According to the latest analysis by Emergen Research, the global cloud backup and recovery market is expected to reach a market size of USD 20.69 billion by 2028, and register a high revenue CAGR of 13.6% during this period.
What is driving this growth?
Increased enterprise adoption of cloud computing is expected to drive the growth of this market. Additionally, growing demand for remote data backup and restoration to improve business outcomes is expected to augment global cloud backup and recovery market growth.
Worth noting, the increased adoption of Infrastructure as a Service (IaaS) cloud computing is expected to ramp up growth of the global cloud backup & recovery market, too. Rising adoption of cloud computing among SMEs is expected to propel growth of the market as well.
Market growth across regions
North America market is expected to account for the largest market share among other regional markets during the forecast period in the global cloud backup and recovery market. This is due in large part to the growing number of SMEs, which are driving the need for the deployment of more data centers.
Meanwhile, the Asia Pacific market is expected to be valued at USD 5.56 Billion by 2028. Worth noting is that during this forecast period, growing telecom and IT industries in this region are likely to increase adoption of cloud-based solutions; this will, in turn, boost revenue growth. What’s more, increased adoption of cloud backup and recovery solutions among enterprises to access data (and prevent data losses) with greater efficiency is expected to create rewarding growth opportunities for solution providers in this region.
Key takeaways from report
The following are some of the highlights featured in this analysis:
• When it comes to market revenue, the SME segment is expected to see steady growth during the forecast period because of the increased implementation of cloud computing in small and medium enterprises (seen as a means for reducing operational costs).
• The banking, financial services, and insurance segment is expected to account for the largest revenue share as compared to other end-use segments during the forecast period due to increased implementation of cloud backup and recovery solutions across the banking industry.
• Finally, the only factors that appear to be restraining the growth of the global cloud backup and recovery market appears to be cloud storage security and privacy issues, and time-consuming recovery processes.