Recovery and cloud backup play a vital role in business continuity strategy. The adoption of cloud backup provides additional benefits such as cost saving, and security, storage, and virtualization of the data. Cloud storage solutions provide infrastructure and application support to enterprises at a lower cost than on-premises storage solutions.
The Cloud Backup & Recovery Software Market is driven by the need for companies to reduce their IT expenditure, increase in demand for cloud-based services across several industry verticals, and surge in backup requirements of enterprises.
The global cloud backup & recovery software market was valued at $4,950 million in 2016, and is projected to reach at $22,228 million by 2023, growing at a CAGR of 24.2% from 2017 to 2023. In 2016, the hybrid segment accounted for the highest revenue share in the global market.
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Hybrid is expected to grow at a significant pace during the forecast period. The IT & telecom segment led the market in 2016, and is expected to continue to this trend in the near future. Furthermore, North America is expected to dominate overall market during the forecast period, as it is the highest adopter of cloud storage solutions.
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The global cloud backup & recovery software market is dominated by key players such as Veritas Technologies LLC, Veeam Software, Commvault, IBM Corporation, Dell EMC, CA Technologies, Symantec Corporation, Microsoft Corporation, Hewlett Packard Enterprise, and Actifio Inc.
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