Global Cloud Backup Market Projected to Reach USD 26,823.48 Million by 2031, Growing at a CAGR of 25.0%
Category : IT And Telecommunications | Published Date : Nov 2024 | Type : Press Release
Cloud Backup Market Scope & Overview:
In the newly published report, Consegic Business Intelligence states that the Cloud Backup Market was valued at USD 4,490.59 Million in 2023 and is projected to reach USD 26,823.48 Million by 2031, expanding at a CAGR of 25.0% from 2024 to 2031. Cloud backup involves storing data on remote servers, providing protection against data loss and ensuring business continuity. The solutions include features like data encryption, incremental backups, and flexible recovery options, addressing the growing need for secure and efficient data management across industries.
The report comprises the Cloud Backup Market Share, Size & Industry Analysis, By Component (Solutions (Backup & Recovery, Storage, Data Archiving), Services (Managed Services, Professional Services)), By Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), By Storage Type (Object Storage, File Storage, Block Storage), By Backup Type (Full Backup, Incremental Backup, Differential Backup), By Organization Size (Small & Medium Enterprises (SMEs), Large Enterprises), By End-User Industry (IT & Telecom, Healthcare, BFSI, Retail & E-commerce, Government & Public Sector), and Forecast, 2024–2031.
The report contains detailed information on Cloud Backup Market Trends, Opportunities, Value, Growth Rate, Segmentation, Geographical Coverage, Company Profile, In-depth Expert Analysis, Revenue Forecast, Competitive Landscape, Growth Factors, Restraints or Challenges, Environment & Regulatory Landscape, PESTLE Analysis, PORTER Analysis, Key Technology Landscape, Value Chain Analysis, and Cost Analysis.
Increasing adoption of hybrid cloud architectures for data protection and scalability drives market growth, while challenges in managing cloud storage costs restrain expansion.
Segmental Analysis :
By Component, the market is segmented into Solutions and Services.
- Solutions dominated the market in 2023, driven by strong demand for backup & recovery, storage, and data archiving solutions that ensure data security and compliance.
- Services are projected to grow at the fastest CAGR due to increasing demand for managed and professional services that assist organizations in optimizing cloud backup strategies.
By Deployment Mode, the market includes Public Cloud, Private Cloud, and Hybrid Cloud.
- Public Cloud held the largest market share of 63.11% in 2023, due to its scalability and cost-effectiveness.
- Hybrid Cloud is expected to register the fastest CAGR, driven by its ability to offer a balanced approach to data security and scalability.
By Storage Type, the segments are Object Storage, File Storage, and Block Storage.
- Object Storage led the market share in 2023, due to its scalability and efficiency in managing unstructured data.
- Block Storage is anticipated to grow at the fastest rate, driven by the need for high-performance backup solutions in enterprise environments.
By Backup Type, the segments include Full Backup, Incremental Backup, and Differential Backup.
- Incremental Backup accounted for the largest market share in 2023, offering efficiency by only capturing changes since the last backup.
- Differential Backup is expected to grow rapidly due to its balance between speed and recovery capabilities.
By Organization Size, the market is divided into SMEs and Large Enterprises.
- Large Enterprises held the largest revenue share in 2023, attributed to substantial investments in comprehensive backup solutions for data protection.
- SMEs are projected to grow at the fastest rate, driven by the rising adoption of scalable and cost-effective cloud solutions.
By End-User Industry, the segments include IT & Telecom, Healthcare, BFSI, Retail & E-commerce, and Government & Public Sector.
- IT & Telecom led the market share in 2023, supported by the high data volumes and need for secure backup solutions.
- Healthcare is expected to grow at the fastest rate, driven by the increasing use of cloud-based backup for patient data and compliance with regulations like HIPAA.
Based on regions, the global market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
- North America led the market with a value of USD 1,532.79 Million in 2023, driven by strong IT infrastructure and early adoption of cloud solutions.
- Asia-Pacific is projected to grow at the fastest CAGR, driven by rapid digital transformation and increasing adoption of cloud services in countries like China, Japan, and India.
| Report Attributes | Report Details |
| Study Timeline | 2018-2031 |
| Market Size in 2031 | USD 26,823.48 Million |
| CAGR (2024-2031) | 25.0% |
| Component | Solutions (Backup & Recovery, Storage, Data Archiving), Services (Managed Services, Professional Services) |
| Deployment Mode | Public Cloud, Private Cloud, Hybrid Cloud |
| Storage Type | Object Storage, File Storage, Block Storage |
| Backup Type | Full Backup, Incremental Backup, Differential Backup |
| Organization Size | SMEs, Large Enterprises |
| End-User Industry | IT & Telecom, Healthcare, BFSI, Retail & E-commerce, Government & Public Sector |
| By Region | North America(U.S., Canada, Mexico) Europe(U.K., Germany, France, Spain, Italy, Russia, Benelux, Rest of Europe) APAC(China, South Korea, Japan, India, Australia, ASEAN, Rest of Asia-Pacific) Middle East & Africa(GCC, Turkey, South Africa, Rest of MEA) LATAM(Brazil, Argentina, Chile, Rest of LATAM) |
Top Key Players & Competitive Landscape :
The cloud backup market is highly competitive, with key players focusing on product innovation, strategic acquisitions, and expanding service offerings.
List of prominent players in the Cloud Backup Industry:
- Acronis (Switzerland)
- Backblaze (USA)
- Carbonite (USA)
- CrashPlan (USA)
- IDrive (USA)
- Veeam (USA)
- Zoolz (UK)
- Zerto (USA)
- Commvault (USA)
- Wasabi Technologies (USA)
Recent Industry Developments :
- April 2024: Arrow Electronics launched ArrowSphere Cloud Object Storage for Backup, offering advanced encryption and data replication on IBM Cloud, aimed at enhancing scalability for businesses.
- October 2024: CrashPlan acquired Parablu to strengthen its data protection offerings, enhancing its capabilities in secure and scalable cloud backup solutions.
- October 2024: DeStor partnered with Impossible Cloud to launch decentralized backup solutions, providing cost-efficient and secure data storage leveraging decentralized technology.
- November 2023: AvePoint introduced Cloud Backup Express, a Microsoft 365 backup solution integrated with Microsoft's security framework to enhance data protection for businesses.
