Cloud backup market forecast to reach $US 10.25 billion by 2025
- Published: Tuesday, 30 April 2019 09:17
Asigra Inc., a cloud backup, recovery and restore software provider has highlighted recent data from industry analysts showing that significant growth is predicted in the market for cloud-based backup and recovery solutions.
The ‘Cloud Backup Market Size and Forecast to 2025’ report was published by Verified Market Research and highlights key trends and top players in the cloud backup market, while projecting future outlook.
The report projects that the cloud backup market will reach $10.25 billion by 2025. The opportunity for industry participants was valued at $1.29 billion in 2016, so the report’s 2025 prediction on market growth represents a compound annual growth rate (CAGR) of 25.90 percent from 2017 to 2025.
According to the report, the increase in the global demand for cloud-based services and cloud backup is being driven and fueled by increasing data storage needs at large enterprises, since the cloud provides greater efficiency at a much lower cost. The research firm notes that “[C]loud backup has helped IT professionals store their confidential information securely in a single cloud-based repository, designed for the mission critical requirements of business.”
The report ranked the top cloud backup software providers, listing Asigra as a ‘major player’ in the cloud backup space, among a list of 14 other vendors.