Cloud Backup Recovery Software Market Size, Share, Industry Trends and Forecast to 2030

Cloud Backup Recovery Software Market Size & CAGR in 2021

The global cloud backup recovery software market is anticipated to witness a CAGR of 10.5% from 2021 to 2026. With the increasing adoption of cloud computing and the need for data security and recovery solutions, the market size is expected to reach USD 23.5 billion by 2026.

COVID-19 Impact on the Cloud Backup Recovery Software Market

The COVID-19 pandemic has significantly accelerated the adoption of cloud backup recovery software as organizations transitioned to remote work environments. The need for data protection and recovery solutions became even more critical during this period, driving the market growth.

Cloud Backup Recovery Software Dynamics

The cloud backup recovery software market is primarily driven by the increasing volume of data generated by businesses and the need to ensure data security and availability. Additionally, the shift towards cloud-based solutions and the rising number of cyber threats have contributed to the growth of the market.

Segments and Related Analysis

The cloud backup recovery software market can be segmented based on deployment mode, organization size, service type, and end-user industry. Small and medium-sized enterprises (SMEs) are expected to witness higher adoption of cloud backup recovery software due to their cost-effective nature.

By Region Analysis

North America is expected to dominate the cloud backup recovery software market due to the presence of key market players and early adoption of cloud technologies. However, Asia Pacific is anticipated to witness the highest growth rate during the forecast period.

Key Market Players and Competitive Landscape

Some of the key players in the cloud backup recovery software market include Veeam Software, Acronis International GmbH, Commvault Systems, IBM Corporation, and Microsoft Corporation. These companies are actively engaged in product development and strategic partnerships to enhance their market presence.

Recent Happenings in the Cloud Backup Recovery Software Market

In recent years, the cloud backup recovery software market has witnessed significant developments such as the launch of new data protection solutions, strategic acquisitions, and partnerships between key industry players. These activities are aimed at expanding product portfolios and increasing market reach.