June 15, 2024
Cloud Backup & Recovery Software Market

Cloud Backup & Recovery Software Market propelled by Increase in Complex Cyberattacks

Cloud backup and recovery software helps secure and protect critical data from disasters, hardware failures, cyberattacks, and human errors. These solutions provide automatic and continuous backup of data to off-site servers over the internet on a private, public or hybrid cloud. They help maintain business continuity and minimize downtime during outages or cyberattacks.

The global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 10 billion in 2023 and is expected to exhibit a CAGR of 9.3%  over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increase in complex ransomware and phishing attacks is one of the major factors driving growth of the cloud backup and recovery software market. Cybercriminals are using more sophisticated tools and techniques to hack into networks and encrypt files to extort ransom payments. This has raised the need for adopting robust backup and recovery systems that can help organizations revert to their previous non-encrypted state rapidly. Cloud based backup solutions offer scalability and ease of recovery in case of such targeted cyberattacks. They ensure organizations do not lose critical data and systems due to ransomware or other malware infections.

SWOT Analysis
Strength: Cloud backup and recovery software provides cost-effective and scalable data protection to businesses of all sizes. It reduces IT infrastructure and upkeep costs by eliminating the need to purchase, maintain and upgrade hardware on-premises.
Weakness: There are concerns regarding data privacy, security and control over sensitive business data stored on third party cloud servers. Reliance on internet connectivity for recovery can also introduce delays in disaster recovery scenarios.
Opportunity: Growing need among businesses to securely backup data in the age of ransomware and minimize data loss risks. Increased adoption of hybrid cloud and multi-cloud strategies by businesses are also expanding opportunities.
Threats: Competition from in-house developed solutions and free or low-cost file-sharing services that businesses may use instead of dedicated software. Regulatory changes affecting data sovereignty could impact some cloud service providers.

Key Takeaways
Global Cloud Backup & Recovery Software Market Size is expected to witness high growth over the forecast period due to the growing need for effective data protection solutions.

North America currently dominates the market owing to high cloud adoption rates among enterprises in the region. Asia Pacific is anticipated to grow at the fastest pace due to increasing investments in cloud infrastructure and services by businesses in major economies like China and India.

Key players operating in the cloud backup and recovery software market include Veeam Software, Commvault, Veritas Technologies LLC, IBM Corporation, Dell EMC, CA Technologies, Symantec Corporation, Microsoft Corporation, Hewlett Packard Enterprise, and Actifio Inc. Growing requirements for quick recovery, lower costs and scalability has encouraged leading vendors to integrate advanced capabilities such as AI, machine learning and analytics into their software solutions. The competitive landscape continues to evolve with partnerships, acquisitions and new product launches among players focused on maximizing market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it