Global cloud backup and recovery market to grow by US$21Bn in 2027
NEW YORK, UNITED STATES — The global cloud backup and recovery market size is estimated to grow by US$20,727.97 million from 2022 to 2027 at a compound annual growth rate (CAGR) of 18.43%.
According to a report by market research firm Technavio, the ICT segment will grow at the highest rate during the forecast period as demand for digitalization dominates the market.
Technavio added that the cost savings associated with cloud services adoption, the increased scalability, the flexibility provided to SMEs (small and medium-sized enterprises), and the increased security would be the key drivers for the market’s expansion in the next few years.
By geography, North America will hold the biggest revenue share in the market — accounting for 32% of the growth — due to its early adoption of cloud-based services.
However, the latency in the cloud network is expected to become the major challenge impeding market growth. The customer network’s wide area network (WAN) may see a considerable increase in latency if it is overloaded. Higher latency may arise from data transfers between cloud services.
Technavio explained that for users of several cloud service providers, this delay in data transfer might result in higher costs. The adoption of cloud backup and recovery solutions may therefore be hampered during the predicted period by network latency in the cloud.
