Cloud Backup Market – Overview:
The Global Cloud Backup Market is growing with the rapid pace; mainly due to the increasing demand for low cost and reliable storage facility. According to a recent study report published by the Market Research Future, the global market of cloud backup is growing rapidly and expected to gain prominence over the forecast period. The Cloud Backup Market is projected to demonstrate a remarkable growth by 2023, beating its previous growth records in terms of value with a noticeable CAGR during the anticipated period (2017 – 2023)
The main purpose of a cloud backup solution is to be a form of disaster recovery for any type of data. Cloud backup or online backup refers to backing up of data to a remote, cloud based server. The large enterprises already have effective, but highly expensive, disaster-recovery plans with multiple tiers of data backup, generally including the cloud or at least data stored off site. Cloud backup can be considered as the only way to protect information and applications in a natural disaster. Using a cloud DR solution, businesses can back up entire machines to recover them instantly (including recovering all VMs), or back up volumes, directories and individual files for more-specific, efficient protection.
With the rise in data explosion, many organizations have supported the need for replication of data as backup and frequent data protection. Challenges such as server collapse and mismanagement of large company data have forced organizations to look for a substitute for traditional backups, as these are costly to maintain and require continuous monitoring. These challenges of traditional backups have resulted as the major driving force for the cloud backup market.
The prominent players in the Cloud Backup Market are – Microsoft Corporation (U.S), Oracle Corporation (U.S), IBM Corporation (U.S), Amazon Web Services. (U.S), EMC Corporation (U.S), Google Inc. (U.S), VMware Inc. (U.S), Dropbox, Inc. U.S.), Barracuda Networks, Inc. (US), CommVault Software (U.S), Datto, Inc. (U.S.), Symantec Corporation (US), Code42 Software, Inc. (US), among others.
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Nov. 2017 – HPE is announced general availability for HPE Cloud Bank Storage. Cloud Bank Storage enables new cloud capabilities for HPE StoreOnce. It would provide seamlessly, securely, and cost-effectively move backup data to the public, private, hybrid cloud or on-premises object storage—enabling long-term retention, archive and reliable disaster recovery that is simple and efficient.
Dec. 2017 – Jungle Disk announced acquisition of SafetyNet, the first backup for QuickBooks Online, from Jobber, a cloud and mobile software platform for home service businesses, at QuickBooks Connect Toronto. This acquisition would enhance Jungle Disk’s data security suite, adding high-quality cloud-to-cloud backup for QuickBooks Online storing a safe, second copy of a small business’s critical financial records.
Cloud Backup Market Segmentation
The Cloud Backup Market has been segmented on the basis of solution, services, deployment, end-user and region. Looking through the end-user segment it has been observed that telecommunication and IT sector is showing a rapid growth of usage of the Cloud Backup. The study indicates that the BFSI and government sector is also showing a positive sign in graph in term of high usage of cloud backup.
North-America is dominating the Global Cloud Backup Market with the largest market share due to the increasing shift of workload to cloud environment. Cloud Backup Market in Asia-Pacific market is expected to grow at a substantial CAGR during 2017 to 2023 owing to the various advantages associated with using cloud storage. Moreover, increasing development of IT infrastructure by organizations, especially in India and China that are adopting new technologies to work efficiently with existing systems and data. The European market for Cloud Backup Market is expected to grow at a considerable CAGR (2017-2023).
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- Software investors
- Cloud vendors
- Application design and development service providers
- System integrators/migration service providers
- Training and education service providers
- Data integration service providers
- Managed service providers
- Data quality service providers
- Security Management Service Provider
- Security Equipment Providers
- Security Agencies
- System Integrators
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