Press Release

The Global Cloud Backup and Recovery Market is projected to grow from USD 10.93 billion in 2021 to USD 34.75 billion by 2030 at a CAGR of 24.2% during the forecast period.

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Major drivers predicted to drive market revenue growth during the forecast period include expanding usage of cloud data backup, increased dangers of data breaches, and an increasing trend toward digitalization. Furthermore, the increasing adoptions of the Internet and smartphones, as well as the growth of a massive amount of data, are predicted to propel the market growth.  

The COVID-19 outbreak has sparked a surge in the use of cloud backup and recovery services. Across the globe, organizations, businesses, and governments are focusing on securing data against cyber-attacks. The risk of data leakage from a third-party is very high during a pandemic outbreak. To quickly respond to the COVID-19 problem, governments around the world have increased their efforts to implement virtual machine backup and recovery technologies. As a result of the rise in cyber espionage and fraudulent activities, government agencies are likely to expand their demand for cloud backup and recovery to safeguard data privacy. 

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As technology and digitalization have developed, the need for reliable data backup and recovery has grown. In today's commercial world, the growing volume of data increases the risk of security breaches. Data breaches have substantial and growing ramifications for businesses in recent years. The banking industry is particularly vulnerable to data breaches since its databases hold sensitive information about consumers. According to the National Cyber Security Alliance, 20 percent of small firms' essential data is compromised every year. Companies have been increasingly using data backup and recovery services as the possibility of security breaches has increased, which is projected to drive revenue growth in the market during the forecast period.

The demand for cloud-based services is growing across a variety of industrial verticals, owing to several advantages such as lower hosting costs, expanded capacity, lower labor and equipment expenses, more streamlined operations, improved collaboration, and overall higher productivity. Furthermore, demand for cloud-based backup and recovery software is increasing, as the cloud is a perfect alternative for small and medium-sized organizations who cannot afford to establish an adequate backup and recovery system in-house.                  

Asia Pacific is predicted to grow at a highest CAGR throughout the forecast period, due to the increased adoption of new technologies and rising awareness about the data security and backup recovery service. Data backup and recovery services are becoming increasingly popular in industries such as financial services, banking, and insurance, as well as retail, IT and telecommunications, and healthcare. Furthermore, increased government investment in innovative technologies gives chances for the market in this area, which is likely to fuel revenue growth during the forecast period.

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EY INDUSTRY DEVELOPMENTS:     

• In April 2022, IBM launched the z16, an AI-accelerated, quantum-safe mainframe. It is designed for hybrid cloud environments and incorporates an on-chip AI accelerator. It enables enterprise workloads to evaluate real-time transactions at scale, allowing firms to detect fraud as it occurs. To protect data and systems from current and future threats, the z16 uses lattice-based cryptography.
• In April 2022, NTT Docomo Inc, a Japanese mobile operator, said that it had chosen Oracle Cloud Infrastructure (OCI) to construct a new development environment for DOCOMO Information Systems (ALADIN). It's one of the world's biggest customer information management systems. As part of its goal to expand into broader telecoms, DOCOMO will gain access to highly available and secure computational resources as a result of OCI's integration.   

Read More Details On This Report: https://extrapolate.com/Information-Technology-Communication-IoT/cloud-backup-and-recovery-market/25780