Cloud Backup/Recovery Software - Cloud Back-up market to grow on the back of increased cloud adoption

The backup/recovery market is expected to grow from US$1.30 billion in 2017 to US$4.13 billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.1 per cent during the forecast period. The demand for this market is driven by factors such as huge volumes of data generation, lower costs, greater efficiency, growth in on-premises backup and growing adoption of SaaS. The APAC region is projected to be the fastest-growing region with the highest CAGR due to the rise in data generation in many of the countries. The emergence of Cloud as an important trend among businesses and the mandatory government regulations are simultaneously helping boost the growth of the cloud backup market in this region.

Key Takeaways: The cloud backup market is expected to gain a major traction during the period from 2017–2022 mainly on the back of the increased adoption of cloud computing among enterprises and the need to manage voluminous amounts of data. The adoption of backup solution has increased due to its various benefits such as simple management and monitoring, real-time backup and recovery, simple integration of cloud backup with enterprise’s other applications, data de-duplication, and customer support.

Key Vendors: Dell EMC, Commvault, IBM and others including HPE, Actifio, Arcserve,  NetApp, Veeam, CA, Sysmantec,Veritas