Global Cloud Backup and Recovery Market Size, Share, and COVID-19 Impact Analysis, By Deployment Model (Private, Public, and Hybrid), By User Type (Large Enterprises and Small & Medium Enterprises), By Industry Vertical (BFSI, Government, Healthcare, Telecom & IT, Retail, Manufacturing, and Others), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030

KEY MARKET INSIGHTS

The Global Cloud Backup and Recovery Market is projected to grow from USD 10.93 billion in 2021 to USD 34.75 billion by 2030 at a CAGR of 24.2% during the forecast period. Cloud backup and recovery is a service that backs up apps and data to the cloud. Cloud backup and recovery solutions give businesses with additional benefits such as data security, storage, cost savings, data virtualization, and time savings. Due to developments in edge computing, most cloud and data recovery subscriptions run on a yearly or monthly basis, and are increasingly widely used by small and medium-sized enterprises.           

Major drivers predicted to drive market revenue growth during the forecast period include expanding usage of cloud data backup, increased dangers of data breaches, and an increasing trend toward digitalization. Furthermore, the increasing adoptions of the Internet and smartphones, as well as the growth of a massive amount of data, are predicted to propel the market growth.  

COVID-19 ANALYSIS         

The COVID-19 outbreak has sparked a surge in the use of cloud backup and recovery services. Across the globe, organizations, businesses, and governments are focusing on securing data against cyber-attacks. The risk of data leakage from a third-party is very high during a pandemic outbreak. To quickly respond to the COVID-19 problem, governments around the world have increased their efforts to implement virtual machine backup and recovery technologies. As a result of the rise in cyber espionage and fraudulent activities, government agencies are likely to expand their demand for cloud backup and recovery to safeguard data privacy. 

LATEST TREND  

Increasing Risks of Security Breaches

As technology and digitalization have developed, the need for reliable data backup and recovery has grown. In today's commercial world, the growing volume of data increases the risk of security breaches. Data breaches have substantial and growing ramifications for businesses in recent years. The banking industry is particularly vulnerable to data breaches since its databases hold sensitive information about consumers. According to the National Cyber Security Alliance, 20 percent of small firms' essential data is compromised every year. Companies have been increasingly using data backup and recovery services as the possibility of security breaches has increased, which is projected to drive revenue growth in the market during the forecast period.

DRIVING FACTORS

Increasing Demand for Cloud-Based Services across Various Industry Verticals Drives Market Growth    

The demand for cloud-based services is growing across a variety of industrial verticals, owing to several advantages such as lower hosting costs, expanded capacity, lower labor and equipment expenses, more streamlined operations, improved collaboration, and overall higher productivity. Furthermore, demand for cloud-based backup and recovery software is increasing, as the cloud is a perfect alternative for small and medium-sized organizations who cannot afford to establish an adequate backup and recovery system in-house. 

RESTRAINTS              

Privacy and Security Concerns regarding Cloud Storage

Cloud backup and recovery is one of the most complete defenses against cyberattacks and data breaches. But if handled improperly, it could open the door for attackers to easily access the database kept on the backup server and use it against the user. Therefore, the privacy and security concerns provide a significant barrier to the use of cloud backup systems. 

SEGMENTATION     

The Global Cloud Backup and Recovery Market is segmented by Deployment Model, User Type, Industry Vertical, and Region. Based on the Deployment Model, the market is categorized into Private, Public, and Hybrid. Based on User Type, the market is categorized into Large Enterprises and Small & Medium Enterprises. Based on Industry Vertical, the market is categorized into BFSI, Government, Healthcare, Telecom & IT, Retail, Manufacturing, and Others. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.          

REGIONAL INSIGHTS   

The Global Cloud Backup and Recovery Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.                        

North America is predicted to account for the largest revenue share in the global Cloud backup and recovery market during the forecast period due to the presence of certain significant players in this region. The growing popularity of big data in the region has resulted in a massive volume of data that must be backed up, stored, and recovered if necessary. The market in this region is predicted to rise in value as more people use data backup and recovery solutions.      

Europe is expected to the second largest market for cloud backup and recovery due to the increasing demand for data backup and recovery solutions among enterprises in the region. To make better use of resources and build a framework that will help them address future needs, European enterprises are ready to adopt an operational model for backup and disaster recovery solutions.    

Asia Pacific is predicted to grow at a highest CAGR throughout the forecast period, due to the increased adoption of new technologies and rising awareness about the data security and backup recovery service. Data backup and recovery services are becoming increasingly popular in industries such as financial services, banking, and insurance, as well as retail, IT and telecommunications, and healthcare. Furthermore, increased government investment in innovative technologies gives chances for the market in this area, which is likely to fuel revenue growth during the forecast period.     

KEY INDUSTRY PLAYERS   

The worldwide data backup and recovery industry is highly fragmented, with a large number of key competitors operating on both a global and regional basis. Platform development and strategic alliances are being pursued by key businesses in order to diversify their portfolios and achieve a stronger foothold in the global market. Key companies are IBM Corporation, Oracle, Dell Inc., Commvault Systems, Inc., and Microsoft. 

KEY INDUSTRY DEVELOPMENTS:     

April 2022- IBM launched the z16, an AI-accelerated, quantum-safe mainframe. It is designed for hybrid cloud environments and incorporates an on-chip AI accelerator. It enables enterprise workloads to evaluate real-time transactions at scale, allowing firms to detect fraud as it occurs. To protect data and systems from current and future threats, the z16 uses lattice-based cryptography.

In April 2022- NTT Docomo Inc, a Japanese mobile operator, said that it had chosen Oracle Cloud Infrastructure (OCI) to construct a new development environment for DOCOMO Information Systems (ALADIN). It's one of the world's biggest customer information management systems. As part of its goal to expand into broader telecoms, DOCOMO will gain access to highly available and secure computational resources as a result of OCI's integration.   

LIST OF KEY COMPANIES PROFILED:

• IBM Corporation
• Oracle
• Dell Inc.
• Commvault Systems, Inc.
• Microsoft
• Veritas
• Acronis International GmbH
• Unitrends.
• Hewlett Packard Enterprise
• Veeam Software
• NetApp, Inc
• Amazon Web Services, Inc.

SEGMENTATION

By Deployment Model

• Private
• Public
• Hybrid

By User Type

• Large Enterprises
• Small & Medium Enterprises

By Industry Vertical

• BFSI
• Government
• Healthcare
• Telecom & IT
• Retail
• Manufacturing
• Others

By Region

• North America- U.S., Mexico, Canada
• Europe- UK, France, Germany, Italy, Spain, Rest of Europe
• Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
• South America- Brazil, Argentina, Colombia, Rest of South America 
• The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa