Cloud backup meaning8/25/2023 Furthermore, the application of cloud backup is expanding on account of the growing adoption of software as a service (SaaS) model and the emergence of new technologies, such as big data, the Internet of Things (IoT) and Artificial Intelligence (AI). Apart from this, the demand for cloud backup is escalating due to lower costs, greater efficiency than on-premises backup and a significant increase in the volume of data generated across various industries. Many enterprises are focusing on achieving virtualization as it offers several benefits, such as better utilization of system resources. One of the major trends strengthening the global cloud backup market growth is the availability of cloud backup for virtual machines, which has become an integral part of the information technology (IT) infrastructure. Consequently, it is used by small and medium-sized businesses (SMBs), as well as larger enterprises around the world. Cloud backup supports the data protection of an enterprise without increasing the workload of the information technology (IT) staff. The secondary server is usually hosted by a third-party service provider that charges the user a fee depending on the data transmission bandwidth, storage space or capacity used, and the number of times the data has been accessed. Looking forward, IMARC Group expects the market to reach US$ 11.0 Billion by 2028, exhibiting a growth rate (CAGR) of 19.9% during 2023-2028.Ĭloud backup, also known as online backup, helps send a copy of a file to a secondary, off-site location for preservation in case of hardware/software failures or unforeseen disasters. The global cloud backup market size reached US$ 3.7 Billion in 2022.
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