Latest News- Cloud Backup And Recovery Market: ICT is expected to lead the Sector segment during 2024-2028

The Cloud Backup And Recovery Market is being driven by Reduction in IT expenditure

The Cloud Backup And Recovery Market is expected to grow at a CAGR of 23.31% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 33820.4 million. In the hybrid business environment, security concerns represent a substantial challenge. However, IT professionals assert that cloud solutions offer enhanced security compared to traditional onsite data centers. With this belief, chief information officers are allocating a greater portion of their budgets towards cloud backup and security. The escalating demand for heightened security measures in cloud backup and recovery has spurred significant investments in cloud security. Startups are actively working to advance threat detection capabilities in cloud environments. Established players and newcomers are responding to IT concerns by developing software that streamlines policy compliance, data protection, and visibility. Cloud applications provide organizations with the opportunity to optimally manage and store data. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Sector
  • ICT
  • Manufacturing
  • BFSI
  • Healthcare
  • Others
• End-user
  • Large enterprises
  • SMEs
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
  • APAC
    • China
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Reduction in IT expenditure
• Increasing demand for cloud-based applications
• Stringent security rules and regulations to secure customer data

However, the market also witnesses some limitations, which are as follows:

• Latency in the cloud network
• Integration challenges related to unscalable applications
• Increasing incidence of data breaches

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Market Scope in Cloud Backup And Recovery Market Research Report

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Research Analysis Overview

In the era of Big Data and Artificial Intelligence, ensuring Data Protection in Cloud environments has become a significant challenge for businesses due to increasing Data Volume and Cyber-threats. Cloud Adoption is on the rise, with Google Cloud leading the way, but Budget Constraints persist. Service Providers, including Managed Service Providers, offer solutions via deployment models like Private Cloud and Google Cloud Storage. Despite these offerings, Data Security remains a concern. Cloud Backup and Recovery Market continues to grow, driven by the need for robust solutions to address these challenges.

Market Research Overview

The Cloud Backup and Recovery market is a significant segment within the broader Internet Services and Infrastructure market. This market caters to businesses seeking advanced data protection solutions, leveraging Artificial Intelligence and Big Data to mitigate Cyber-threats and manage escalating Data volumes. Cloud-based services, offering Improved Collaboration and streamlined recovery processes, are driving market growth. Companies providing cloud bookings, cloud networking and storage infrastructure, IT security services, and cloud computing services are key players in this sector. Market size is determined by the combined revenue generated by these entities.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/