Cloud Backup Market to Grow from 21 Billion in 2017, to $190 Billion by 2024
The "Cloud Backup: Market Shares, Strategy, and Forecasts, worldwide, 2018 to 2024" report from Wintergreen Research, Inc has been added to ResearchAndMarkets.com's offering.
The Cloud Backup market at $21.7 billion market in 2017, is expected to reach $190.5 billion by 2024. Growth is a result of the implementation of the digital economy.
The leading vendors in the cloud back up industry have innovative products that help users move beyond enterprise server installations. Cloud back up has many applications. Worldwide markets are poised to achieve continuing growth as Cloud Backup markets respond to the advantages brought by mega data centers for cloud computing. The quality and the customization of mega data centers are significant market growth drivers. Automation of process is a key efficiency tool.
Worldwide Cloud Backup has many applications: IoT, the Internet of things is the largest. Self-driving cars, drones, robots, artificial intelligence, and data center core storage.
The reason is that all computing moves to the cloud and all smart devices and IoT store data in the cloud. Augmented reality, self-driving cars, robots, drones all generate significant amounts of data from small smart devices and processors inside things. That data gets stored in the cloud. This data is manipulated with analytics and accessed as information from many different sources.
With 2 trillion IoT processors and devices anticipated to be in place by 2024, there is a lot of data generated on a daily basis. While not all of it is stored or backed up, a lot of the data needs to be used again in analytics, hence the growth of cloud storage markets. Once the data is stored, it can be accessed again and used, which is a back-up function.
