Cloud Backup Market Size, Share, Growth Analysis, By Component(Solution, and Services), By Service Provider(Managed Service Provider, Cloud Service Provider), By Industry Vertical(Banking, Financial Services), By Deployment Mode(Public, Private), By Organization Type(Large Enterprises, Small and Medium Enterprises (SMEs)) - Industry Forecast 2024-2031

Report ID: SQMIG45D2090 | Region: Global | Published Date: April, 2024
Pages: 199 | Tables: 150 | Figures: 76

Cloud Backup Market News

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.

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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 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. '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'

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.

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.

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 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 landscape. The United States is slated to be the key contributor to cloud backup demand followed by Canada in this region going forward.

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