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Market Overview:

Worldwide Cloud Backup Market is expected to offer $ opportunity of USD 69,342.40 million during forecast period i.e. 2022-2035. Cloud Backup Market size is estimated to cross USD 73,015.7 Million by the end of 2035, growing at a CAGR of 27.1% during the analysis period, 2022 – 2035. 

Global Market Size, Forecast, and Trends Over Projected Period 2022 - 2035

Base Year2022
Forecast Year2024-2035
CAGR27.1%
Base Year Market Size (2022)USD 3,673.3 Million
Forecast Year Market Size (2035)USD 73,015.7 Million

The large volume of data being generated today need appropriate back solutions. Due to pricing, higher efficiency, the rising use of SaaS led to an increase in cloud backup solutions. Players are supplying large no. of software and services in order to address real challenges companies are facing in the space. In 2021, Amazon Web Services (AWS), a U.S.-based IT service management company and a wholly-owned subsidiary of Amazon, a U.S.-based e-commerce company, collaborated with Goldman Sachs, a U.S.-based investment banking company, to create a new cloud-based data and data analytics solutions for financial institutions.

Market Forces:

Market Enablers:

  • Significant Increase in the Volume of Data Generated across Different Industries
  • Growing Adoption among Small & Medium Enterprises (SMEs) 
  • Growing Usage of Mobile Phones- In 2022, around 6.92 billion people are using smartphones, which makes up for around 85% of the world’s population. The growing usage of mobile phones has increased the production of pictures and videos. Consumers are using cloud backup to safeguard their memories permanently.
  • Greater scalability: The cloud is a scalable platform, which means you can add or remove resources as needed, making it an ideal solution for businesses that experience periodic spikes in demand.
  • Reduced costs
  • Improved disaster recovery

Challenges associated with cloud backup:

  • Data latency: The cloud is a global platform and can have latency issues in certain parts of the world, causing problems for companies that need to access their data in real time.
  • Bandwidth requirements
  • Data sovereignty

Regional Market Overview: 

The North America cloud backup market is continued to have the larger share in the pie with a revenue share of more than 42% of the total market. The majority of the company are in US market, which leading the market front. The Europe cloud backup market is expected to be the second largest, registering a revenue of USD XX million by the end of 2035.

Market Segmentation:

Our in-depth analysis of the Global Cloud Backup Market includes the following segments:

Global Cloud Backup Market
Base Year:2022Forecast Period:2024-2035
Historical Data:2020 to 2022Market Size in 2022:USD 3,673.3 Million
Forecast Period 2024-35 CAGR:27.1%Market Size in 2035:USD 73,015.7 Million
Segments Covered:By Component

 

  • Solution
    • Primary Storage
    • Disaster Recovery
    • Backup Storage
  • Services
    • Training & Consulting
    • Design & Integration
    • Support & Maintenance
By Enterprise Size
  • Small & Medium Enterprise
  • Large Enterprise
By Deployment
  • Private Cloud
  • Public Cloud
  • Hybrid Cloud
By Service Provider
  • Cloud Service Provider
  • Telecommunication Service Provider
  • Managed Service Provider
By End User
  • BFSI
  • Healthcare
  • IT & Telecommunication
  • Consumer Goods & Retail
  • Manufacturing
By Region
  • North America (U.S., Canada)
  • Europe (United Kingdom, Germany, France, Italy, Spain, Rest of Europe)
  • Asia-Pacific (China, India, Japan, South Korea, Rest of APAC)
  • Middle East & Africa (Saudi Arabia, Israel, UAE, South Africa, Rest of MEA)
  • South America (Brazil, Mexico, Argentina, Rest of South America)
Key Market Drivers:
  • Significant Increase in the Volume of Data Generated across Different Industries
  • Growing Adoption among Small & Medium Enterprises (SMEs)
Key Market Restraints:
  • Bandwidth requirements
  • Data Sovereignty
Key Trends:
  • Concerns Related to Data Privacy and Governance
Companies Covered in the Report:
  • Veeam Software 
  • Acronis International GmbH
  • Barracuda Networks, Inc.
  • Druva Inc.
  • IBM Corporation 
  • Iron Mountain Inc.
  • Microsoft Corporation
  • Oracle Corporation
  • Amazon Web Services
  • AvePoint, Inc.
  • NTT DATA
  • TSUKAERU.NET CO., LTD.
  • TeraCloud Co., Ltd.
  • Wasabi Technologies
  • Rhipe Ltd
  • Fujitsu Limited
  • Hitachi Vantara LLC
  • Open Text Corporation
  • Other Major Players

Recent Developments in the Market:

  • Acronis International GmbH, a Swiss software company, revealed key changes to its existing Cyber Protect Cloud platform along with the introduction of a new product called Advanced Automation into its Advanced Management solution.
  • Infosys, an Indian information technology company, announced the expansion of its partnership with Microsoft, a U.S.-based technology corporation to bring together Infosys Cobalt cloud offerings and Microsoft’s cloud computing technologies, led by Azure, across the business value chain.

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