CLOUD BACKUP MARKET - GROWTH, COVID-19 IMPACT,TRENDS, AND FORECASTS (2017 - 2025)

During the forecast period, the Cloud Backup Market is expected to grow at a CAGR of around 23%. (2017 - 2025). The requirement for agility and flexibility in the face of accelerated innovation and disruption from competitors is the key driver for cloud backup adoption across organizations, which is attributable to an increase in cloud use across both big and small businesses.

Approximately 94 percent of businesses are using the cloud, with 91 percent using public cloud and 72 percent using private cloud, with the majority of businesses opting for both options, with 69 percent opting for a hybrid cloud solution.

Drivers of Cloud Backup Market Dynamics

NetApp Scale-out Data Protection (SDP) was introduced by Commvault in April 2020 to provide increased and rapid recovery assistance for critical data across NetApp's hybrid-enabled storage systems. To provide snapshot management, backup, and disaster recovery capability, the NetApp SDP uses the Commvault Complete Backup and Recovery software.

Furthermore, according to an EMC analysis, by 2020, 40 trillion gigabytes (40 zettabytes) of data would be generated. Furthermore, IBM estimates that 90% of the data was created in the last two years. The demand for low-cost data backup/storage has grown as a result of the vast data production.

The need for cloud backup solutions has also increased as a result of the global coronavirus outbreak. This is owing to a rise in the number of employees working from home around the world. Moreover, during the shutdown, demand for SaaS-based collaborative tools increased significantly.

Furthermore, demand for cloud backup solutions has increased as a result of the global coronavirus outbreak. This is primarily due to an increase in employees working from remote locations around the world. Due to the requirement to operate remotely, SaaS-based collaborative tools saw a significant surge in demand during the lockdown period.

Cloud backup solutions, on the other hand, are one of the most comprehensive instruments for preventing cyber-attacks and data breaches. However, if it is mismanaged, it could allow attackers to easily access the backup server's database and use it against the user. As a result, concerns about privacy and security are a major impediment to the adoption of cloud backup systems.