Increasing Volume of Data is the Major Factor Leading to High demand for Cloud Backup
Cloud backup, or online backup is a service type which is used to back up the data to a remote location. Similar to cloud storage, the cloud backup also contains a features of access and storing data from various locations and connected resources. The increasing data generation, rising adoption of software as a service are some of the key factors fueling growth of the cloud backup market globally. According to Coherent Market Insights’ study, in 2015, around 65% of the cloud work load was on SaaS and is projected to reach to around 74% by 2020. Moreover the, increasing IOT devices, rising demand of structure and unstructured data are some of the other factors which drives the cloud backup market globally.
According to the new market research report “Cloud Backup Market” is projected to generate the revenue of US$1287 million in 2017 and is expected to reach US$ 6367 million by 2025.
Key Takeaways of the Cloud Backup Market:Global cloud backup market is projected to grow with a CAGR of 22.1% in the forecast period.
Among deployment models, the public cloud segment held the dominant position in the cloud backup market in 2016. Increasing workload on public cloud is a major factor for the growth of the segment in the market. According to Coherent Market Insights, in 2016 the public cloud market generated the revenue of US$ 209.2 billion.
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Among components, the solution segment held a dominant position in the market in 2016. Increasing demand for managing large volume of data sets and increasing adoption of cloud technology has fueled demand for cloud backup solutions. Among services, the training & consulting service segment held a dominant position in the market in 2016. Companies are focusing on providing various educational services through online channels such as blogs, videos, and slide share, which requires cloud storage.
The integration service segment is projected to exhibit the highest CAGR over the forecast period. The increasing various cloud service such as software as a service, platform as a service and infrastructure as a service are some of the key factors which boosted the demand of integration services in cloud.
North America held a dominant position in the global cloud backup market in 2016. The highly adoption of cloud technology by North America region countries such as The U.S. and Canada have accelerated the market in this region. According to coherent market insights, in 2014 the North America enterprise used over 1,245 cloud applications. Asia Pacific is projected to exhibit the highest CAGR over the forecast period. Rising adoption of digitization by small and medium enterprises fuels the market growth in the region.
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Some of the major players in the global cloud backup market are Amazon Web Services, Barracuda Networks, Inc., Code42 Software, Inc., Datto, Inc., Dropbox, Inc., Druva Software, EMC Corporation, Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Veeam Software, and VMware Inc.
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