LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global cloud backup and recovery market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio analysts, the global cloud backup and recovery market will grow at a CAGR of 14% during the forecast period. The reduction in IT expenditure is a major factor driving the market’s growth.
In recent times, IT firms have doubled their expenditure on IT infrastructure procurement and maintenance to cater to the growing demand and to continue being competitive in the market. This increase in expenditure adds to the operational cost of the firm. The cloud backup and recovery has enabled organizations to significantly reduce their functional cost, as a considerable amount of capital is required to maintain the IT infrastructure.
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In this report, Technavio highlights the rise in cloud security applications as one of the key emerging trends driving the global cloud backup and recovery market:
Rise in cloud security applications
Security is one of the most significant challenges associated with the hybrid environment. Nowadays, IT experts have been claiming that cloud solutions are more secure as compared to onsite data centers. Chief information officers are expected to prioritize cloud backup and security in their upcoming budgets.
The need for increased security levels for cloud backup and recovery has augmented investments in cloud security. Startups are working towards improving the detection of cloud security-related threats. As established players and newcomers respond to IT concerns, the focus point is to develop a software that simplifies policy compliance, data protection, and visibility.
“Shifting toward the cloud gives the opportunity to manage and store data proficiently, however, it is always criticized for a business organization to use the right tools to make this shift smoothly. As a result, organizations are finding ways to simplify cloud data management,” says a senior analyst at Technavio for research on IT professional services.
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Global cloud backup and recovery market segmentation
This market research report segments the global cloud backup and recovery market into the following end-users (ICT, manufacturing, BFSI, and healthcare) and key regions (the Americas, APAC, and EMEA).
The ICT segment held the largest market share in 2017, accounting for nearly 28% of the market. Though this segment will lead the market throughout the forecast period, its market share will more or less remain stagnant.
The Americas was the leading region for the global cloud backup and recovery market in 2017, accounting for a market share of 43%. The market share of the Americas is expected to decrease during the forecast period due to the transfer of data (of many companies) to European servers, owing to the stronger EU privacy rules. This will enable EMEA to surpass the Americas and become the highest contributor to the market share in 2022.
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