The report presents an in-depth assessment of the Cloud Backup Market including enabling technologies, key trends, market drivers, challenges, standardization, regulatory landscape, deployment models, operator case studies, opportunities, future roadmap, value chain, ecosystem player profiles and strategies. The report also presents forecasts for Cloud Backup investments from 2021 till 2025. This research report also provides post COVID-19 impact analysis of the Cloud Backup industry.
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Cloud Backup market is growing at a CAGR of 24% during the forecast period (2021-2025).
The Cloud Backup market is highly competitive and consists of a number of major players. Top Companies like IBM Corporation, Dell EMC, Backblaze Inc., Acronis International GmbH, Arcserve LLC, Rubrik, Veritas Technologies, Barracuda Networks, Inc., Carbonite, Inc., Commvault Systems, Inc., Cohesity, Inc.
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Industry News And Developments:
– June 2020 – Otava extended its cloud solution by adding Otava Cloud Backup for Microsoft 365. The new Software as a Service (SaaS) offering provides a backup service powered by Veeam for users of Microsoft 365 online applications.
– April 2020 – Veeam Software collaborated with Microsoft Azure to provide its New Veeam Backup, an enterprise-ready cloud backup and recovery solution for Microsoft Azure. The new offering will enable customers and service providers to move more applications and data to Azure and to cost-effectively, securely, and easily protect cloud applications and data in Azure.
Backblaze Price Increase
Scope of the Report
– For instance, according to Right Scale’s annual State of the Cloud Report for 2019, approximately 94% of the enterprises are using the cloud, out of which, 91% of businesses use public cloud, and 72% use a private one, while most enterprises are opting for both the options, i.e., 69% of them opting for a hybrid cloud solution.
– In April 2020, Commvault launched the NetApp Scale-out Data Protection (SDP), to offer enhanced and rapid recovery support solutions for critical data across NetApp’s hybrid-enabled storage systems. The NetApp SDP leverages the Commvault Complete Backup and Recovery software to provide snapshot management, backup, and disaster recovery functionality.
– Moreover, according to a study by EMC, approximately 40 trillion gigabytes of data (40 zettabytes) is expected to be generated by 2020. Also, IBM estimated that approximately 90% of the data was generated in the last two years. Due to the massive data generation, there has been an increasing demand for low-cost data backup/storage across enterprises.
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Key Market Trends
BFSI Expected to Exhibit Maximum Adoption
– According to Capgemini, cloud solutions are helping the banks to significantly cut expenses by slashing infrastructure costs by a quarter and potentially saving about USD 15 billion by 2019. Hence, many vendors are providing IaaS and PaaS applications to eliminate the need to manage to host, maintaining, updating, and scaling service operations. These trends are expected to boost further the adoption of cloud backup solutions in the BFSI industry.
North America Expected to Dominate the Market
Backblaze B2 Incremental Backup
– With the presence of market leaders in the region and with the early adoption of technologies across various end-user verticals, North America stood as the leading regional market and is expected to continue its dominance throughout the forecast period. Also, early adoption of new technologies, considerable investments in R&D for the cloud-based solutions, and enhanced IT infrastructure are expected to drive the market growth further.
– Moreover, low-cost, secure, and enhanced backup resources provided by the regional market players are expected to drive the dominance in the region further. In September 2019, IBM Cloud made additional price reductions on a selected virtual server, storage, backup, and network port speed pricing to help various organizations in further reducing their cloud infrastructure costs.
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What are the market factors that are explained in the report?
–Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
–Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
–Analytical Tools: Cloud Backup Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter’s five forces analysis, feasibility study, and investment return analysis have been used to analyzed the growth of the key players operating in the market.
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The research includes historic data from 2015 to 2020 and forecasts until 2025 which makes the reports an invaluable resource for industry executives, marketing, sales and product managers, consultants, analysts, and other people looking for key industry data in readily accessible documents with clearly presented tables and graphs.
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