by The global cloud backup and recovery software market provides solutions for backing up and restoration of critical business data and applications. Cloud backup refers to backing up data by storing it on a cloud storage system, which is usually maintained by a third party. There are a number of advantages associated with cloud backup solutions, as they provide cost-effective off-site data protection and scalability compared to traditional backup systems. They ensure round the clock data accessibility to users from anywhere. Growing concerns regarding data security breaches and loss of critical information have generated demand for efficient data backup solutions. The demand has further increased since the outbreak of the COVID-19 pandemic as more enterprises adopted work from home practices.
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, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Adoption of hybrid cloud backup solutions is gaining traction due to cost-effectiveness and flexibility offered. Hybrid cloud combines on-premise infrastructure with public cloud services, providing control over critical data along with remote data protection features. It enables enterprises to backup important files and applications on private servers for security and regulatory concerns while moving non-critical data to public cloud platforms. Hybrid solutions are witnessing increased demand as they address issues related to security, compliance, and control associated with pure cloud and on-premise backup models. This emerging hybrid cloud trend is expected to positively influence the cloud backup and recovery software market growth over the forecast period.
Porter’s Analysis:
Threat of new entrants: Low as the cloud backup & recovery software market is dominated by well-established players. New entrants face high development costs.
Bargaining power of buyers: High as buyers have numerous options to choose from. They can switch between providers easily.
Bargaining power of suppliers: Low as the cloud backup & recovery software market has many global and regional providers. Switching costs are low for providers.
Threat of new substitutes: Low as cloud backup & recovery software provides unique benefits over traditional backups. There are limited alternatives.
Competitive rivalry: High rivalry exists among global and regional players. They compete based on features, customization, pricing & customer support.
Key Takeaways
The global Cloud Backup & Recovery Software market Size is expected to witness high growth over the forecast period. 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.
The North America region is expected to dominate the market owing to technological advancements and high adoption of cloud services across various industries in the US and Canada. The Asia Pacific region is anticipated to witness the fastest growth during the forecast period due to the increasing internet penetration and growing adoption of cloud-based solutions across countries such as China and India. Government initiatives are further supporting market growth in the region.
Key players: Key players operating in the Cloud Backup & 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).
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
