Portland, OR -- (SBWIRE) -- 01/23/2018 -- Cloud backup involves backing up of electronic data by sending a copy of the data over the proprietary or public network to a remote network server. Recovery and cloud backup play a vital role in business continuity strategy. The adoption of cloud backup provides additional benefits such as cost saving, and security, storage, and virtualization of the data. Cloud storage solutions provide infrastructure and application support to enterprises at a lower cost than on-premises storage solutions.

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.

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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.

Top Impacting Factors

The market is expected to be driven by increase in focus on reducing IT expenditure, high requirement for cloud-based services across various sectors, growth in backup requirements of enterprises, and surge in adoption of these solutions among SMEs. However, latency in data retrieval and interruptions as well as storage management and securing backups replacement are expected to hamper the market growth during the forecast period.

Increase in Focus on Reducing IT Expenditure

Cloud backup & recovery software solutions provide infrastructure and application support to enterprises at a lower cost than on-premises solutions. With the help of these solutions, companies can reserve and pay for only the amount of data they require and are actively using. This helps enterprises to reduce their capital and operational expenditure on IT infrastructure.

Rising Demand for Cloud-based Services Across Several Industry Verticals

The demand for cloud-based services is continuously increasing across several industry verticals, owing to numerous benefits such as reduced hosting costs, increased capacity, reduced labor and equipment costs, more streamlined operations, improved collaboration, and better productivity overall. In addition, the demand for cloud-based backup & recovery software is rising as cloud is an ideal solution for small- to medium-sized businesses, which cannot afford to implement an appropriate backup and recovery system in house.

Growth in Backup Requirements of Enterprises

Data generated in an average organization is high in volume and diversity, and the time available for backup and the time allowable for recovery are decreasing. Organizations have a responsibility to properly manage critical business information. The inability to access information can cause unknown delays in conducting business, which can negatively impact the bottom line due, thus increasing enterprises focus on backup & recovery solutions.

Emergence of New Trends

Emergence of different trends, such as infrastructure as a service (IaaS), on-demand cloud providers, growth in adoption of smart devices and tablets, increased need for big data and social networking, and others, is expected to create numerous opportunities for market expansion.

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