The cloud backup market is expected to grow from USD 1.30 Billion in 2017 to USD 4.13 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 26.1%, owing to the existing market offerings and increasing focus on pricing and promotions.
The major players in the cloud backup market include Acronis International GmbH (Switzerland), Carbonite, Inc. (US), International Business Machines Corporation (IBM; US), Microsoft Corporation (US), and Veeam Software (Switzerland). These players have adopted various growth strategies, such as, expansions, acquisitions, partnerships, joint ventures and collaborations, and new product launches. Partnerships and new product launches were the 2 major strategies adopted by these players to achieve a strong foothold in the cloud backup market.
IBM’s cloud backup solutions enable security-rich, fully-managed protection of data in the hybrid cloud environment. In recent years, the company has been focusing more on adopting different business strategies to expand its customer base. In March 2017, IBM and NetApp expanded their partnership with the launch of new capabilities, allowing NetApp users to use IBM Cloud. Through this partnership, NetApp's AltaVault cloud backup solutions would automatically be able to send backups to IBM Cloud. It would expand IBM's customer base and strengthen its position in the market. Also, in November 2015, IBM acquired Cleversafe Inc., a leading developer and manufacturer of object-based storage software and appliances. With this acquisition, IBM has enhanced its cloud storage capabilities to meet the increasing demand for content repository, backup, and archive.
Acronis’ experience in the area of data protection and business continuity has enabled it to provide solutions which can tackle new and emerging challenges that end-users are facing in the cloud backup market. Thus, in recent years, the company has launched various new products and services to maintain a competitive edge over other major players in this market. In March 2017, Acronis announced the addition of Plesk, cPanel, and Website Backup functionality to its Acronis Backup Cloud offering. These functionalities enable service providers to fulfill the needs of web hosting customers for active protection against ransomware, backup, and granular self-service recovery of website data. Moreover, Acronis is focusing on the inorganic growth strategy, which helps the company expand its customer base, revenues, and profit margins. For instance, in March 2017, the company announced a strategic partnership with iPortalis to deliver fully integrated and turn-key backup and disaster recovery solutions to Enterprises and Hosted Service Providers (HSPs). This partnership would provide iPortalis' clients with a rapid and easy access to backup and DR solution for multiple environments such as on-premises, cloud, and mobile.
The cloud backup market research report analyzes global adoption trends, future growth potentials, key drivers, vendor portfolio analysis, restraints, opportunities, and value chain in the market.
Cloud Backup Market by Component (Solution & Services), Provider (Cloud Service Provider, Telecom & Communication Service Provider, & Managed Service Provider), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022
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