Cloud-based Backup Services Market: Unprecedented Expansion Forecasted, Reaching US$ 19,811.3 Million by 2033

The global cloud-based backup services market is expected to be worth US$ 3,877.0 million in 2022, rising to US$ 17,550.0 million by 2032. During the forecast period of 2022-2032, the market is expected to grow at a CAGR of 16.3%. Cloud-based backup services help enterprises to back up their data and also help to deliver a copy of data over a public network to an off-site server.

The cloud-based backup services play a vital role in intelligent business continuity policy. Cloud-based backup services have several benefits such as security, storage, and virtualization which help organizations relieve data security concerns associated with cloud computing. The cloud-based backup services market is gaining traction rapidly owing to the growing demand for big data, social networking, and the increasing usage of database management solutions in enterprise applications.

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Drivers and Challenges:

The increasing demand to reduce organization IT spending is one of the major factors driving the cloud-based backup services market. The cloud-based backup solution provides application and infrastructure support to organizations at a very low cost than on-premises storage solutions.

Cloud backup services allow customers to manage several virtualized environments and offer disaster recovery. Improved organizational productivity, stringent security, and regulatory policies are other factors that are driving the growth of cloud-based backup services in a positive manner.

Compliance issues and Latency in data transfer are the major restraints faced by cloud-based backup services market.

Regional Overview:

Presently, North America holds the largest market share of cloud-based backup services owing to the increasing competition of public cloud service providers, and enterprise mergers to increase product lines and services.

In the APAC and EMEA region, the market of cloud-based managed services is growing gradually owing to enterprises developing their IT infrastructure and looking to adopt new technologies in countries like India and China.

The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.

It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, applications, and industries.

Leading Key Players:

Key players dominating the Cloud-based Backup Services Market include CA Technologies, CommVault, EMC, IBM Corp., Microsoft Corp., Symantec, Acronis International, Actifio Technologies, Asigra Inc., Carbonite Inc., Dell Software, FalconStor Software, HP, NetApp, Veeam Software, Icedrive, and 22dot6. These industry leaders collectively shape the landscape of cloud-based backup services, offering a wide array of solutions and technologies to meet the evolving needs of businesses for secure and efficient data backup and recovery in the digital age.

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