Increased attention on decreasing IT expenditure, high demand for cloud-based services in numerous industry verticals, and rise in backup requirements of enterprises drive the global cloud backup & recovery software market growth. However, latency in data retrieval and interruptions, and storage management and securing backups hamper this growth to a certain extent.

The global cloud backup & recovery software market was valued at $4,950 million in 2016, and is projected to reach at $22,228 million by 2023, growing at a CAGR of 24.2% from 2017 to 2023. In 2016, the hybrid segment accounted for the highest revenue share in the global market.

The large enterprises segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to the high adoption of cloud-based backup & recovery software among large enterprises. Furthermore, the small & medium enterprises segment is expected to grow at the highest CAGR during the forecast period.

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Based on industry vertical, the telecom & IT segment led the market in 2016, and is projected to maintain its dominance in the future as well. However, the government segment is expected to witness the highest growth, owing to increasing adoption of cloud computing in improving the quality of e-government services.
North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.

Key Findings of the Cloud Backup & Recovery Software Market:
• The hybrid segment is expected to exhibit significant increase in the global cloud backup & recovery software market during the forecast period.
• In 2016, the IT & telecom segment accounted for the highest revenue among the other industry verticals.
• The large enterprise segment is expected to dominate the market during the forecast period.
• North America generated the highest revenue in 2016.
• Asia-Pacific is projected to exhibit substantial growth during the forecast period.

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Top Impacting Factors

The market is expected to be driven by increase in focus on reducing IT expenditure, high requirement for cloud-based services across various sectors, growth in backup requirements of enterprises, and surge in adoption of these solutions among SMEs. However, latency in data retrieval and interruptions as well as storage management and securing backups replacement are expected to hamper the market growth during the forecast period.

Increase in Focus on Reducing IT Expenditure

Cloud backup & recovery software solutions provide infrastructure and application support to enterprises at a lower cost than on-premises solutions. With the help of these solutions, companies can reserve and pay for only the amount of data they require and are actively using. This helps enterprises to reduce their capital and operational expenditure on IT infrastructure.

Rising Demand for Cloud-based Services Across Several Industry Verticals

The demand for cloud-based services is continuously increasing across several industry verticals, owing to numerous benefits such as reduced hosting costs, increased capacity, reduced labor and equipment costs, more streamlined operations, improved collaboration, and better productivity overall. In addition, the demand for cloud-based backup & recovery software is rising as cloud is an ideal solution for small- to medium-sized businesses, which cannot afford to implement an appropriate backup and recovery system in house.

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