by The cloud backup & recovery software market allows users to backup critical data such as documents, photos, videos and system configurations on the cloud. These solutions offer advantages like unlimited data storage, easy access to data across different devices, cost-effectiveness and enhanced recovery of lost or corrupted data. With growing data breaches and catastrophic data loss incidents, the need for reliable backup has heightened substantially.
The Global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 36460.85 Bn in 2024 and is expected to exhibit a CAGR of 9.3% over the forecast period 2024 To 2031.
Key Takeaways
Key players operating in the Cloud Backup & Recovery Software are Novartis AG., AstraZeneca PLC., Bayer AG., Sanofi SA., Pfizer Inc., Merck & Co., Johnson and Johnson, GlaxoSmithKline PLC., Amgen Inc., AbbVie Inc., F. Hoffmann-La Roche AG., Eli Lilly and Company., and AGC Biologics. These players are investing heavily in developing advanced solutions to gain a competitive edge in the market.
The demand for Cloud Backup & Recovery Software is growing significantly owing to the exponential data generation across industries. As per reports, around 2.5 quintillion bytes of data is generated daily in 2021 which is growing at an exponential rate. This massive data generation is fueling the need for robust backup and recovery software to effectively manage enterprise data.
The Cloud Backup & Recovery Software market is also witnessing global expansion on account of expanding cloud infrastructure and increasing adoption of cloud services worldwide. Key players are focusing on partnerships, acquisitions and broadening their geographical footprint to tap growth opportunities emerging across countries.
Market key trends
One of the dominant trends in the cloud backup & recovery software market And Trends is the rising adoption of AI and ML capabilities. Major players are integrating AI/ML technologies to offer predictive analytics, automated backup and self-healing capabilities. This is helping organizations enhance cyber resilience and optimize backup operations. The automation and self-learning abilities of AI-driven backup & recovery software are helping accelerate digital transformations globally.
Porter’s Analysis
Threat of new entrants: New players face high entry barriers in terms of capital and skills required. Software companies also have strong brand loyalty with customers.
Bargaining power of buyers: Buyers have moderate bargaining power as there are many players offering substitutable products. However, switching costs are involved in migrating from one vendor’s solution to another.
Bargaining power of suppliers: Software developers and channel partners have low bargaining power as there are many alternatives for sourcing skills and distribution networks.
Threat of new substitutes: Substitution threat is moderate as other methods of data protection like disk mirroring and failover clustering can provide backup functionally at lower costs for some use cases.
Competitive rivalry: The market is fragmented with many global and regional players competing on capabilities. Pricing pressure exists due to competition.
Geographical regions in terms of value
North America accounts for the largest share of the cloud backup and recovery software market currently. This is due to early adoption of cloud technologies by organizations to meet stricter data regulations and improve disaster recovery. Asia Pacific is expected to grow at the fastest pace over the forecast period due to rising internet usage, growing adoption of cloud services, and increasing investments by global players in the region.
Fastest growing region
Asia Pacific region is poised to grow at the fastest CAGR during the forecast period in the cloud backup and recovery software market. This is attributed to factors such as rising investments by public and private organizations in cloud infrastructure, growing internet penetration, increasing awareness about data protection compliance requirements, and presence of emerging countries like China and India driving the digital transformation agenda
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
