According to a new market research report "Cloud Backup Market by Component (Solution & Services), Provider (Cloud Service Provider, Telecom & Communication Service Provider, & Managed Service Provider), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022", published by MarketsandMarkets™, the cloud backup market expected to grow from USD 1.30 billion in 2017 to USD 4.13 billion by 2022, at a compound annual growth rate (CAGR) of 26.1% during the forecast period.
The demand for cloud backup is driven by many factors, such as huge volumes of data generation, lower costs and greater efficiency than on-premises backup, and growing adoption of SaaS. With an increase in the adoption rate of cloud computing among enterprises, the cloud backup market is expected to gain a major traction during the forecast period.
The solution is expected to hold the largest market share
An increasing adoption of cloud-based technologies and need for managing voluminous data sets in enterprises has led to the adoption of cloud backup solution. Also, the adoption of cloud backup solution has increased due to its various benefits such as simple management and monitoring, real-time backup and recovery, simple integration of cloud backup with enterprise's other applications, data de-duplication, and customer support.
Training and consulting services segment is expected to record the largest market share
The consulting services help the enterprises to make the right and informed decisions in order to realize the desired outcome. On the other hand, training services aim at providing various education programs to bridge the knowledge gaps. Various companies actively provide online trainings to end-users with the help of user manuals, blogs, video instructions, and help forums.
Asia Pacific (APAC) is projected to grow at the highest CAGR
North America is estimated to hold the largest market share in 2017, while APAC is projected to be the fastest growing region with the highest CAGR due to the rising data generation in many countries. Cloud emergence and mandatory government regulations are simultaneously helping boost the growth of the Cloud Backup Market in this region.
The major vendors providing cloud backup services are Acronis International GmbH (Switzerland), Asigra Inc. (Canada), Barracuda Networks, Inc. (US), Carbonite, Inc. (US), Code42 Software, Inc. (US), Datto, Inc. (US), Druva Software (US), International Business Machines Corporation (IBM; US), Iron Mountain Incorporated (US), Microsoft Corporation (US), Oracle Corporation (US), and Veeam Software (Switzerland).