Cloud Backup & Recovery - Understanding Market Penetration, Key Market Changes And Making A Logical Assumption

Uncovering the market overview of Cloud Backup & Recovery

Backup to the cloud on a global scale the market is estimated to grow at a CAGR of 20.87 percent from 2020 to 2025, reaching $4.98 billion. In recent years, businesses have begun to replace traditional backup systems with cloud-based backup systems in order to improve corporate efficiency and transparency. Furthermore, most businesses have understood the risk of losing data when using a traditional backup system, and are shifting their preferences to cloud-based backup systems. Similarly, the availability of cloud-based virtual machine backup is opening up new opportunities for the cloud backup business. By the end of 2021, around 55 percent to 65 percent of businesses around the world will have used virtualization. Furthermore, increased cloud computing use, rising computer data storage requirements, and expanding data centre demand are creating a favorable market scenario for cloud backup.

Important Points to Remember

• North America continues to lead the cloud backup market in 2019, because of an increase in the number of data centres and cloud-based applications.
• The growing use of IoT-based devices in manufacturing industries, as well as the vast amount of data generated in the telecom industry, are creating new opportunities for the cloud backup market.
• Because of the increase in cross-border transactions, hybrid cloud storage and backup is likely to boost the cloud backup market.
• The cloud backup industry's expansion is projected to be hampered by data compliance issues caused by a lack of established regulations.

Segment Analysis by End User Type

During the period 2020-2025, the manufacturing and telecom sectors are predicted to drive the cloud backup market, with a CAGR of 22.45%. The growing use of IoT-based devices in industrial applications is driving up data consumption in the manufacturing industry. During the period 2020-2025, the Industrial IoT market is estimated to develop at a CAGR of 18.56 percent, reaching $100 billion by 2025. As a result, the majority of data centres are designed to serve industrial data management. While the industrial manufacturing sector is now battling to decrease operational costs, cloud-based backup might be regarded as the most cost-effective data management solution. Due to the widespread adoption of 5G technology, the telecom sector is likely to create a significant growth opportunity for the cloud back market. After 2020, 5G services are likely to be widely commercialised. By 2021, data centres are expected to account for 50 percent to 55 percent of all investments spurred by 5G technology. The adoption of 5G technology is expected to result in massive data usage, which will benefit the cloud backup market.

Segment Analysis is a type of deployment

During the year 2020-2025, hybrid cloud is expected to have the greatest CAGR of roughly 22.87 percent. Hybrid cloud has grown in popularity in recent years as a result of its ability to create a more diverse cloud environment. The advantages of both private and public cloud resources are combined in hybrid cloud. With the increase in cross-border transactions, most companies are searching for a more diverse cloud environment. Businesses are now managing public cloud for the most of their computer data storage with scalability, affordability, and dependability, while constructing a smaller private cloud for their essential and sensitive data, thanks to hybrid cloud technologies.

Segment Analysis in Geography

With a market share of more than 34.69 percent in 2018, North America dominated the cloud Backup industry, followed by APAC and Europe. The majority of cloud traffic in the world is concentrated in North America. According to the Cisco Worldwide Cloud Index, cloud traffic in the region is expected to expand at a CAGR of 24% from 2016 to 2021, accounting for approximately 40% of global traffic by 2020. This will also have a positive impact on the region's hyperscale datacenter growth, driving demand for cloud backup services. Additionally, current datacenter facilities in North America are expanding, resulting in a significant growth in the use of cloud backup. In the most recent development, Cyxtera stated in March 2019 that its data centres in Phoenix, Silicon Valley, New York, Metro Atlanta, and Toronto, which are among the top ten data centres in North America, would be expanded. Similarly, with rising office space expenses and rising expenditures to maintain data centre infrastructure, data centre colocation is on the increase in the United States. Because most data centres in North America favour cloud backup, the market for cloud backup in the region is expected to rise at a rapid pace.

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