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Global Cloud Backup Market is predicted to reach a valuation of around USD 190.5 billion by 2024, finds a report added to the repository of Radiant Insights, Inc.(April 12, 2018)
Growing number of smartphones and penetration of Internet of Things (IoT) based devices act as the primary driver for the market. Emergence of autonomous cars, drones, robots, and augmented reality (AR) relying on the Cloud for data storage can further spur market growth till 2024.
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However, concerns regarding data privacy and security can impede cloud backup market growth. Nevertheless, emergence of cloud disaster recovery solutions can provide organizations the key to maintain their data effectively. For instance, Unitrends, a U.S. based company provides self-service cloud recovery solutions to retain organizational data. Furthermore, it offers encryption keys to ensure data integrity.
The cloud backup market is segmented into deployment, provider, and region. By deployment, the market is divided into private, public, and hybrid. On the basis of provider, the market is categorized into managed service providers (MSP), cloud service providers (CSP), and telecom and communication service providers.
Regions covered in the cloud backup market report include the Middle East & Africa (MEA), Asia, Europe, and the U.S. The U.S. market for cloud backup is touted to dominate in the years to come owing to early adopters and availability of infrastructure. Mandatory government regulations pertaining to cloud usage can positively impact the market. Presence of cloud backup providers can also spur market growth. Prominent companies are collaborating with well-known cloud solutions providers to offer security solutions to clients. Sungard Availability Services offers cloud backup services for its clients hosted on Amazon Web Services.
The Asia market is expected to exhibit a robust growth rate owing to immense data volume generation in countries such as China and India. Shift of laborious workloads to the cloud are expected to induce market. Digitization of business models coupled with the rise of small and medium enterprises are likely to culminate in adoption of cloud backup solutions. Adoption of new technologies to work with existing systems can augment cloud backup market volume in the forthcoming years.
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The MEA market is also expected to generate high revenue owing to adoption of private cloud by small and medium enterprises. Automation of manual processes to the cloud managed to improve productivity and performance. This is exemplified by Cosmos Insurance Brokers, a Sharjah-based company, which integrated cloud into its business model to manage immense data volumes. In addition, bevy of cloud solution providers are setting up units to offer data recovery solutions in the region. The Europe market can also contribute to market revenue owing to new General Data Protection Regulations (GDPR) outlined by the European Union.
Key players in the cloud backup market include Google LLC, Autotask Corporation; Microsoft Corporation; Amazon.com, Inc.; and Asigra Inc. Partnerships and collaborations are some of the major business strategies utilized by most of these players to sustain their market hold.
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