Asigra (www.asigra.com), a cloud backup, recovery and restore software provider, has announced that new forecasts from a trio of market research firms -- Stratistics MRC, CMI, and MarketResearch -- predict continued category adoption and growth in the cloud backup space.
 
Stratistics MRC recently reported that the global cloud backup market could balloon as high as $5.5 billion by 2023 with a CAGR [compound annual growth rate] of 24.2 percent, up from $1.2 billion in 2016. The primary drivers of growth for this category included large amounts of generated data, increasing adoption of SaaS, lower costs, and increased capabilities/efficiencies.
 
A separate report from CMI suggests that the global cloud backup market is on track to have reached $1.3 billion by the end of 2017—with a projected CAGR of over 22 percent between 2017 and 2025—to potentially surpass US$ 6.4 billion by 2025. CMI reported that by 2020, nearly three-quarters (74 percent) of the cloud workload is expected to be SaaS workload. As stated in the report: “various advantages of cloud backup such as easy installation, cost effectiveness, performance and scalability, and flexibility have also accelerated the market growth.” The research firm also projects that Asia Pacific will be the fastest growing region in the sector.
 
These market trends are also emphasized in an additional report from MarketResearch3, which observes: “increasing adoption for cloud-based services and solutions in industrial sectors across the globe as the ongoing trends continued, which is expected to support market growth in the near future.”