Cloud Backup & Recovery Software Market is Estimated to Witness High Growth Owing to Opportunity in Data Protection

Cloud backup and recovery software enables enterprises to protect their crucial business data by automating the process of backing up and recovering the data from the cloud. Use of cloud backup facilitates centralized protection of data from disparate locations and devices such as laptops, desktops, mobile devices etc. It provides advantages such as scalability, flexibility and cost-effectiveness over traditional backup processes.

The global Cloud Backup & Recovery Software Market is estimated to be valued at US$ 11 billion in 2023 and is expected to exhibit a CAGR of 9.3%  over the forecast period 2023-2031, as highlighted in a new report published by Coherent Market Insights.

Market Opportunity:
The increasing data generation across various industrial verticals poses challenges related to efficient data protection and management. As per recent studies, the global data volume is expected to grow exponentially in the coming years. The lack of proper data protection measures can expose sensitive organizational data to security threats and compliance risks. This presents a major market opportunity for cloud backup and recovery software providers to offer robust data protection solutions. Their software can help enterprises effectively safeguard the ever-growing volumes of data by leveraging scalable cloud infrastructure. This will boost the adoption of cloud backup solutions among organizations aiming to securely manage and back up their critical and regulated data assets in the cloud.

Porter's Analysis

Threat of new entrants: The threat of new entrants is moderate as it requires technical expertise and sizable investment to enter the market. However, barriers to entry are lower compared to traditional data protection software due to cloud delivery model.

Bargaining power of buyers: The bargaining power of buyers is high. Buyers have numerous options to choose from as the market is fragmented with presence of many vendors. Buyers can negotiate on price and demand additional features.

Bargaining power of suppliers: The bargaining power of suppliers is low. Major cloud backup and recovery software vendors either have in-house infrastructure or rely on few generic cloud service providers like AWS, Azure, etc for infrastructure needs.

Threat of new substitutes: The threat of substitutes is high due to presence of multiple data protection solutions like on-premise backup software, disaster recovery as a service (DRaaS), and file sync and share solutions.

Competitive rivalry: Competition in the market is high due to presence of numerous global and regional players offering similar functionality. Players compete based on product features, pricing, and services.

SWOT Analysis
Strength: Cloud delivery model provides flexibility, scalability and low upfront costs. Growing volume of digital data exacerbates the need for effective backup and recovery solutions.

Weakness: Vendors face challenges related to data security, compliance with regulations and reliability of services. Lack of in-house IT expertise is a hurdle for small businesses.

Opportunity: Increasing cloud adoption among SMBs presents major growth opportunity. Rise of SaaS applications and remote working accentuate demand for cloud-based BCDR solutions.

Threats: Inability to meet stringent service level agreements can lead to customer churn. Open-source and freeware options restrict pricing flexibility. Regulatory changes regarding data sovereignty affects global operations.

Key Takeaways
Global Cloud Backup & Recovery Software Market Size is expected to witness high growth during the forecast period due to rising need to protect critical digital assets and ensure business continuity.

North America currently dominates the market driven by high technology adoption and presence of leading vendors. Growing acceptance of cloud among SMBs has accelerated demand in Asia Pacific region with China, India and Japan emerging as high potential markets.

Key players operating in the cloud backup and recovery software market are Veeam Software, Commvault, Zerto, Veritas Technologies LLC, IBM Corporation, Acronis International GmbH, Amazon Web Services, Cisco Systems, and Microsoft Corporation. These players are focusing on strengthening product capabilities and expanding into new markets through strategic acquisitions and partnerships.

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