USD 11.65 billion
Cloud Backup Market Size, Share, Growth Analysis, By Component(Solution, and Services), By Service Provider(Managed Service Provider, Cloud Service Provider, Telecom and Communication Provider, and Others), By Industry Vertical(Banking, Financial Services, and Insurance (BFSI), Consumer Goods and Retail), By Deployment Mode(Public, Private, and Hybrid), By Organization Type(Large Enterprises, Small and Medium Enterprises (SMEs)), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45D2090 |
Region:
Global |
Published Date: April, 2024
Pages:
199
|Tables:
150
|Figures:
76
Cloud Backup Market Insights
Global Cloud Backup Market size was valued at USD 11.65 billion in 2022 and is poised to grow from USD 12.76 billion in 2023 to USD 26.37 billion by 2031, growing at a CAGR of 9.5% in the forecast period (2024-2031).
Cloud backup simply refers to a data backup on a cloud platform that is accessible from all over the world and is highly scalable as compared to traditional storage methods. The surge in the adoption of different cloud platforms and services is projected to be the key factor driving cloud backup market development in the future. Increasing generation of data, growing deployment of advanced analytics, high utilization of data to optimize business operations, and growing use of technologies such as artificial intelligence and machine learning are predicted to be other key prospects that could uplift the demand for cloud backup across the forecast period and beyond. However, data privacy and security concerns are estimated to impede cloud backup market growth potential in the long run. Cloud backup providers should target the Asia Pacific region to maximize their revenue generation potential and
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Large Enterprises
Fastest Growth
Small and Medium Enterprises (SMEs)
Growth Rate
9.5% CAGR
Global Cloud Backup Market ($ Bn)
Country Share for North America Region (%)
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Cloud Backup Market Segmental Analysis
The global cloud backup market is segmented based on component, deployment mode, industry vertical, service provider, organization type, and region. In terms of component, the market is segmented into solutions and services. Based on service provider, the market is bifurcated into managed service provider, cloud service provider, telecom and communication provider, and others. In terms of industry vertical, the market is segmented into banking, financial services, and insurance (BFSI), consumer goods and retail, education, manufacturing, media and entertainment, government and public sector, healthcare and life sciences, and others. Based on deployment mode, the market is divided into public, private, and hybrid. Based on organization type, the market is segmented into large enterprises, and small and medium enterprises (SMEs). Based on region, the market is segmented into Asia Pacific, North America, Latin America, Europe, and the Middle East and Africa.
Analysis by Organization Type
Large enterprises account for a major chunk of the global cloud backup market share at present. High spending potential and growing adoption of advanced cloud-based solutions in these enterprises allows them to hold sway over the global cloud backup marketplace. Expansion of business of large enterprises across multiple regions in the world will also boost market growth via this segment.
On the other hand, small and medium enterprises are slated to emerge as the fastest-growing segment for cloud backup companies in the world. Increasing emphasis of SMEs on minimizing operational costs and improving profit margins are slated to improve the adoption of cloud backup solutions and services in this segment over the coming years.
Analysis by Industry Vertical
The banking, financial services, and insurance industry vertically leads the adoption of cloud backup on a global level. BFSI sector crucially depends on data more than any other vertical, which is why this sector sees the largest adoption of cloud backup solutions of any other industry. Cost optimization and profit maximization efforts of companies in the BFSI space are promoting the use of cloud backup services and solutions around the world.
On the other hand, the education industry vertical is estimated to emerge as the fastest-growing segment over the coming years. The growing popularity of remote learning and adoption of a more connected approach towards education to improve learning among people are also slated to contribute to the global cloud backup market development via this segment.
Global Cloud Backup Market By Organization Type
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Cloud Backup Market Regional Insights
North American countries have been early adopters of almost all kinds of cloud-based technologies, and this has allowed this region to hold sway over the global cloud backup demand outlook as well. Growing penetration of cloud platforms, presence of key tech companies, and increasing digitization of different industry verticals are also slated to allow North America to maintain its dominant stance in the global landscape. The United States is slated to be the key contributor to cloud backup demand followed by Canada in this region going forward.
