Cloud backup, also known as online backup or remote backup, is an alternative to conventional backup. It offers several facilities such as creating, editing, managing, and restoring the data backup. Increasing volume of data is the major factor leading to high demand for cloud backup. According to Coherent Market Insights’ analysis, the data sphere will reach up to 163 zettabytes, by 2025. Increasing adoption of software-as-a-service and various advantages of cloud backup such as easy installation, cost-effectiveness, performance, scalability, and flexibility have also accelerated growth of the market.
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Solution component segment held the dominant position in the market in 2016
Among components, solution segment held the dominant position in the market in 2016. Increasing demand for managing large volume of data and increasing adoption of cloud technology have accelerated growth of the segment. The service segment is sub-segmented into management and customization, professional services, training & consulting, and integrations. The integration service sub-segment is projected to exhibit the highest CAGR over the forecast period. Integration services helps provide cost-efficient business processes. The integrator is a pre build tools and connectors which provides services to more easily integrate cloud services such as access data on remote location access, real time data access etc.
The public cloud segment held the dominant position in the global cloud backup market in 2016
Among deployment models, the public cloud segment held the dominant position in the cloud backup market in 2016. Increasing workload on public cloud is one of the key factors for the growth of the market. According to Coherent Market Insights, in 2015, around 49% of the cloud workload was on public cloud and it is projected to reach 68% by 2020. Moreover, various advantages such as scalability, cost effectiveness, reliability, and location independency is expected to lead to increasing demand for cloud backup.
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The global cloud backup market is projected to value at US$ 1287 million in 2017 and is projected to reach US$ 6367 million by 2025. The market is estimated to witness a CAGR of 22.1 % over the forecast period (2017 – 2025).