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SEATTLE, Nov. 23, 2017 -- Cloud backup is an alternative to traditional backup, which is used to create, edit, manage and restore data, application and services by using cloud computing infrastructure and resources. According to CMI, the Global Cloud Backup Market is expected to reach US$ 1,287 million in 2017 and is projected to exhibit a CAGR of 22.1% over the forecast period (2017–2025). Generation of large volume of data is one of the major growth factors for the market. According to CMI, by 2020, around 92% of workload is expected to be processed by cloud data centers. Increasing adoption of SaaS is also expected to drive the market. By 2020, around 74% of the cloud workload is expected to be SaaS workload, which is up from 65% in 2015. Owing to various advantages of cloud backup such as easy installation, cost effectiveness, performance and scalability, and flexibility have also accelerated the market growth.
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/cloud-backup-market-1055
Key Trends and Analysis of the Cloud Backup Market:
By deployment type, the public cloud segment accounted for the dominant position in the market. This is attributed to various advantages of public cloud such as scalability, cost effectiveness, reliability, and location independency. By 2020, 68% of the cloud workload is expected be on public cloud, which is up from 49% in 2015.
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Key Market Takeaways:
- North America accounted for the largest revenue share in the global cloud backup market in 2016. Increasing shift of workload to cloud environment is one of the major factors for rising demand for cloud backup owing to various advantages associated with using cloud storage. According to CMI, in 2015, North America accounted for around 42% of the cloud data center workload, globally.
- Asia Pacific is projected to be fastest growing region in the global cloud backup market, owing to increasing development of IT infrastructure by organizations, especially in India and China that are adopting new technologies to work efficiently with existing systems and data. Moreover, rate of shifting workload to cloud environment {31.6% CAGR (2015–2020)} is expected to be relatively high thus, accelerating the market growth.
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