The global cloud backup market is predicted to reach USD 14.61 billion in 2024 and USD 93.41 billion by 2032, growing at a CAGR of 26.10% during the forecast period.
Cloud backup, also called online backup, involves transferring a copy of the data over the secure public network to the remote cloud-based server. This cloud backup offers data availability at remote locations, real-time data accessibility, easy-to-use technology, and low implementation costs. It provides automatic data backup compared to traditional methods, which face problems like server failure, business mismanagement, and others. It is widely applied in telecommunications, healthcare, and many other industries.
Additionally, due to the global coronavirus outbreak, the demand for cloud backup solutions is rising. This is mainly due to the increase in remote workplaces for employees worldwide. Additionally, SaaS-based collaborative applications saw a substantial increase in demand during the blackout period due to the need to work remotely. Also, cloud backup solutions are one of the most extensive tools against cyber-attacks and data breaches. However, if improperly managed, attackers can transparently enter the database saved on the backup server and use it against the user. Therefore, privacy and security concerns are significant barriers to cloud backup solutions.
Cloud computing has brought many services and solutions that allow the user to access data remotely and has driven the demand for cloud backup in the global market. This has stimulated the rapid development of the information and technology field and facilitates it with a key feature of safeguarding data and its security in terms of cybersecurity. This feature, known as cloud backup, has helped IT professionals store sensitive data and other databases in a single cloud service with multiple users.
With the rise of data storage in large companies, the demand for cloud-based services is increasing as they offer lower costs and greater efficiency. This feature has been the driving force behind the global cloud backup market. The banking industry is promptly adopting digital banking and investment solutions, increasing the demand for cloud computing in the BFSI industry. Cloud computing provides greater business agility and scalability to industry organizations. Various financial services are shifting to cloud solutions to provide innovation, customization, and security for a competitive edge.
According to Capgemini, cloud solutions help banks dramatically cut spending by cutting infrastructure costs by a quarter and potentially saving around USD 15 billion by 2019. As a result, many vendors are delivering IaaS applications and PaaS to eliminate the need to manage service operations' host, maintenance, updating, and scaling. These trends are expected to drive the acceptance of cloud backup solutions in the BFSI industry. In addition, increasing data breaches in the banking industry are putting pressure on banks to adopt cloud backup solutions, which allow them to recover from any disaster. Public cloud solutions deliver an improved backup resource to continue business activities despite a disaster.
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REPORT METRIC |
DETAILS |
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Market Size Available |
2023 to 2032 |
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Base Year |
2023 |
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Forecast Period |
2024 to 2032 |
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CAGR |
26.1% |
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Segments Covered |
By Component, Service Provider, Organization Size, Industry Vertical, and Region |
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Various Analyses Covered |
Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities |
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Regions Covered |
North America, Europe, APAC, Latin America, Middle East & Africa |
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Market Leaders Profiled |
Amazon Web Services Inc., Microsoft Corporation, IBM Corporation, VMware Inc., Dropbox Inc., Google Inc., Oracle Corporation, HP Enterprise Company, EMC Corporation, Rockspace Hosting Inc., and Others. |
According to the service provider, the market is segmented into Managed Service Providers, Cloud Service Providers, Telecommunications and Communications Providers, and others.
The cloud backup market is segmented into large, small, and medium-sized enterprises.
The market is divided into Banking, Financial Services and Insurance (BFSI), Consumer and Retail, Education, Manufacturing, Media and Entertainment, Public Sector, Healthcare, and Life Sciences.
The North America accounts for almost half of all hyperscale data centers, marking its dominance in cloud and Internet technologies. Additionally, companies such as Google, Amazon, Microsoft, IBM, and other major cloud providers continue to build new data centers at breakneck rates. In addition, companies in the region also accept cloud computing solutions, which contribute significantly to data traffic. These trends indicate the requirement for cloud backup solutions in the area.
The major companies operating in the global cloud backup market include Amazon Web Services Inc., Microsoft Corporation, IBM Corporation, VMware Inc., Dropbox Inc., Google Inc., Oracle Corporation, HP Enterprise Company, EMC Corporation, and Rockspace Hosting Inc.
In June 2020, Otava improved its cloud solutions by including Otava Cloud Backup for Microsoft 365. This new Software-as-a-Service (SaaS) offering delivers a backup service for users with Microsoft 365's Veeam technology.
In April 2020, Veeam Software partnered with Microsoft Azure to deliver its new Veeam Backup, an out-of-the-box cloud backup and restore solution for Microsoft Azure. The new offering will allow customers and service providers to take more applications and data to Azure cost-effectively and securely and easily protect applications and data in the cloud on Azure.
By Component
By Service Provider
By Organization Size
By Industry Vertical
By Region
North America
The United States
Canada
Rest of North America
Europe
The United Kingdom
Spain
Germany
Italy
France
Rest of Europe
The Asia Pacific
India
Japan
China
Australia
Singapore
Malaysia
South Korea
New Zealand
Southeast Asia
Latin America
Brazil
Argentina
Mexico
Rest of LATAM
The Middle East and Africa
Saudi Arabia
UAE
Lebanon
Jordan
Cyprus
Frequently Asked Questions
Small and Medium Enterprises (SMEs) are significant contributors, as they increasingly recognize the importance of data protection. Cloud backup services offer them cost-efficient solutions with minimal infrastructure requirements.
Yes, compliance with data protection regulations, such as GDPR in Europe and HIPAA in the United States, poses challenges for cloud backup providers. Adhering to these regulations is crucial for market players.
Technologies like Artificial Intelligence (AI) and Blockchain are influencing the market, providing enhanced security, efficient data management, and innovative features in cloud backup solutions.
Market players are implementing advanced encryption techniques, multi-factor authentication, and compliance with international standards to address concerns related to data privacy and security on a global scale.
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