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Cloud Backup Market Share

Report ID: GMI11745
Published Date: Oct 2024
Report Format: PDF

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Cloud Backup Market Share

Dell Inc. and IBM Corporation collectively held a market share of around 15% in the cloud backup industry in 2023. Dell Inc. is forming strategic partnerships with cloud service providers, software vendors, and cybersecurity firms to improve its cloud backup capabilities. The company also customizes its cloud backup solutions to meet the specific needs of industries such as healthcare, finance, and manufacturing, which have unique data protection requirements.

IBM uses its cybersecurity expertise to develop secure cloud backup solutions that comply with regulatory requirements in various industries, including finance and healthcare. By integrating advanced AI and data analytics, IBM enhances its cloud backup offerings, allowing organizations to analyze backup data for insights and optimize their data management strategies. These improvements help customers understand their data usage patterns and make informed decisions, increasing the value of IBM’s cloud backup solutions.

Cloud Backup Market Companies

Major players operating in the cloud backup industry are:

Amazon Web Services (AWS)
Backblaze Inc.
Barracuda Networks Inc.
Cohesity Inc.
Commvault Systems Inc.
Datto
Dell Inc.
IBM Corporation
Microsoft Corporation
Veritas Technologies LLC

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of cloud backup reached USD 4.9 billion in 2023 and is set to grow at a 23.4% CAGR from 2024 to 2032, driven by the rise in cyberattacks, ransomware, and data breaches.

The large enterprises accounted for over 65% of the market share in 2023, propelled by their substantial data generation from operations, customer interactions, and R&D activities.

The BFSI segment held around 25% of the market share in 2023, due to stringent data protection and privacy regulations like GDPR and HIPAA.

The North America market accounted for 35% of the revenue share in 2023 and is poised to cross USD 9 billion by 2032, led by the region's leadership in digital transformation and adoption of innovative technologies.

Key players in the industry include Amazon Web Services (AWS), Backblaze Inc., Barracuda Networks Inc., Cohesity Inc., Commvault Systems Inc., Datto, Dell Inc., IBM Corporation, Microsoft Corporation, and Veritas Technologies LLC.