$ 5.6 BN by 2030, growing at a 21.10% CAGR between years 2022-2030. In recent years, the cloud backup market has been growing at a rapid pace. A number of factors have converged to highlight its importance amidst today's changing data management environment. All kinds of organizations in different industries are gradually beginning to understand the importance and urgency for reliable digital asset protection solutions that can scale. The growing volume of data generated by companies as a result is another major market dynamic driving this growth. Caused by the digital transformation juggernaut, this unprecedented explosion of data requires rapid and reliable systems for backing up information.
As the data deluge threatens to overwhelm enterprises, cloud backup's flexibility and scalability prove irresistible. In addition, another major factor shaping the competitive landscape of the cloud backup market is growing recognition that traditional methods for securing data are seriously flawed. Thus cyber threats are growing more serious, while the need to recover data quickly has become increasingly pressing. The drawbacks of conventional on-premises storage and tapebased backups have also come into ever clearer relief. Cloud backup not only provides off-site storage but also includes advanced security features, providing protection against hacking such as ransomware and data breaches. Such enterprises' heightened security consciousness is making cloud backup a necessary part of risk mitigation solutions.
Also, the arrival of hybrid and multi-cloud architectures has added a new layer to market complexities. More and more organizations are beginning to use the hybrid cloud model, combining private infrastructure with public or even private clouds. This change is due to wanting more flexibility, lower costs and better performance. As a result, the cloud backup market is increasingly seeing calls for solutions that can be easily integrated into hybrid and multi-cloud environments. In response, vendors in this space have been developing interoperable and agnostic backup solutions which fit the varying infrastructure demands of today's enterprises. Cost considerations also play a pivotal role in shaping the market dynamics of cloud backup. Traditional backup approaches often entail significant capital expenditures for hardware, maintenance, and personnel.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Segment Outlook | Component, Service Provider, Deployment Model, Organization Size, and Vertical |
Cloud Backup Market Highlights:
Cloud Backup Market Overview
The cloud backup market is projected to register USD 7.6 billion at a CAGR of 20.0% from 2024 to 2032. The primary driver for adopting cloud backup and restore across businesses due to the growth in cloud adoption across both big and small is the requirement for agility and flexibility in the complexion of accelerating innovation and disturbances from competitors. For instance, as per the Right Scale's annual State of the Cloud Report for 2019, around 94% of enterprises are utilizing the cloud, out of which 91% of businesses utilize a public cloud, and 72% utilize a private one, while most cloud backup companies are opting for both the possibilities, i.e., 69% are opting for a hybrid cloud. The cloud backup market size is expected to reach approximately USD 7.6 billion by 2032.
Figure 1: Cloud Backup Market Size, 2024-2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
COVID-19 Impact Analysis
The COVID-19 pandemic had a positive impact on the cloud backup market. The rapid adoption of transformation strategies due to COVID-19 has instantly increased the need for cloud computing, fueling cloud security. Additionally, with the emergence of remote work and collaboration, cloud computing has become a combination for enterprises. The COVID-19 pandemic has surged the demand for cloud solutions, which boosted the market's growth during the COVID-19 pandemic.
Cloud Backup Market Dynamics
Cloud computing has launched various services and solutions that allow users to access data remotely, fueling demand for the ownbackup marketing cloud market. This has stimulated the information and technology domain to continue increasing, encouraging it with a significant element of data backup and cybersecurity. This characteristic, known as cloud backup, has encouraged IT professionals to reserve sensitive information and other databases in one cloud-based service that numerous users can accept. With improved data storage at large enterprises, there is a huge demand for cloud-based services that deliver lower prices and greater efficiency. This characteristic has driven the backup and recovery market share.
Market Drivers
Increased requirement for business continuity across SMEs
SMEs require cost-efficient, scalable, flexible, and automatic DR services, which can be fulfilled by DRaaS solutions. Corresponded to disaster recovery as a service, traditional disaster recovery solutions require a huge amount of time, technical personnel, and ample capital. This model enables companies to pay only for the amount of utilization. DRaaS is easy to set up and permits employees to access data from remote areas once recovery solutions are executed. It is gaining popularity among SMEs as it fulfills needs at less cost.
Market Restraints
The reluctance of companies toward the adoption of cloud-based DR over traditional methods
Several organizations still prefer traditional methodologies over the latest technologies. There are various factors for the reluctance of companies to adopt cloud and cloud-based disaster recovery. The major reasons include concerns over data security, budget constraints, unawareness, and stubbornness to change the existing disaster recovery methods. Moreover, the lack of awareness about cloud environments among organizations is the major factor responsible for the less adoption of DRaaS solutions.
Market Opportunities
Various strategies by key players
Major companies operating in the industry are highly inclined towards adopting various growth strategies, such as new product introduction and product innovation, to remain competitive in the market and positively impact the growth of the market. In June 2020, Otava expanded its cloud solution by including Otava Cloud Backup for Microsoft 365. The unique Software as a Service (SaaS) provides a backup service powered by Veeam for utilizer of Microsoft 365 online applications.
Segment Overview
By Component Insights
Based on components, the cloud backup market segmentation is solution and service {training & consulting, support & maintenance, and system integration}. The solution category held a major share in 2021 as this is the most popular form of cloud backup solutions for businesses such as google cloud storage. Besides this, the service was the fastest growing category due to the growing need for upgradation in the cloud backup system.
