With the use of cloud storage, a tonne of data may be kept online and accessed from anywhere at any time. Instead of storing the data offsite, which might be expensive, it aids the user in backing up the data online. Improved real-time accessibility, minimal implementation costs, user-friendly technology, and availability of the data at any distant place are some of the key benefits of cloud backup. The cloud backup technique has some drawbacks, including limited storage and inadequate cloud backup assistance.

Only a small amount of business data could previously be adequately backed up and preserved by organisations using traditional backup methods. However, in recent years, employers have encouraged the use of bring your own device (BYOD) to reduce IT costs, which has led to significant data collecting on a continuous basis. Employees connect to various internal computing platforms and access corporate data via mobile devices like the iPhone, Samsung, BlackBerry, and other smartphones. Additionally, the organisation produces a significant amount of data on a daily basis, making traditional backup difficult to manage. 

Such business data must be available at all times and must be continuously backed up. As required by the organisation, cloud backup enables simple data control and accessibility from any location with internet service. It provides automated and continuous backup to the cloud, simplifying the management of massive amounts of data. Utilising cloud-based backup services is primarily driven by the potential to increase security while reducing expenses. Big data sets can be easily migrated thanks to it, which also makes backup easier than with traditional backup and does away with the need for server upkeep.

However, the two biggest challenges that the market for cloud-based backup services must overcome are data transfer latency and regulatory problems. These two significant elements are limiting the expansion of the global market. Data loss is a risk while transferring and backing up data. This could result in the loss of important data and cause a variety of issues for the business. Additionally, efforts can be made to recover lost data after it has been lost. It's possible that utilising this time-consuming recovery process, the deleted data won't be properly retrieved. These compliance and latency issues may therefore pose a severe threat to the market for cloud-based backup services.

The COVID-19 epidemic has a tremendous impact on the world's cloud backup services industry. Organisations all over the world quickly migrated to remote work and digital operations to comply with lockdowns and social distancing measures, which increased the need for trustworthy data backup and recovery solutions. This dramatic shift in work habits and the growing reliance on digital data storage and transmission technology highlighted the importance of cloud-based backup services. The importance of having safe, scalable data backup solutions that could guarantee business continuity even in the event of unanticipated disruptions was recognised by organisations. As a result, many businesses have speeded up the use of cloud backup services to protect crucial data, apps, and systems. As a result, the market for cloud backup services experienced significant development.

The market study provides market data by competitive landscape, revenue analysis, market segments and detailed analysis of key market players such as; Acronis International, Actifio Technologies, Asigra Inc., CA Technologies, Carbonite Inc., CommVault, Dell Software, FalconStor Software, HP, IBM Corp., Icedrive, Microsoft Corp., NetApp, Symantec, Veeam Software, Others.

By Enterprise Size: Based on the Enterprise Size, Global Cloud Based Backup Services Market is segmented as; Large Enterprises, Small and Medium Enterprises.

By End User: Based on the End User, Global Cloud Based Backup Services Market is segmented as; BFSI, Consumer Goods and Retail, Education, Government and Public Sector, Healthcare and Life Sciences, Manufacturing, Media and Entertainment, Telecommunication and ITES, Others.

By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.

This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.