The Online Backup Services size is projected to reach USD 11.40 Billion by 2028 from an estimated USD 3.02 Billion in 2021, growing at a CAGR of 20.90% globally.
The online backup is also called web backup, remote backup, net-based offsite backup, or web-based backup. It is the use of a third-party service to remotely back up data by using a high-speed internet connection. It offers data management and provides protection to individual users and businesses. The PC programs contain backup software is backing up the data and is stored in an off-site location with help of an internet connection. These services offer protection from data loss because of system crashes, virus attacks, hard disk failures, and accidental deletion of files. Thus, rising the adoption of online backup in the various organizations such as manufacturing, BFSI, healthcare, IT., and educational sectors. This is propelling the growth of the online backup service market in the forecast year.
Major Key Players for Online Backup Services Market
Market Dynamics and Factors
The rising demand for data security and privacy in the various business sector is a key factor that drives the growth of the online backup service market. Apart from this, the rising number of mobile users with a large volume of data generated by them, raising concern among the people regarding the data loss or theft, and the growing number of business sectors that generates the data in large amount, cost-effective and greater efficiency of backup software, these beneficial factors support to the growth of the online backup market in the forecast period. The growing adoption of cloud-based services is also boosting the market. The amount of data can be backed depending on the size and bandwidth of the cloud application, thus the limitation of size and bandwidth is projected to hamper the growth of the market of online backup in the forecast year.
Online Backup Services Market Report Highlight
- By type, the cloud service provider segment is expected to have the maximum market share in online backup service during the projected period. The growing adoption of cloud computing in businesses boosts the growth of the market.
- By application, the BFSI segment is predicted to expand the most in the online backup service market during the forecast year. The growing adoption of backup services in the BFSI sector supports the growth of the online backup service market in the forecast period.
- By region, North America is expected to dominate the online backup services market, during the projected period. The larger number of online backup service providers in this region such as Microsoft, Google, Salesforce, and others propels the growth of the online backup service market in the forecast year.
Key Industry Development
In April 2020, the NetApp Scale-out Data Protection (SDP) was launched by Commvault to offer enhanced and rapid recovery support solutions for critical data across NetApp’s hybrid-enabled storage systems. The NetApp SDP leverages the Commvault Complete Backup and Recovery software to provide snapshot management, backup, and disaster recovery functionality.
In June 2022, Tencent Cloud, the cloud business of Tencent, announced the launch of four new internet data centers (IDC) in Bangkok, Frankfurt, Hong Kong, and Tokyo.
Online Backup Services Market Segmentation
- Telecom and Communication Provider
- Managed Service Provider
- Cloud Service Provider
- IT & Telecom
For this report, Introspective Market Research has segmented the Online Backup Services Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM