Global Cloud Backup Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Cloud Backup Market Growth

An increasing need for data security and recovery among various industries has driven demand for the cloud backup market, globally. The growing number of data breaches, cyberattacks, and ransomware events has inspired companies toward advanced technologies that protect their critical data. Other key features that Cloud Backup services offer to end users include data redundancy, encryption, compliance with rules such as GDPR (General Data Protection Regulation), HIPAA, and so forth, thus making sure that sensitive data stays safe while carrying out all international laws related to data privacy.

Cloud Backup solutions are relatively cheaper as compared to traditional on-premises backup systems. Most Cloud Backup solutions provide expandable storage solutions where one expands or reduces the storage capacity based on data requirements. As such, if these features are included and with the continuous need for data protection, demand for the Cloud Backup market shall like it or not increase in the coming years. In the world of business digital transformation, the use of the cloud has become a cornerstone of the enhancement of IT infrastructure. Cloud Backup services unify smoothly with cloud infrastructure, and thus, it becomes easy for organizations to move their protection strategies to the cloud.

The cloud backup market demand and trends are also shaped by the growing remote or hybrid work culture trend, especially in America and Europe. The rising demand for remote work and the growing popularity of mobile devices have increased the adoption of cloud backup services, leading to a rise in cloud backup market revenue.

Nowadays, globalisation has led to diversity in global workspaces which has led to the need for common and safe data storage options among employees for the backup of data that they produce from remote and mobile work environments. Cloud Backup services fulfil these requirements and ensure that the backed up data is accessible from any device and location; thereby, the risks of data loss are minimised and business continuity is maintained. Therefore, the remote work culture has increased the need for safe and unified data storage and backup solutions across diverse sectors, thus leading to the growth of the cloud backup market revenue.

Global Cloud Backup Market Analysis

The growth of cloud backup industry revenue is fuelled with companies increasingly shifting towards cloud-based storage solutions for data protection. Several advance technologies like AI have enabled for seamless use of Cloud Backup service across various industrial verticals.

Advanced technologies like AI and machine learning help in automating manual tasks and handle data backup operations like scheduling and running backups with minimal human intervention. This integration of AI and machine learning in the cloud backup industry has reduced manual errors and increased operational efficiency.

Cloud Backup Industry Outlook

Noticeably, the cloud backup market revenue is growing significantly, mainly because of the very significant rise in the amount of data generated. The rapid spread of business innovation in the form of digital transformation means that organizations generate huge quantities of data every day, which has to be stored and protected. This has intensified the need for backing up and storing such crucial data in any company or sector.

Additionally, further development of advanced technologies like big data, the internet of things, and artificial intelligence, in turn, has increased the interest in solutions for cloud storage and backup.The rise of cybercrime, especially ransomware attacks, has increased worries about businesses making cloud backup offerings indispensable.

In 2023, the general price of a ransomware attack against a company was USD 4.24 million, according to industry reports. These costs have made it easier for businesses to pretty much lean towards the use of cloud storage, whereby their data is backed up in the event of a threat to security or even legal proceedings. Moreover, there has been a considerable rise in the investment by numerous enterprises towards enhancing IT infrastructure. Based on a survey conducted in 2024, enterprises plan to spend on average USD 35.5 million on IT modernisation in 2024. More than a third of that will be on AI, with the average enterprise investing over USD 21 million on the technology in 2023-24 and USD 6.7 million on generative AI (GenAI) specifically.

A cloud backup system serves significant advantages in lowering capital for the maintenance of building storage houses and IT systems. These also include investment in infrastructure equitable to that of conventional backups; however, these are predominantly hosted on the net.

The rising awareness about the need for disaster recovery solutions is driving demand for Disaster Recovery as a Service (DRaaS). Cloud backup services often include disaster recovery features that enable businesses to recover from unexpected disruptions such as hardware failures, natural disasters, or cyberattacks. DRaaS ensures minimal data loss and downtime, making it an essential component of Cloud Backup strategies. Overall, the above factors are creating promising opportunities for the cloud backup market.

Cloud Backup solutions offer scalable storage options, allowing businesses to expand or reduce storage based on their needs without requiring significant infrastructure changes.  Cloud Backups reduce the need for on-premises storage infrastructure, lowering operational costs and capital expenditures for businesses. Thus, driving the demand for Cloud Backup market revenue.

