Growing Adoption of Cloud Backup Solutions and Services to Augment Growth of the Cloud Backup Market

 

Cloud Backup Market

A virtual backup service, cloud backup (also known as remote backup or online backup), is a program that provides computer users with an automated system for the storage, backup, and retrieval of their data. Cloud backup can be used to create, edit, manage, and restore data. Cloud backup offers several advantages over traditional methods, such as data availability at remote locations, user-friendly technology, real-time data accessibility, low cost of implementation, etc. It widely finds its application in telecommunication, healthcare, and many other sectors.

Market Dynamics:

Growing adoption of cloud backup solution and services due to huge volume of data generation is expected to propel the growth of the cloud backup market. For instance, in February 2021, IDrive launched a new service called ZipDrive which allows users to create their own personal edge cloud to access, stream, edit, and share their local files from anywhere.

Moreover, increasing demand for cloud-based services and the growing demand for remote workspaces with COVID-19 outbreak is expected to drive the global cloud serving market growth during the forecast period. For instance, in May 2020, Microsoft announced the launch of the Microsoft Cloud for Healthcare, to tackle COVID-19 challenges, an industry-specific cloud solution for healthcare organizations to improve workflow efficiency.

Growing adoption cloud backup among Small and medium-sized enterprises (SMEs) and increasing adoption of hybrid cloud is expected to offer lucrative growth opportunities for players in the cloud backup market. However, rising concerns regarding data privacy and governance are expected to restrain the growth of the cloud backup market.

North America and Asia Pacific are expected to witness significant growth in the cloud backup market due to the increasing demand for cloud-enabling technologies in these regions. For instance, in February 2021, Tata Communications and Google Cloud teamed up to drive Cloud transformation in India.

Competitive Analysis:

Major players operating in the cloud backup market are VMware Inc, Veeam Software, Oracle Corporation, Microsoft Corporation, IBM Corporation, Google Inc., EMC Corporation, Druva Software, Dropbox, Inc., Datto, Inc., Code42 Software, Inc., Barracuda Networks, Inc., and Amazon Web Services.

In February 2021, Veeam introduced a new addition to its offerings focused on backing up data natively to the Google Cloud Platform.

In February 2021, Rewind announced the acquisition of BackHub to expand its reach and to protect businesses by backing up their cloud data.

In January 2021, Barracuda launched the latest version of Barracuda Cloud-to-Cloud Backup with a new platform that delivers a fast search and restore experience for Office 365 data, including Teams, Exchange Online, SharePoint, and OneDrive.


Location: India

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