Rise of cyber attacks and viruses on major corporations have encouraged them to look for secure solutions to preserve and protect vital data. Cloud computing has gained prominence in the last few years due to benefits of scalability, data protection, monitoring and provides an advantage over on-premises backup solution. Cloud backup solutions can increase performance and minimize losses. Solution providers are offering self-service disaster recovery options to clients as evident by the disaster-recovery-as-a-solution (DRaaS) by Unitrends, Inc., a prominent U.S. vendor. Fiats such as the General Data Protection Regulations (GDPR) are expected to encourage active adoption of cloud backups among citizens to protect their data.
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Cloud Computing on The Rise
Various types of model for cloud backup include private, public, and hybrid.
The public cloud backup segment is expected to capture a large market share by 2024 owing to adoption of enterprises to enhance productivity and performance. The increasing inclination towards cloud by major corporations for managing and storing critical data is anticipated to augur segment demand. Benefits of scalability and low infrastructure costs can encourage adoption in the near future.
The private segment is touted to garner interest among enterprises owing to benefits associated with cloud. Rise in number of small and medium enterprises in developing economies such as the Middle East and emergence of cloud computing to resolve complexities in an IT setup can augment market growth by 2024. For instance, Cosmos Insurance Brokers, a firm in the Middle East, has integrated cloud into its business model in 2017 to eliminate laborious tasks.
Market Overview
The global cloud backup market is set to reach a valuation of USD 190.5 billion by 2024, according to a report on Radiant Insights, Inc. Integration of cloud into business models by enterprises coupled with supportive government policies are expected to drive market growth from 2018 to 2024 (forecast period). Continuous generation of data and option of software-as-a-service (SaaS) model is estimated to bode well for the market. Concerns of data privacy can hamper market growth. Key market players include Asigra Inc.; Microsoft Corporation; Google LLC; and Amazon.com, Inc.
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