by Cloud backup and recovery software provides protection of crucial business data against potential threats of data loss or corruptions. It offers automated backup, sync and recovery of user files, applications and virtual machines. These software are installed on end-user devices and they backup data on the cloud storage. The software protects data from ransomwares, system failures, human errors and other calamities. It also enables easy recovery of corrupted or deleted files with minimal downtime. There is growing reliance on digitalization of work processes by organizations, propelling massive amounts of data generation every day. Further, the need to securely access data from anywhere via various devices is increasing tremendously.
The global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 21.6 billion in 2023 and is expected to exhibit a CAGR of 9.3% over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The major trend gaining traction in the cloud backup and recovery software market is the shift towards cloud based disaster recovery solutions. Legacy on-premises backup systems cannot provide operational continuity in situations like natural disasters or power outages affecting entire regions. Cloud backup automatically replicates data in multiple data centers ensuring business continuity even during such calamities. Growing concerns around data security is another key trend as cyber threats like ransomwares are significantly impacting organizations. Cloud backup tools encrypt data during transfer as well as at rest enhancing security. They also provide version control and immutability features to prevent data from being maliciously altered. Integration of AI/ML capabilities is another emerging trend whereby software can detect anomalies to predict and prevent data loss proactively.
Porter’s Analysis
Threat of new entrants: Cloud backup and recovery software market has low threat of new entrants as there are high initial investment required along with intense competition from existing major players like Veeam Software, Dell Technologies, IBM Corporation etc.
Bargaining power of buyers: Buyers have moderate bargaining power in this market due to availability of various substitutes and switching options from one vendor to another.
Bargaining power of suppliers: Suppliers have low bargaining power due to presence of large number of substitutes.
Threat of new substitutes: Threat of new substitutes is moderate as businesses are seeking for other emerging technologies like artificial intelligence for backup and data recovery.
Competitive rivalry: Market is highly competitive with large number of international as well as domestic players competing on the basis of technology, innovation, service and price.
Key Takeaways
The Global Cloud Backup & Recovery Software Market Size is expected to witness high growth.
North America leads cloud backup adoption and holds the largest share in the global cloud backup & recovery software market owing to high technology adoption. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period.
Key players operating in the cloud backup & recovery software market are Veeam Software, Dell Technologies, IBM Corporation, Veritas Technologies LLC, Commvault, Microsoft Corporation, Acronis International GmbH, Actifio Inc., CA Technologies, and Hewlett Packard Enterprise Development LP. Veeam Software is the major leader in the cloud backup and recovery software market.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
