Cloud backup is also known as online backup or remote backup. It is a service through which cloud computing resources and infrastructure are used to create, edit, manage and restore data, services or application backup. This is done remotely over the internet. It provides to store data, access, and transfer data over public cloud with less usage of bandwidth.
Increasing demand for cloud backup, owing to huge volume of data generation, lower costs and greater efficiency than on-premises backup is a key factor driving growth of the global cloud backup market. In addition, increasing adoption of cloud backup solution, owing to factors such as simple management and monitoring, real-time backup and recovery, data deduplication, and customer support. Moreover, security, storage, savings, and virtualization to a hybrid cloud solution for data security are other factors expected to fuel growth of the global cloud backup market over the forecast period.
Rising concerns about data security and data theft is the major factor expected to restrain market growth over the forecast period. Also, unavailability of internet facility in the rural area of some developing region is another factor hampering growth of the global cloud backup market.
Moreover, increasing adoption for cloud based services and solutions in industrial sector across the globe is the ongoing trend observed, which is expected to support market growth in the near future. The market players are engaged in developing more convenient solutions for easy access of data on cloud servers, coupled with rising trend of video–on–demand feature that uses cloud services to share cloud data with the audience can be a potential opportunity for market players over the forecast period.
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The global cloud backup market report has been segmented on the basis of deployment, solution, end user, and region. On the basis of region, the global cloud backup market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Currently, the market in North America dominates the global cloud backup market in terms of revenue. The market in Asia Pacific is projected to have fastest growth with highest CAGR, owing to increasing adoption for cloud backup services and high internet penetration are expected to boost growth of the global cloud backup market.
key players in the global cloud backup market include, Acronis International GmbH, Veeam Software, Inc., Oracle Corporation, Microsoft Corporation, Iron Mountain Incorporated, International Business Machines Corporation, Druva Software Pvt. Ltd., Datto, Inc., Code 42 Software, Inc., Carbonite, Inc., Barracuda Networks, Inc. and Asigra Inc.