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Report Overview
The global cloud backup market revenue reached USD 4.69 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 20.7% from 2024 to 2032. The market is projected to reach approximately USD 25.34 billion by 2032. This rapid expansion is due to the widespread adoption of cloud computing technologies, rising cyber threats, and the growing need for data protection across industries.
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
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.
Cloud Backup Market Report Snapshots
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global cloud backup market attained a value of nearly USD 4.69 billion.
The market is projected to grow at a CAGR of 20.7% between 2024 and 2032.
The market is estimated to witness healthy growth in the forecast period of 2024-2032 to reach about USD 25.34 billion by 2032.
The major market drivers include the growing digital transformation, the increasing awareness regarding the benefits of cloud backup, and the rising popularity of hybrid and remote work.
The key trends aiding the market growth are the rising adoption of technologies like IoT and AI, the growing demand for cloud backup solutions in the healthcare sector, and the increasing focus on cybersecurity.
The market is broken down into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa.
The market is bifurcated into solution and services.
The leading end-use sectors in the industry are the BFSI, IT and telecom, media and entertainment, retail, healthcare, and others.
The competitive landscape consists of Microsoft Corporation, Amazon Web Services, Inc. IBM Corporation, Hewlett Packard Enterprise Development L, Oracle Corporation, Dell Inc., Dropbox, Inc. Backblaze, Inc. Barracuda Networks, Inc., Open Text Corporation (Carbonite), Acronis International GmbH, Cohesity, Inc., among others.
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United States (Head Office)
30 North Gould Street, Sheridan, WY 82801
+1-415-325-5166
Australia
63 Fiona Drive, Tamworth, NSW
+61 448 06 17 27
India
C130 Sector 2 Noida, Uttar Pradesh 201301
+91-858-608-1494
Philippines
40th Floor, PBCom Tower, 6795 Ayala Avenue Cor V.A Rufino St. Makati City, 1226.
+63 287899028, +63 967 048 3306
United Kingdom
6 Gardner Place, Becketts Close, Feltham TW14 0BX, Greater London
+44-753-713-2163
Vietnam
193/26/4 St.no.6, Ward Binh Hung Hoa, Binh Tan District, Ho Chi Minh City
+84865399124