Portland, OR -- (SBWIRE) -- 07/05/2018 -- Cloud Backup & Recovery Software Market by Deployment Model, User Type, and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global cloud backup & recovery software market was valued at $4,950 million in 2016, and is projected to reach at $22,228 million by 2023, growing at a CAGR of 24.2% from 2017 to 2023. In 2016, the hybrid segment accounted for the highest revenue share in the global market.

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Increased attention on decreasing IT expenditure, high demand for cloud-based services in numerous industry verticals, and rise in backup requirements of enterprises drive the global cloud backup & recovery software market growth. However, latency in data retrieval and interruptions, and storage management and securing backups hamper this growth to a certain extent.

The large enterprises segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to the high adoption of cloud-based backup & recovery software among large enterprises. Furthermore, the small & medium enterprises segment is expected to grow at the highest CAGR during the forecast period.

Based on industry vertical, the telecom & IT segment led the market in 2016, and is projected to maintain its dominance in the future as well. However, the government segment is expected to witness the highest growth, owing to increasing adoption of cloud computing in improving the quality of e-government services.

North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.

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Key Findings of the Cloud Backup & Recovery Software Market:

*The hybrid segment is expected to exhibit significant increase in the global cloud backup & recovery software market during the forecast period.

*In 2016, the IT & telecom segment accounted for the highest revenue among the other industry verticals.

*The large enterprise segment is expected to dominate the market during the forecast period.
North America generated the highest revenue in 2016.

*Asia-Pacific is projected to exhibit substantial growth during the forecast period.
Some of the key players operating in the cloud backup & recovery software market that are profiled in the report include Veritas Technologies LLC, Veeam Software, Commvault, IBM Corporation, Dell EMC, CA Technologies, Symantec Corporation, Microsoft Corporation, Hewlett Packard Enterprise, and Actifio Inc.