Many cloud providers offer advanced encryption and multi-factor authentication, ensuring data is well-protected against unauthorized access.

Cloud Backups require a stable internet connection, and in regions with poor infrastructure, accessing or uploading data can be slow or unreliable. While cloud solutions are generally cost-effective, ongoing subscription fees and storage scaling can become expensive over time, especially for businesses with large data volumes.

Despite robust security measures, some organizations are hesitant to trust third-party providers with sensitive data due to potential privacy risks. The shift to remote work has increased the need for cloud-based data storage, making Cloud Backups essential for business continuity and data accessibility.

Increased digital adoption in emerging economies presents significant opportunities for Cloud Backup providers to expand their presence in new markets.

AI-driven backup management and automation tools can improve data recovery processes and reduce the need for manual intervention, boosting operational efficiency. Hence, creating promising opportunities for Cloud Backup industry.

The cloud backup market is highly competitive, with major players like AWS, Google, and Microsoft vying for market share, potentially leading to pricing pressures. While Cloud Backups offer robust security, they remain a target for cybercriminals, and a major breach could damage customer trust and market credibility.

Stringent data protection regulations across different regions, such as GDPR and CCPA, could increase operational complexities for cloud providers, requiring constant compliance updates.

Key Players in the Global Cloud Backup Market and Their Key Initiatives

Microsoft Corporation

• In August 2024, Microsoft 365 Backup Storage partnered with Commvault Cloud to optimise the cyber resilience and recovery of clients and boost the demand of the cloud backup market.
• In April 2024, the company launched Microsoft 365. It is a pay-as-you-go offering with charges based on consumption, unlike traditional seat-based licenses.

Dell Inc.

• In January 2024, Dell announced its PowerProtect and Dell APEX data protection portfolio to enable modern cloud consumption and data recoverability.
• In April 2024, the company added two new backup appliances to its PowerProtect lineup with a focus on performance.

Backblaze, Inc.

• In June 2024, the company announced a partnership with Active Cyber Insurance Provider Coalition to help reduce cyber risk among enterprises.

Open Text Corporation (Carbonite)

• In June 2024, the company launched Carbonite cloud-to-Cloud Backup solution in India to protect business-critical data stored on third-party SaaS. Thus, opening new opportunities for Cloud Backup market in India and APAC.

Global Cloud Backup Industry Segmentation

“Global Cloud Backup Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Components

• Solution
• services

Market Breakup by Deployment

• Public cloud
• Private cloud
• Hybrid cloud

Market Breakup by Enterprise Size

• Small and medium enterprises
• Large enterprises

Market Breakup by End Use 

• BFSI
• IT and telecom
• Media and Entertainment
• Retail
• Healthcare
• others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Cloud Backup Market Share

Based on end use, BFSI Sector is expected to drive the global cloud backup market value due to growing cashless transactions.

The BFSI sector holds a dominant position in global cloud backup market. Since more and more people have started to rely on instant payments via smartphones or any other digital device, the banking and financial sector has become more vulnerable to cyber threats and data theft. This has paved way for stringent sets of guidelines in terms of security, backup, storage, and management for data, thus leading to the BFSI sector embracing cloud backup solutions.

The North America region is expected to hold a major share in the global cloud backup industry.

It is high because of the rapid digital transformation that has occurred in the region. The adoption of technologies such as IoT and AI in many industries has increased the amount of data at an uncontrollable rate, fuelling the need for cloud backup solutions. Besides, the execution of stringent government measures concerning data security in healthcare, IT, and BFSI sectors is likely to help the demand augment for the cloud backup industry in North America in the coming year.

Leading Companies in the Cloud Backup Market

The companies specialise in advanced materials and chemicals, delivering cutting-edge solutions to various sectors including electronics, automotive, and healthcare.

• Microsoft Corporation 
• Amazon Web Services, Inc. 
• IBM Corporation 
• Hewlett Packard Enterprise Development LP 
• Oracle Corporation 
• Dell Inc. 
• Dropbox, Inc. 
• Backblaze, Inc. 
• Barracuda Networks, Inc. 
• Open Text Corporation (Carbonite) 
• Acronis International GmbH 
• Cohesity, Inc.

Cloud Backup Market Report Snapshots

Cloud Backup Market Size

Cloud Backup Market Growth

Cloud Backup Market Trends

Cloud Backup Market Share

Cloud Backup Companies

Cloud Backup Market Regional Analysis