The global cloud backup & recovery software market garnered $6.04 billion in 2017 and is expected to reach $22.22 billion by 2023, growing at a CAGR of 24.2% from 2017 to 2023.

Key industry players – Veritas Technologies LLC, Commvault, Veeam Software, Dell EMC, IBM Corporation, Symantec Corporation, CA Technologies, Hewlett Packard Enterprise, Microsoft Corporation, and Actifio Inc.

Growing demand to manage enormous amount of data generated by smart devices in North America have enabled the region to contribute the highest in 2017, contributing more than one-third share of the total revenue. However, Asia-Pacific would register the highest CAGR of 26.1% from 2017 to 2023 due to the growing adoption of cloud data protection services, surge in data volumes, and need to counter cyber threats.

Increased demand for cloud-based services and high requirements for data backup among enterprises drive the growth of the cloud backup & recovery software market. However, delay in data retrieval & interruptions and storage management restrain the market growth. On the other hand, rise in adoption of smart devices & tablets and advent of IaaS & on-demand cloud providers would create new opportunities to the market.

Telecom & IT segment accounted for nearly one-fourth of the total market revenue in 2017, owing to the growing need for unstructured data and increasing requirement for data variety and mobile workforces. It would maintain its lead position by 2023. However, government segment would register the highest CAGR of 27.0% from 2017 to 2023, owing to the need to prevent cyber terrorism and overcome challenges such as compliance, reduced IT budgets, and limited IT resources. The report also analyzes BFSI, healthcare, retail, manufacturing, and other segments.

Large enterprises segment contributed more than half of the total market share in 2017, owing to the growing need to support the existing backup infrastructure during disaster recovery and ensuring protection of end-user data. This segment is expected to lead in terms of revenue by 2023. However, small & medium enterprises would grow at the highest CAGR of 25.1% from 2017 to 2023, owing to rise in adoption of cloud back and recovery software to prevent data loss.

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Hybrid deployment model segment contributed more than two-thirds of the total revenue in 2017 and is expected to dominate throughout the forecast period. Moreover, this segment would grow at the highest CAGR of 25.1% from 2017 to 2023, as it offers benefits of both platforms and enables better flexibility while shifting between public and private clouds. The report also analyzes private and public deployment models.

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