Portland, OR, March 04, 2020 (GLOBE NEWSWIRE) -- According to the report, the global cloud backup & recovery software market garnered $6.04 billion in 2017 and is expected to reach $22.22 billion by 2023, growing at a CAGR of 24.2% from 2017 to 2023. The report provides comprehensive analyses of the top investment pockets, key drivers & opportunities, major market segments, and competitive landscape.

Augmented demand for cloud-based services and a rise in requirements for data backup among enterprises propel the growth of the market. However, delay in data retrieval & interruptions and storage management impede market growth. On the other hand, an increase in the adoption of smart devices & tablets and the advent of IaaS & on-demand cloud providers are expected to offer lucrative opportunities to the market.

The global cloud backup & recovery market is segmented on the basis of the deployment model, user type, industry vertical, and region. Based on deployment models, the market is segmented into private, public, and hybrid. The hybrid deployment model segment contributed more than two-thirds of the total revenue share in 2017 and is expected to dominate throughout the forecast period. Moreover, this segment is expected to grow at the highest CAGR of 25.1% from 2017 to 2023.

Based on user type, the market is bifurcated into large enterprises and small & medium enterprises. The large enterprises segment contributed to more than half of the total market share in 2017. This segment is expected to lead in terms of revenue by 2023. However, small & medium enterprises would grow at the highest CAGR of 25.1% from 2017 to 2023.

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Based on industry vertical, the market is divided into BFSI, government, healthcare, telecom & IT, retail, manufacturing, and others. Telecom & IT segment accounted for nearly one-fourth of the total market revenue in 2017. However, the government segment would register the highest CAGR of 27.0% from 2017 to 2023.

Based on geography, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The region across, North America contributed to the highest share in 2017, accounting for more than one-third of the total revenue. However, Asia-Pacific would register the highest CAGR of 26.1% from 2017 to 2023.

Key market players analyzed in the research include Commvault, Dell EMC, IBM Corporation, Symantec Corporation, Veritas Technologies LLC, CA Technologies, Hewlett Packard Enterprise, Veeam Software, Microsoft Corporation, and Actifio Inc.

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