Solution component segment held the dominant position in the market in 2016
Among components, solution segment held the dominant position in the market in 2016.
Increasing demand for managing large volume of data and increasing adoption of cloud
technology have accelerated growth of the segment. The service segment is sub-segmented into
management and customization, professional services, training & consulting, and integrations.
The integration service sub-segment is projected to exhibit the highest CAGR over the forecast
period. Integration services helps provide cost-efficient business processes. The integrator is a
pre build tools and connectors which provides services to more easily integrate cloud services
such as access data on remote location access, real time data access etc.
The public cloud segment held the dominant position in the global cloud backup market in
2016
Among deployment models, the public cloud segment held the dominant position in the cloud
backup market in 2016. Increasing workload on public cloud is one of the key factors for the
growth of the market. According to Coherent Market Insights, in 2015, around 49% of the cloud
workload was on public cloud and it is projected to reach 68% by 2020. Moreover, various
advantages such as scalability, cost effectiveness, reliability, and location independency is
expected to lead to increasing demand for cloud backup.
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According to Coherent Market Insights, North America held the dominant position in the global
cloud backup market in 2016. The U.S. and Canada are the major economies in North America.
Shifting of workload to cloud environment is one of the major factors leading to increasing
demand for the cloud backup. In 2015, North America accounted for around 42% of the cloud
data center workload, globally. High presence of cloud backup market leaders in North America
also fuels the growth of online backup market size in this region. Asia Pacific is projected to
increase with the highest CAGR over the forecast period. India, China, and Japan are some of
the key economies in this region. Increasing development in IT infrastructure by organizations
especially in India and China that are adopting new technologies to work efficiently with existing
systems and data. Rising trend of digitization across sectors, especially by small and medium
enterprises is expected to fuel growth of market in the region.