Cloud Backup & Recovery Market: Competitive Analysis, Market Trends and Forecast to 2031

Executive Summary

The global cloud backup & recovery market research reports indicate a significant growth potential in the industry with a projected CAGR of % during the forecasted period. The market is driven by the increasing demand for data protection and recovery solutions, especially amongst small and medium-sized enterprises (SMEs) who are looking for cost-effective and secure options to safeguard their business-critical information.

Market trends in cloud backup & recovery point towards the adoption of hybrid cloud solutions, where organizations utilize a combination of public and private cloud services to meet their specific data protection requirements. Additionally, the rise of ransomware attacks and data breaches has emphasized the need for robust backup and recovery strategies, further fueling market growth.

Geographically, North America holds a dominant position in the cloud backup & recovery market, primarily due to the presence of key market players and early adopters of advanced technologies in the region. The Asia Pacific (APAC) region is expected to witness substantial growth in the market, driven by the increasing digitization of businesses and the growing awareness of data security issues.

Europe and the USA also show promising growth prospects in the cloud backup & recovery market, with a focus on compliance regulations and data privacy laws shaping the market dynamics in these regions. China, on the other hand, presents a unique market landscape with a rapidly growing economy and a burgeoning cloud computing industry, offering significant opportunities for market players.

In conclusion, the global cloud backup & recovery market is poised for steady growth in the coming years, driven by the escalating demand for secure and reliable data protection solutions across various industries and geographies. Market players are expected to capitalize on these emerging trends and opportunities to cement their position in the competitive market landscape.

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Market Segmentation:

This Cloud Backup & Recovery Market is further classified into Overview, Deployment, Application, and Region. 

In terms of Components, Cloud Backup & Recovery Market is segmented into:

• Asigra
• NetApp
• Veeam
• Unitrends
• Rubix Systematics LLC
• Microsoft
• Quest Software Inc
• Infrascale
• Micro Focus
• NetJapan
• Commvault
• IBM
• Hewlett Packard Enterprise
• SolarWinds MSP
• Backblaze
• Rubrik
• HP
• Acronis International GmbH

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The Cloud Backup & Recovery Market Analysis by types is segmented into:

• Cloud Backup Software
• Cloud Recovery Software

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The Cloud Backup & Recovery Market Industry Research by Application is segmented into:

• SMEs
• Large Enterprises

In terms of Region, the Cloud Backup & Recovery Market Players available by Region are:

North America:

• United States


• Canada

Europe:

• Germany


• France


• U.K.


• Italy


• Russia

Asia-Pacific:

• China


• Japan


• South Korea


• India


• Australia


• China Taiwan


• Indonesia


• Thailand


• Malaysia

Latin America:

• Mexico


• Brazil


• Argentina Korea


• Colombia

Middle East & Africa:

• Turkey


• Saudi


• Arabia


• UAE


• Korea

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Key Drivers and Barriers in the Cloud Backup & Recovery Market

Key drivers in the Cloud Backup & Recovery market include the increasing volume of data generated by organizations, growing concerns about data security and compliance, and the rising adoption of cloud-based solutions for cost efficiency and scalability. Barriers to market growth include concerns about data privacy, compatibility issues with existing systems, and challenges related to internet connectivity and bandwidth limitations. Challenges faced in the market include the need for secure encryption methods to protect data, ensuring seamless data recovery processes, and addressing potential downtime risks that may impact business operations. Additionally, educating users about the benefits of cloud backup and addressing resistance to change are ongoing obstacles in the market.

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Competitive Landscape

One of the key players in the competitive Cloud Backup & Recovery Market is Veeam. Veeam Software is a Swiss company that provides backup, disaster recovery, and virtualization management software for VMware and Hyper-V virtual environments. Founded in 2006, the company has experienced significant growth in recent years due to the increasing demand for cloud-based backup solutions. Veeam's innovative products have earned them a strong reputation in the industry, with a focus on data protection and management.

Another notable player in the market is Commvault, an American data management company that offers backup and recovery solutions for enterprises. Commvault has been in operation since 1988 and has established itself as a leading provider of data protection services. The company's advanced technology and comprehensive approach to data management have helped them secure a prominent position in the market.

In terms of market size and growth, the Cloud Backup & Recovery Market is expected to continue expanding rapidly as businesses increasingly rely on cloud-based solutions for data protection. According to a report by Grand View Research, the global cloud backup market size was valued at $ billion in 2020 and is projected to reach $22.13 billion by 2028, growing at a CAGR of 21.2% during the forecast period.

Some of the sales revenue figures for the above-listed companies include Veeam, which reported total revenue of $1 billion in 2020, and Commvault, which generated revenue of $696.2 million in the same year. These numbers demonstrate the significant market presence and revenue potential of leading players in the Cloud Backup & Recovery Market.

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