Cloud Backup Market Research Report Information By Component (Training and Consulting, Support and Maintenance, and System Integration), Service Provider (Cloud Service Provider, Telecom & Communication,, Managed Service Provider), Deployment Model (Public, Private and Hybrid Cloud), Organization Size (Large, Small, Medium Sized Enterprises), Vertical (BFSI, Consumer Goods, Retail, Education, Government & Public Sector, Healthcare, Manufacturing, Media Entertainment, ITES), and Region (North America, Europe, Asia-Pacific)—Forecast till 2032

Cloud Backup Market Research

The cloud backup market is projected to register USD 7.6 billion at a CAGR of 20.0% from 2024 to 2032. The primary driver for adopting cloud backup and restore across businesses due to the growth in cloud adoption across both big and small is the requirement for agility and flexibility in the complexion of accelerating innovation and disturbances from competitors. For instance, as per the Right Scale's annual State of the Cloud Report for 2019, around 94% of enterprises are utilizing the cloud, out of which 91% of businesses utilize a public cloud, and 72% utilize a private one, while most cloud backup companies are opting for both the possibilities, i.e., 69% are opting for a hybrid cloud. The cloud backup market size is expected to reach approximately USD 7.6 billion by 2032.

Figure 1: Cloud Backup Market Size, 2023-2030 (USD Billion)

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

COVID-19 Impact Analysis

The COVID-19 pandemic had a positive impact on the  cloud backup market. The rapid adoption of transformation strategies due to COVID-19 has instantly increased the need for cloud computing, fueling cloud security. Additionally, with the emergence of remote work and collaboration, cloud computing has become a combination for enterprises. The COVID-19 pandemic has surged the demand for cloud solutions, which boosted the market's growth during the COVID-19 pandemic.

Cloud Backup Market Dynamics

Cloud computing has launched various services and solutions that allow users to access data remotely, fueling demand for the ownbackup marketing cloud market. This has stimulated the information and technology domain to continue increasing, encouraging it with a significant element of data backup and cybersecurity. This characteristic, known as cloud backup, has encouraged IT professionals to reserve sensitive information and other databases in one cloud-based service that numerous users can accept. With improved data storage at large enterprises, there is a huge demand for cloud-based services that deliver lower prices and greater efficiency. This characteristic has driven the  backup and recovery market share.

Market Drivers

Increased requirement for business continuity across SMEs

SMEs require cost-efficient, scalable,  flexible, and automatic DR services, which can be fulfilled by DRaaS solutions. Corresponded to disaster recovery as a service, traditional disaster recovery solutions require a huge amount of time, technical personnel, and ample capital. This model enables companies to pay only for the amount of utilization. DRaaS is easy to set up and permits employees to access data from remote areas once recovery solutions are executed. It is gaining popularity among SMEs as it fulfills needs at less cost.

Market Restraints

The reluctance of companies toward the adoption of cloud-based DR over traditional methods

Several organizations still prefer traditional methodologies over the latest technologies. There are various factors for the reluctance of companies to adopt cloud and cloud-based disaster recovery. The major reasons include concerns over data security, budget constraints, unawareness, and stubbornness to change the existing disaster recovery methods. Moreover, the lack of awareness about cloud environments among organizations is the major factor responsible for the less adoption of DRaaS solutions.

Market Opportunities

Various strategies by key players

Major companies operating in the industry are highly inclined towards adopting various growth strategies, such as new product introduction and product innovation, to remain competitive in the market and positively impact the growth of the market. In June 2020, Otava expanded its cloud solution by including Otava Cloud Backup for Microsoft 365. The unique Software as a Service (SaaS) provides a backup service powered by Veeam for utilizer of Microsoft 365 online applications.

By Component Insights

Based on components, the  cloud backup market segmentation is solution and service {training & consulting, support & maintenance, and system integration}. The solution category held a major share in 2021 as this is the most popular form of cloud backup solutions for businesses such as google cloud storage. Besides this, the service was the fastest growing category due to the growing need for upgradation in the cloud backup system.

By Service Provider Insights

Based on the service provider, the  cloud backup market segmentation is cloud service provider, telecom & communication service provider, managed service provider, and others. The  cloud backup market growth was prominently high under the cloud service provider category in 2021. Cloud service providers also offer cloud backup solutions so that their customers can retrieve crucial data in case of system failure. However, the telecom & communication service provider was the fastest growing category as telecom & communication service provider are hosted in a center that can be used by enterprises or individuals utilizing network connectivity.

By Deployment Model Insights

Based on the deployment model, the  cloud backup market segmentation is private cloud, public cloud, and hybrid cloud. The private cloud category had a prominent market share in 2021. Private clouds are designed for enterprises that demand high-level security, full data control, and customization. Besides this, the hybrid cloud was the fastest-growing category due to its cost-effectiveness.

By Organization Size Insights

By organization size, the  cloud backup market has been categorized into large enterprises and small & medium-sized enterprises (SMEs). In 2021 the large enterprises' category had a major market share, owing to the growing investment in developing advanced technologies. However, small & medium-sized enterprises (SMEs) was the fastest-growing category due to an increase in the requirement for cloud backup for business continuity across SMEs.

By Vertical Insights

By Vertical, the  cloud backup market has been segmented into BFSI, consumer goods & retail, education, government & public sector, healthcare & life sciences, manufacturing, media & entertainment, telecommunication & ITES, and others. In 2021, the BFSI category held a prominent market share owing to the increasing demand for cloud storage services and the growing demand for cloud computing in the banking and financial industry. Besides, education was the fastest-growing category due to the growing utilization of cloud backup in the education industry.