By Service Provider Insights
Based on the service provider, the cloud backup market segmentation is cloud service provider, telecom & communication service provider, managed service provider, and others. The cloud backup market growth was prominently high under the cloud service provider category in 2021. Cloud service providers also offer cloud backup solutions so that their customers can retrieve crucial data in case of system failure. However, the telecom & communication service provider was the fastest growing category as telecom & communication service provider are hosted in a center that can be used by enterprises or individuals utilizing network connectivity.
By Deployment Model Insights
Based on the deployment model, the cloud backup market segmentation is private cloud, public cloud, and hybrid cloud. The private cloud category had a prominent market share in 2021. Private clouds are designed for enterprises that demand high-level security, full data control, and customization. Besides this, the hybrid cloud was the fastest-growing category due to its cost-effectiveness.
By Organization Size Insights
By organization size, the cloud backup market has been categorized into large enterprises and small & medium-sized enterprises (SMEs). In 2021 the large enterprises' category had a major market share, owing to the growing investment in developing advanced technologies. However, small & medium-sized enterprises (SMEs) was the fastest-growing category due to an increase in the requirement for cloud backup for business continuity across SMEs.
By Vertical Insights
By Vertical, the cloud backup market has been segmented into BFSI, consumer goods & retail, education, government & public sector, healthcare & life sciences, manufacturing, media & entertainment, telecommunication & ITES, and others. In 2021, the BFSI category held a prominent market share owing to the increasing demand for cloud storage services and the growing demand for cloud computing in the banking and financial industry. Besides, education was the fastest-growing category due to the growing utilization of cloud backup in the education industry.
Cloud Backup Market Share, by Region, 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Cloud Backup Market Overview, by Region
By region, the cloud backup market has been divided into North America, Europe, Asia-Pacific, and the Rest of the World (ROW). North America accounted for the most extensive market share. Asia-Pacific is projected to exhibit the highest CAGR during the forecast period.
North America
North America held a significant market share in 2021 due to the existence of market leaders in this region, and with the early adoption of technologies across several verticals, North America stood as the highest regional market share and is expected to continue its dominance over the forecast period. Also, early adoption of unique technologies, considerable investments in R&D for cloud-based solutions, and expanded IT infrastructure is expected to drive market growth. For instance, in September 2019, IBM Cloud made additional cost reductions on a selected virtual server, backup, storage, and network port speed pricing to assist various organizations in further reducing their cloud infrastructure costs.
Asia-Pacific
Asia-Pacific was the fastest-growing region in 2021 due to the high enhancement of technology adoption in countries including China and India. The growing availability of skilled labor and SMEs' keen focus on entering and expanding in this region are a few factors driving the DRaaS in Asia-Pacific. Businesses across the region are cautious about their investment plans and focus on affordable options. Thus, public cloud services have gained huge traction in the Asia Pacific as they offer scalability, reliability, accessibility, and affordability.
Cloud Backup Market Competitive Landscape
The market includes tier-1, tier-2, and local players. The tier-1 and tier-2 players have reach with diverse product portfolios. Companies such as:
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Amazon Web Services
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Microsoft Corporation
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Google
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dominate the cloud backup market owing to product differentiation, financial stability, strategic developments, and diversified regional presence. The players are concentrating on helping research and development. Moreover, they embrace strategic growth initiatives, such as development, product innovation, joint ventures, and partnerships, to strengthen their marketplace and capture an extensive consumer base. For instance, in January 2020, Recovery Point introduced a low-cost object storage solution, z/Archive, utilizing Transparent Cloud Tiering from IBM. It permits clients to produce point-in-time images of data on their systems and then copy and feed that data into the RPS cloud.
Prominent players in the cloud backup market include HP Enterprise Company, Dropbox Inc., VMware Inc., EMC Corporation, Cohesity, Inc., Carbonite, Inc., Veritas Technologies, Arcserve LLC, and Asigra Inc., among others.
Scope of the Cloud Backup Market Segmentation
Cloud Backup Market, By Component Outlook
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Solution
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Service
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Training and Consulting
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Support and Maintenance
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System Integration
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Cloud Backup Market, By Service Provider Outlook
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Cloud Service Provider
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Telecom and Communication Service Provider
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Managed Service Provider
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Others
Cloud Backup Market, By Deployment Model Outlook
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Public cloud
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Private cloud
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Hybrid cloud
Cloud Backup Market, By Organization Size Outlook
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Large enterprises
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Small & Medium-sized Enterprises (SMEs)
Cloud Backup Market, By Vertical Outlook
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Banking, Financial Services, and Insurance (BFSI)
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Consumer Goods & Retail
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Education
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Government & Public Sector
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Healthcare & Life Sciences
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Manufacturing
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Media & Entertainment
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Telecommunication & ITES
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Others
Cloud Backup Market, By Region Outlook
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North America
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US
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Canada
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Mexico
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Europe
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UK
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Germany
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France
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Italy
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Spain
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Rest of Europe
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Asia-Pacific
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China
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India
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Japan
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Australia and New Zealand
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Rest of Asia-Pacific
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Rest of the World
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South America
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Middle East
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Africa
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