Cloud Backup Market Size To Grow Rapidly Based On High Usage In Power Generation
Posted by avinash on March 6th, 2020
Cloud backup, also known as online backup or remote backup, is an alternative to conventional backup. It offers several facilities such as creating, editing, managing, and restoring the data backup. Increasing volume of data is the major factor leading to high demand for cloud backup. According to Coherent Market Insights’ analysis, the data sphere will reach up to 163 zettabytes, by 2025. Increasing adoption of software-as-a-service and various advantages of cloud backup such as easy installation, cost-effectiveness, performance, scalability, and flexibility have also accelerated growth of the market.
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Increasing volume of data is one of the major drivers for growth of the cloud backup market. According to Coherent Market Insights, in 2016, 16.1 zettabyte of data was generated, globally. Moreover, adoption of Internet of Things is increasing the volume of data generated through connected devices. According to Coherent Market Insights, in 2016, the number of connected device was around 6.4 billion, globally. Data from these devices needs to be stored and requires huge storage space. This factor is expected to fuel demand for cloud backup. Rising adoption of Software-as-a-Service platform (SaaS), increasing digitalization, and growing use of cloud technology by small and medium enterprises is also expected to accelerate growth of the cloud backup market.
Solution component segment held the dominant position in the market in 2016
Among components, solution segment held the dominant position in the market in 2016. Increasing demand for managing large volume of data and increasing adoption of cloud technology have accelerated growth of the segment. The service segment is sub-segmented into management and customization, professional services, training & consulting, and integrations.
The public cloud segment held the dominant position in the global cloud backup market in 2016
Among deployment models, the public cloud segment held the dominant position in the cloud backup market in 2016. Increasing workload on public cloud is one of the key factors for the growth of the market. According to Coherent Market Insights, in 2015, around 49% of the cloud workload was on public cloud and it is projected to reach 68% by 2020.
Detail Cloud Backup Market Segmentation:
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Key Companies- Global Cloud Backup Market.
Some of the major companies in the global cloud backup market include Amazon Web Services, Barracuda Networks, Inc., Code42 Software, Inc., Datto, Inc., Dropbox, Inc., Druva Software, EMC Corporation, Google Inc., IBM Corporation, Microsoft Corporation, Oracle Corporation, Veeam Software, and VMware Inc.
About Coherent Market Insights:
Coherent Market Insights is a prominent market research and consulting firm offering action-ready syndicated research reports, custom market analysis, consulting services, and competitive analysis through various recommendations related to emerging market trends, technologies, and potential absolute dollar opportunity.
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About the Authoravinash
Joined: February 19th, 2020
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