Portland, OR -- (SBWIRE) -- 01/19/2018 -- Cloud backup involves backing up of electronic data by sending a copy of the data over the proprietary or public network to a remote network server. Recovery and cloud backup play a vital role in business continuity strategy. The adoption of cloud backup provides additional benefits such as cost saving, and security, storage, and virtualization of the data. Cloud storage solutions provide infrastructure and application support to enterprises at a lower cost than on-premises storage solutions.

The cloud backup & recovery software market is driven by the need for companies to reduce their IT expenditure, increase in demand for cloud-based services across several industry verticals, and surge in backup requirements of enterprises. Furthermore, emergence of IaaS and on-demand cloud providers, increased adoption of smart devices and tablets, and high demand for big data and social networking present numerous opportunities for market progression.

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The large enterprises segment dominated the global market in 2016, and is expected to remain dominant during the forecast period, owing to the high adoption of cloud-based backup & recovery software among large enterprises. Furthermore, the small & medium enterprises segment is expected to grow at the highest CAGR during the forecast period.

Based on industry vertical, the telecom & IT segment led the market in 2016, and is projected to maintain its dominance in the future as well. However, the government segment is expected to witness the highest growth, owing to increasing adoption of cloud computing in improving the quality of e-government services.

North America generated the highest revenue in 2016; however, Asia-Pacific segment is anticipated to witness the fastest growth rate during the forecast period.

Key Findings of the Cloud Backup & Recovery Software Market:

1.The hybrid segment is expected to exhibit significant increase in the global cloud backup & recovery software market during the forecast period.

2.In 2016, the IT & telecom segment accounted for the highest revenue among the other industry verticals.

3.The large enterprise segment is expected to dominate the market during the forecast period.

4.North America generated the highest revenue in 2016.

5.Asia-Pacific is projected to exhibit substantial growth during the forecast period.

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Some of the key players operating in the cloud backup & recovery software market that are profiled in the report include Veritas Technologies LLC, Veeam Software, Commvault, IBM Corporation, Dell EMC, CA Technologies, Symantec Corporation, Microsoft Corporation, Hewlett Packard Enterprise, and Actifio Inc.