Cloud Backup Market is Forecast to Rise at $190.5 billion by 2018 to 2024

Technology Research & Development

Updated on Aug 3, 2018

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Worldwide markets are poised to achieve continuing growth as Cloud Backup markets respond to the advantages brought by mega data centers for cloud computing. The quality and the customization of mega data centers are significant market growth drivers. Automation of process is a key efficiency tool.

Worldwide Cloud Backup has many applications: IoT, the Internet of things is the largest. Self-driving cars, drones, robots, artificial intelligence, and data center core storage.

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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.

With 2 trillion IoT processors and devices anticipated to be in place by 2024, there is a lot of data generated on a daily basis. While not all of it is stored or backed up, a lot of the data needs to be used again in analytics, hence the growth of cloud storage markets. Once the data is stored, it can be accessed again and used, which is a back-up function.

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Worldwide, the Cloud Backup market at $21.7 billion market in 2017, is expected to reach $190.5 billion by 2024. Growth is a result of the implementation of the digital economy. Geographically, this report is split into the US, Europe, Asia, the Middle East and Africa.

Companies Profiled

Market Leaders


IBM
Amazon
Microsoft
Google
Iron Mountain Incorporated
Veeam Software
Barracuda Networks
Carbonite
Autotask / Datto
Asigra
Acronis International GmbH
Code42 Software
Datto
Druva Software
Efolder

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