Cloud backup and recovery market 2023-2027. A descriptive analysis of parent market, five forces model, market dynamics, and segmentation

NEW YORK, Dec. 19, 2022 /PRNewswire/ — According to Technavio, the global cloud backup and recovery market size is estimated to grow by USD 20,727.97 million from 2022 to 2027. The market is estimated to grow at a CAGR of 18.43% during the forecast period. North America will account for 32% of the market’s growth during the forecast period.

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Global cloud backup and recovery market – Five forces
The global cloud backup and recovery market is fragmented, and the five forces analysis covers–

• Bargaining Power of Buyers

• The threat of New Entrants

• Threat of Rivalry

• Bargaining Power of Suppliers

• Threat of Substitutes

• Interpretation of porter’s five models helps to strategize the business, for entire details – buy the report!

Global cloud backup and recovery market- Parent market analysis

Technavio categorizes the global cloud backup and recovery market as a part of the global internet services and infrastructure market within the global IT services market. The global IT services market covers companies offering IT consulting and system integration services, application services, electronic data processing services, business process outsourcing services, infrastructure services, and Internet services. The global Internet services and infrastructure market covers companies providing services and infrastructure for the Internet industry, including data centers and cloud networking and storage infrastructure. It also includes companies providing hosting services. It excludes companies offering software products. The global Internet services and infrastructure market also includes IT security services and cloud computing services.

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Global cloud backup and recovery market – Customer landscape 

The report includes the market’s adoption lifecycle, from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global cloud backup and recovery market – Segmentation assessment

Segment overview
Technavio has segmented the market based on sector (ICT, manufacturing, BFSI, healthcare, and others), and end-user (large enterprises and SMEs).

• The ICT segment will grow at the highest rate during the forecast period. The ICT industry dominates the market due to the increasing demand for the digitalization of essential business processes. Prior to the cloud boom, it was common for an organization to install servers and storage devices for each department independently. However, resource utilization has increased with the integration of cloud-based infrastructure. The key drivers of this expansion are the cost savings associated with cloud services adoption, the increased scalability, the flexibility provided to SMEs for future development, and the increased security.

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Geography overview
By geography, the global cloud backup and recovery market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global cloud backup and recovery market.

• North America will account for 32% of the market’s growth during the forecast period. Due to its early adoption of cloud-based services, North America held the biggest revenue share of the worldwide cloud backup and recovery market in 2022. Cloud backup services make it possible for start-ups and SMEs in the area to scale resources in accordance with demand. Through virtualization, the cloud model facilitates the sharing of resources such as servers, storage, hardware, operating systems, databases, middleware, and other software. Developers can easily design an application using one-click capability with the help of PaaS solutions and their web browsers. As a result, there is a growing need for cloud services during the forecast period.

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Global cloud backup and recovery market – Market dynamics
Key factor driving market growth

• The reduction in IT expenditure is notably driving market growth.

• To satisfy the rising demand and maintain their competitiveness in the market, IT companies have doubled their spending on IT infrastructure acquisition and maintenance.  Since it costs a lot of money to maintain IT infrastructure, most firms can expect a large decrease in functional costs with cloud backup and recovery.

• Organizations can frequently reduce their annual operating costs by implementing cloud backup and recovery solutions.

• Users can save money by remotely storing information as it doesn’t need internal power. By using these solutions more frequently, businesses can cut back on IT department operations costs such as system upgrades, software patching, and maintenance.

• During the forecast period, these factors will fuel the expansion of the worldwide cloud backup and recovery market.

Leading trends influencing the market 

• The expansion of cloud computing models is the key trend in the market.

• Organizations are shifting to serverless and hybrid cloud architectures to handle a variety of apps and reduce operational costs. Serverless computing models are being promoted by several sizable cloud service providers, including AWS, Google Cloud, and Microsoft Azure.

• Developers can use managed application containers to build and deploy apps more quickly and independently. As a result, application containers are becoming more and more common in the corporate environment.

• Hence, one of the emerging trends that are anticipated to fuel the growth of the global cloud backup and recovery market over the course of the forecast period is the expansion of cloud computing models.

Major challenges hindering the market growth

• Latency in the cloud network is the major challenge impeding market growth.

• The latency in data transfer during the retrieval of information from the public cloud infrastructure is one of the biggest problems that cloud-based networks have to deal with. A cloud-based network’s latency is less predictable and extremely challenging to assess. Numerous elements, including distributed computing, virtualization, and traffic prioritization, contribute to latency.

• The customer network’s wide area network (WAN) may see a considerable increase in latency if it is overloaded. Higher latency may arise from data transfers between cloud services. For users of several cloud service providers, this delay in data transfer may result in higher costs. The adoption of cloud backup and recovery solutions may therefore be hampered during the predicted period by network latency in the cloud.

Driver, Trend & Challenges are the factor of market dynamics which states about consequences & sustainability of the businesses, find some insights from a sample report!

What are the key data covered in this cloud backup and recovery market report?

• CAGR of the market during the forecast period

• Detailed information on factors that will drive the growth of the cloud backup and recovery market between 2023 and 2027

• Precise estimation of the size of the cloud backup and recovery market and its contribution to the parent market

• Accurate predictions about upcoming trends and changes in consumer behavior

• Growth of the cloud backup and recovery market across North America, Europe, APAC, South America, and Middle East and Africa

• A thorough analysis of the market’s competitive landscape and detailed information about vendors

• Comprehensive analysis of factors that will challenge the growth of cloud backup and recovery market vendors

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Table of Contents

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Sector

7 Market Segmentation by End-user

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Vendor Landscape

12 Vendor Analysis

13 Appendix

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