Cloud backup and recovery software allows backing up of critical data, applications, and virtual machines on cloud servers. It provides automatic and continuous data protection and helps in easy recovery of lost or corrupted files from disaster scenarios. The software protects the systems and data from threats like hardware failures, cyber-attacks, and human errors. It ensures business continuity by securing critical information on the cloud.
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:
The increasing need for data protection is one of the major trends propelling the growth of the cloud backup and recovery software market. Organizations across industries are generating huge amounts of critical data daily and require robust solutions to protect this data from ransomware attacks, cyber threats, and hardware or software failures. Cloud backup helps secure data on remote cloud servers and ensures easy access from any location. It removes the hassles of maintaining on-premise backup infrastructure. The software simplifies disaster recovery processes and meets data protection compliance requirements. These advantages have increased the adoption of cloud backup and recovery software solutions among small, medium, and large enterprises globally.
SWOT Analysis
Strength: global Cloud Backup & Recovery Software market Size provides benefits like reduced IT costs, seamless data access from any location, auto scaling of storage requirements etc. It ensures business continuity and disaster recovery.
Weakness: Data security and privacy concerns, dependency on stable internet connection, vendor lock-in are some weaknesses.
Opportunity: Growing adoption of cloud computing and need for backup and recovery of critical business data especially post pandemic is driving opportunities. Demand from SMEs is also rising.
Threats: Competition from open source solutions, strict data regulations in some regions are threats.
Key Takeaways
The global Cloud Backup & Recovery Software market is expected to witness high growth. 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.
Regional analysis shows that North America dominated in 2022 due to strong adoption of cloud technologies by businesses. Asia Pacific is expected to grow at the fastest pace during the forecast period due to growing digitization and movement of workloads to cloud in countries like China and India.
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