Rise of cloud service adoption in countries such as India and China allow Asia Pacific to take the position as fastest-expanding regional market in the world for cloud backup providers. Growing sales of consumer electronics, increasing urbanization, rising adoption of cloud technology, and high use of cloud backup services by SMEs in this region are key factors that put the Asia Pacific region on the radar of cloud backup market players. Japan, Taiwan, India, South Korea, and China are the top markets for cloud backup companies in this region.
Global Cloud Backup Market By Region
- Largest
- Fastest
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Cloud Backup Market Dynamics
Drivers
Increased Data Generation
- With all systems going digital across the world, the sheer amount of data that is generated has increased quite exponentially in recent years and it’s not possible for all companies to create a storage infrastructure, which is slated to boost the demand for solutions and services going forward.
Growing Acceptance of Cloud and Hybrid Platforms
- Cloud technologies have exhibited immense scalability and flexibility potential in almost all applications, which is why more and more organizations are opting for hybrid or completely cloud platforms for their operations. This increased use of cloud platforms will also favor the demand for cloud backup.
Restraints
Data Privacy and Security
- Cloud data is always available on the internet and maintaining its security and privacy by protecting it from cyberattacks and hacks is of utmost importance. Uncertainty around this data protection could slow down cloud backup market development going forward.
Bandwidth Limitations
- Limited bandwidth could result in lower data transmission speeds for cloud backup users, and this could make it a hassle for them to use the service. This is an issue that will constrain cloud backup demand outlook in developing countries that have a poor internet infrastructure.
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Cloud Backup Market Competitive Landscape
Cloud backup providers can capitalize on the growing adoption of different types of cloud platforms and services that provide added flexibility and scalability for companies. Cloud backup market players can also benefit from expanding existing data storage and transmission networks worldwide. Cloud backup companies need to improve their security to enhance their business potential and maximize revenue generation across the forecast period and beyond.
Top Player’s Company Profiles
- Amazon Web Services Inc.
- Oracle Corporation
- DropBox Inc.
- Druva Software
- Microsoft Corporation
- CommVault Software
- Asigra Inc.
- Barracuda Networks
- EMC Corporation
- Google Inc.
- Efolder Inc.
- Iron Mountain Incorporated
- IBM Corporation
- VMware Inc.
- Dropbox Inc.
- Datto Inc.
- Symantec Corporation
- HP Enterprise Company
Recent Developments
- In October 2023, Samsung Electronics, a South Korean technology company, announced the launch of its new temporary cloud backup service to help its users save and transfer data in a more convenient manner.
- In March 2024, Bocada, a renowned name in the backup monitoring business, announced the launch of its new cloud services named Bocada Cloud. The solution comes as a pay-as-you-go model to help organizations optimize their operational costs.
- Veeam, a renowned name in the data protection, storage, and recovery space, launched a new backup-as-a-service for Microsoft 365 and Azure back in October 2023.
Cloud Backup Key Market Trends
- Rise of Use of Artificial Intelligence: Cloud backup providers can earn a massive fortune by tailing the artificial intelligence trend as it becomes prominent in almost all walks of life. Growing use of AI will also promote the demand for training data management, which in turn, is slated to uplift the adoption of cloud backup solutions and services in the long run.
Cloud Backup Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per Skyquest analysis, the growing need for reliable and scalable data storage and backup solutions by organizations of sizes is projected to primarily augment the demand for cloud backup over the coming years. However, data security and privacy concerns are slated to impede cloud backup market development in the future. North America is slated to hold a robust share of the global cloud backup market owing to the presence of key tech companies and growing adoption of cloud services. Increasing use of artificial intelligence will bolster the demand for better data training and management systems thereby creating new opportunities for cloud backup companies going forward.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 11.65 billion |
| Market size value in 2031 | USD 26.37 billion |
| Growth Rate | 9.5% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Cloud Backup Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Cloud Backup Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Cloud Backup Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Cloud Backup Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Cloud Backup Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Cloud Backup Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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