Cloud Backup & Recovery Software Market is Estimated to Witness High Growth Owing to Increased Need for Data Protection and Business Continuity
Cloud backup and recovery software is used for backing up and restoring data stored on computers, servers, and virtual machines. It enables organizations to protect their data and systems from the loss of data due to damage, hardware failure, or cyber-attacks. The software protects data through various methods including file syncing, incremental backups, continuous data protection, deduplication, and compression.
The global cloud backup and recovery software market is estimated to be valued at US$31650.04 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
The surging instances of data breaches and cyber-attacks are a key driver propelling the growth of the global Cloud Backup & Recovery Software market Size. Cybercriminals are increasingly targeting organizations to steal sensitive data for financial gains or damages. For instance, a 2022 report by IBM revealed that there was a 150% increase in data breaches in 2021 as compared to 2020. Cloud backup provides ongoing protection against ransomware attacks and data loss by maintaining multiple copies of data off-premises.
Another factor fueling the market growth is the cost-effectiveness of cloud backup solutions over on-premises solutions. Cloud backup does not require upfront capital expenditure on hardware, backup storage, technical personnel for maintenance and upgrades. It offers simplified administration and remote access to backed up data which reduces management overhead. Organizations can pay only for the storage space utilized without any hidden costs. This makes cloud backup an attractive option, especially for small and medium enterprises with limited budgets.
SWOT Analysis
Strength: Cloud backup and recovery software offers enhanced data protection and ensures business continuity. It provides scalable, flexible and cost effective data backup solutions. The cloud based model eliminates the need for additional hardware investments. Backups can be automated reducing human errors.
Weakness: Cloud solutions are dependent on consistent high speed internet connections. Data privacy and security is also a concern as sensitive files are stored on remote servers. Regular software updates are required to patch vulnerabilities.
Opportunity: Increasing adoption of hybrid cloud models gives an opportunity to leverage both on-premise and cloud infrastructure. Growing digitalization and remote work trends are driving demand for cloud based data management solutions. Rising penetration of mobile devices also present an opportunity.
Threats: Local data protection regulations can impact global expansions. Heavy reliance on third party cloud providers introduces single points of failure. Aggressive pricing by competitors can erode profit margins.
Key Takeaways
The global cloud backup and recovery software market is expected to witness high growth. The global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 31650.04 Mn in 2023 and is expected to exhibit a CAGR of 11% over the forecast period 2023 to 2030.
North America region currently dominates due to high technology adoption rates and presence of leading players. Growing penetration of cloud based solutions in small and medium enterprises are contributing to regional market growth.
Key players operating in the cloud backup and recovery software market are GE Healthcare (US), Siemens Healthineers (Germany), Koninklijke Philips N.V. (Netherlands), Block Imaging (US), SOMA TECH INTL. (US), Avante Health Solutions (US), Hilditch Group (UK), Everx Pvt Ltd. (Australia), Integrity Medical Systems, Inc. (US), Radiology Oncology Systems, Inc. (US), Master Medical Equipment (US), US Med-Equip (US), Fair Medical Co. Ltd. (Japan), Future Health Concepts (US), US Medical Systems, LLC. (US), Nationwide Imaging Services (US), Pacific Healthcare Imaging, LLC (US), Venture Medical ReQuip, Inc. (US), Desert Tech Medical Systems (US), Hi Tech International Group, Inc. (US), CURA Healthcare (India), JAPAN CENTRAL MEDICAL, INC. (Japan), HOYU AND CO., LTD. (Japan), Sanrad Medical Systems (India), BOND JAPAN CO., LTD. (Japan), FlexrayMedical ApS (Denmark), Amber Diagnostics (US), Rhombus Medical Equipment., LLC (UAE), Blue Start Limited (India), and Cielo Co., Ltd (Japan).
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