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Cloud Backup Industry Could Be Worth Nearly $200 Billion By 2024

The world of cloud-based backup software and services is on the rise. For many, it's become a critical part of doing business in the 21st century. Maintaining a full backup of your system is just as essential as any other areas of operations and, in some cases, it's even more important when trying to ensure your long-term viability as a company.

With that in mind, it comes as no surprise that experts are forecasting big things for the cloud backup market. In fact, it's an industry that is set to exceed $190 billion by 2024 – and its effect will reach all the way around the world.

The study, titled the Cloud Backup Market report, goes onto highlight some of the new, innovative, and groundbreaking ways data is being preserved on the cloud. It mentions advanced robotics, drones, self-driving cars, and augmented reality as some of the major contributors to cloud-based data backup in the 21st century. While the initial report was published in 2018 and covered the years from 2018 until 2024, it was ultimately updated this year to include forecasts for 2019 to 2028.

The initial press release, which accompanied the earlier report, shed some light into its contents: "Cloud-backup markets get really, really big by 2024, $190.5 billion. The reason is that all computing moves to the cloud and all smart devices and IoT store data in the cloud. Augmented reality, self-driving cars, robots, drones all generate significant amounts of data from small smart devices and processors inside things. That data gets stored in the cloud. This data is manipulated with analytics and accessed as information from many different sources."

It also lists some of the key names in backup cloud computing. Their list of brands includes Acronis International GmbH, Asigra, Barracuda Networks, Carbonite, Code 42, Microsoft, Oracle, Veeam, and many more.

The report also segments the global cloud backup market in various ways, including:

Deployments: Both public and private cloud deployments are included in the study.

Solutions: The report covers companies who use cloud-based backup services in various ways, including as their primary storage, dedicated archival, and even those who use it as a gateway or access solution.

End users: It also highlights various end users of current cloud-based backup technologies, including the banking, financial services, and insurance (BFSI) industries, telecommunications, consumer and reatil goods, media and entertainment, healthcare, and government.

Region: Finally, the report identifies the various regions of the cloud backup market, including Asia, Central America, China, Europe, India, South America, Japan, and the United States.

As you can see, experts are predicting huge things for the industry of cloud-based data backup. If you haven't yet transitioned your company into the cloud, or if you are a service provider who is considering offering solutions in cloud-based data backup, there's no better time to act than the present. Even the average consumer stands to benefit from hosting their archived files on the cloud – so don't delay! Start making your transition to the cloud today – you'll be happy that you did.


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