(MENAFN- America News Hour) Kenneth Research, in its repository of market research reports, have recently added a report on Cloud Backup Market which emphasizes on the latest trends, key opportunities, drivers, and the challenges associated with the growth of the market during the forecast period, i.e., 2021 2025. The Cloud Backup Market is anticipated to grow primarily on account of the growing trade of ICT goods and services worldwide. According to the statistics by the World Bank, the exports of ICT goods globally increased from 11.164% of total goods exports in 2017 to 11.53% of total goods exports in 2019. Additionally, exports of ICT services increased from 5.61% of service exports (BoP) in 2001 to 10.37% of service exports (BoP) in 2017. On the other hand, growing awareness amongst individuals for using the internet is also anticipated to contribute to the market growth. For instance, the total number of individuals using the internet grew from 8% of total population in 2001 to 49% of total population in 2017. Moreover, backed by the increasing demand for high-speed internet amongst the individuals, organizations operating in the field of telecom are increasingly working on deploying 5G network technology, as this technology provides internet access at very high speeds. By 2025, it is estimated that as many as 1.2 billion of total internet connections will account to 5G. Further, one-third of the world is projected to be covered with 5G connectivity by the end of 2025.
The global cloud backup market was valued at USD 1.29 billion in 2016 and is projected to reach USD 10.25 billion by 2025, growing at a CAGR of 25.90% from 2017 to 2025.
Market Definition:
Cloud backup is a service that provides users with a system for the backup, storage, and recovery of computer files. Cloud backup systems are built around a client software program that runs on a schedule, some systems run once a day and other newer cloud backup services run continuously to capture changes to user systems nearly in real-time. Cloud backup is highly used by organizations as it is easily accessible, improves recovery time for small data sets, allows scalability with capital savings, high efficiency and reliability, anytime-anywhere access.
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Market Dynamics:
1. Market Drivers
1.1 Increased enterprise-wide data storage
1.2 Lower costs and greater efficiency than On-Premises Backup
1.3 Demand for cloud-based services
The report on Cloud Backup Market was recently published by Kenneth Research, which includes the latest market trends, current and future opportunities along with the factors that are driving the growth of the market. This report further encompasses the records for the expansion of the market along with information on the investment opportunities that help the clients to take positive decisions on the parameters for gaining profitable revenues. The report on Cloud Backup Market includes market size, market volume and growth rate that is witnessed by the market during the forecast period of 2020-2025.
2. Market Restraints
2.1 Compliance issues for certain Applications
Market Segmentation:
The global cloud backup market is segmented on the basis of provider, component, deployment model, organizational size, and region.
1. By Provider:
1.1 Telecom & Communication Service Provider
1.2 Cloud Service Provider
1.3 Managed Service Provider
2. By Component:
2.1 Solution
2.2 Services
2.2.1 Telecom & Communication Service Provider
2.2.2 Cloud Service Provider
2.2.3 Managed Service Provider
3. By Deployment Model:
3.1 Private Cloud
3.2 Public Cloud
3.3 Hybrid Cloud
4. By Vertical:
4.1 Telecommunication and IT
4.2 Education
4.3 Government and Public Sector
4.4 Manufacturing
4.5 Banking & Financial Institutions
4.6 Customer Goods and Retail
4.7 Healthcare
4.8 Transportation & Logistics
4.9 Others
5. By Organization Size:
5.1 Large Companies
5.2 Mid-sized Companies
5.3 Small Companies
6. By Region:
6.1 North America (U.S., Canada, Mexico)
6.2 Europe (Germany, UK, France, Rest of Europe)
6.3 Asia Pacific (China, India, Japan, Rest of Asia)
6.4 Latin America (Brazil, Argentina, Rest of Latin America)
6.5 Rest of the World
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Competitive Landscape:
The major players in the market are as follows:
1. Asigra Inc
2. Carbonite, Inc
3. Datto, Inc.
4. Efolder, Inc.
5. Iron Mountain Incorporated
6. Veeam Software
7. Acronis International GmbH
8. Barracuda Networks, Inc
9. IBM
10. Carbonite Inc
11. Druva Software
12. Microsoft
13. Symantec
14. CA Technologies
These major players have adopted various organic as well as inorganic growth strategies such as mergers & acquisitions, new product launches, expansions, agreements, joint ventures, partnerships, and others to strengthen their position in this market.
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RESEARCH METHODOLOGY OF VERIFIED MARKET RESEARCH:
Research study on the cloud backup market was performed in five phases which include Secondary research, Primary research, subject matter expert advice, quality check and final review.
The market data was analyzed and forecasted using market statistical and coherent models. Also market shares and key trends were taken into consideration while making the report. Apart from this, other data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, Top to Bottom Analysis and Vendor Share Analysis.
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About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products' demand, growth and opportunities for new and existing players.
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Darlene Dooley
Darlene Dooley is a research expert and freelance writer. She is very dedicated towards her work and writing. She enjoys to write on current news on any industry and conclude the news with highly professional report. She has almost 8 years of experience in the same field. She has strong professional skill in Market research, Business Strategies, online marketing, Industry analysis interested in innovative and trending technologies.
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