Cloud backup and recovery software is used to protect critical business data, minimize downtime and enable disaster recovery. It backs up data automatically across various storage locations and formats including file servers, endpoints, and cloud applications. Key features of cloud backup software include backing up VMs, Microsoft office 365, Salesforce, and other enterprise applications, deduplication and compression of data, version control and tagging of backup copies, scheduling, granular restore and quick recovery from any point in time. The software offers simple web-based administration and monitoring of backups across the organization from a single console.

The global cloud backup and recovery software market is estimated to be valued at US$ 12.5 Bn in 2023 and is expected to exhibit a CAGR of 9.3%  over the forecast period 2023-2028, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics:
The increasing demand for data protection and security is a major driver boosting the growth of the global cloud backup and recovery software market. Cloud backup offers optimal data protection by replicating data across different regions and cloud providers. It eliminates the need for physical infrastructure and provides highly scalable and cost-effective storage for organizations without burdening their IT budgets. Furthermore, cloud backup frees organizations from managing hardware and ensuring off-site storage of backup copies which enhances their IT staff productivity. The software also enables easy search, restore and recoverability of data from any device in case of data loss or ransomware attacks. Cloud deployment makes backups simpler to manage through centralized dashboard access from anywhere. All these advantages have accelerated the adoption of cloud backup software among SMBs and large enterprises globally.

SWOT Analysis
Strength: Cloud backup & recovery software provides cost-effective data protection solutions for businesses of all sizes. It offers data redundancy, high scalability and easy access to backed up files from any device through the internet. Recovery time is also faster compared to traditional tape backup systems.

Weakness: Reliance on strong and stable internet connection for backup and restore functions can be risky. There are also privacy and security concerns related to storing sensitive business data in the cloud.

Opportunity: Growing adoption of cloud-based services among SMBs and shift from CAPEX to OPEX model is driving demand. Increasing instances of cyber attacks and ransomware are raising awareness about regular backup of business critical files.

Threats: Aggressive pricing by competitors can erode profit margins. Strict data sovereignty laws in some countries restrict usage of certain public cloud service providers.

Key Takeaways
Global Cloud Backup & Recovery Software Market Size is expected to witness high growth over the forecast period owing to the increasing need for data protection solutions among businesses amid growing cyber threats.

Regional analysis: The North America region accounts for the largest share of the global Cloud Backup & Recovery Software market currently. The region has seen robust growth in cloud migration led by deployment of hybrid cloud environments across industries. Major Cloud Backup & Recovery Software vendors including Commvault, Veeam Software, Veritas Technologies are also headquartered in the region.

Key players: Key players operating in the Cloud Backup & Recovery Software market are Commvault, Veeam Software, Veritas Technologies, IBM Corporation, Dell EMC, CA Technologies, Symantec Corporation, Microsoft Corporation, Hewlett Packard Enterprise, and Actifio Inc.

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