WW Cloud Backup Market to Reach $190.5 Billion by 2024

WinterGreen Research, Inc. published a study Cloud Backup Markets: Market Shares, Strategy, and Forecasts, Worldwide, 2018 to 2024 (185 pages, 90 tables and figures.)

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.

Cloud backup has many applications: IoT is the largest.

Cloud-backup markets get really, really big by 2024, $190.5 billion. 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 backup function.

Worldwide, the cloud backup market at $21.7 billion market in 2017, is expected to reach $190.5 billion by 2024.

Source: WW Cloud Backup Market to Reach $190.5 Billion by 2024