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Cloud Backup Market Size

Report ID: GMI11745
Published Date: Oct 2024
Report Format: PDF

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Cloud Backup Market Size

The global cloud backup market size was valued at USD 4.9 billion in 2023 and is projected to grow at a CAGR of 23.4% between 2024 and 2032, driven by the rise in cyberattacks, ransomware, and data breaches, which are causing significant financial losses for businesses. According to Statista, as of February 2024, the U.S. has the highest average cost of a data breach at USD 9.36 million.

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In the Middle East, the average cost was USD 8.75 million, while the global average stands at USD 4.88 million. These growing risks are pushing companies to adopt cloud backup solutions for protection. Cloud backups provide disaster recovery capabilities, enabling quick and efficient data recovery after a breach or system failure. As a result, industries such as finance, healthcare, and government, which are more vulnerable to cyberattacks and have strict data protection regulations, are increasingly turning to cloud-based solutions.

Cloud Backup Market Report Attributes
Report Attribute	Details
Base Year:	2023
Cloud Backup Market Size in 2023:	USD 4.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	23.4%
2032 Value Projection:	USD 31.4 Billion
Historical Data for:	2021 – 2023
No. of Pages:	220
Tables, Charts & Figures:	280
Segments covered:	Component, Deployment Mode, Organization Size, Service Provider, End-User
Growth Drivers:	Rapid growth of data from IoT devices, digital platforms, and businesses Increasing incidents of cyberattacks and data breaches. Rising cloud adoption among SME Growing remote work adoption
Pitfalls & Challenges:	Security and privacy concerns High costs of large-scale backups

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The surge in data from IoT devices, social media, e-commerce, and digital businesses has boosted the demand for cloud backup solutions. This growth is driven by the increasing use of IoT, AI, and machine learning. Traditional on-premises storage often can't keep up due to capacity, flexibility, and cost issues.

Cloud backup offers a scalable, cost-effective way to store, manage, and analyze large data sets without heavy investment in physical infrastructure. Industries such as manufacturing, transportation, and healthcare need cloud backup for the vast real-time data generated by IoT devices. Furthermore, E-commerce and digital businesses also require secure, accessible backup for large volumes of customer data and transactions. This is further expected to drive the growth of the market.

Authors: Preeti Wadhwani, Aishvarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of cloud backup reached USD 4.9 billion in 2023 and is set to grow at a 23.4% CAGR from 2024 to 2032, driven by the rise in cyberattacks, ransomware, and data breaches.

The large enterprises accounted for over 65% of the market share in 2023, propelled by their substantial data generation from operations, customer interactions, and R&D activities.

The BFSI segment held around 25% of the market share in 2023, due to stringent data protection and privacy regulations like GDPR and HIPAA.

The North America market accounted for 35% of the revenue share in 2023 and is poised to cross USD 9 billion by 2032, led by the region's leadership in digital transformation and adoption of innovative technologies.

Key players in the industry include Amazon Web Services (AWS), Backblaze Inc., Barracuda Networks Inc., Cohesity Inc., Commvault Systems Inc., Datto, Dell Inc., IBM Corporation, Microsoft Corporation, and Veritas Technologies LLC.