Cloud Backup Market Opportunity, Growth Drivers, Industry Trend Analysis, and Forecast 2024 to 2032
The Global Cloud Backup Market was valued at USD 4.9 billion in 2023 and is expected to grow at a CAGR of 23.4% between 2024 and 2032. This rapid expansion is fueled by the rising threat of cyberattacks, ransomware, and data breaches, which have caused significant financial losses for businesses worldwide. As security risks intensify, companies are increasingly adopting cloud backup solutions to safeguard their data and ensure disaster recovery in the event of a breach or system failure. Industries such as finance, healthcare, and government are particularly vulnerable, leading to a growing demand for secure cloud-based solutions. Cloud backup provides a scalable and cost-effective method for storing, managing, and analyzing large data sets without the need for heavy investment in physical infrastructure.
Sectors like manufacturing, transportation, and healthcare generate substantial real-time data through IoT devices, necessitating reliable cloud backup solutions. E-commerce and digital businesses also require secure, accessible backups to protect customer data and transactions, further contributing to market growth. The market is segmented by organization size into large enterprises and SMEs. In 2023, large enterprises held over 65% of the market share, driven by their need to manage vast amounts of data generated from operations, customer interactions, and research.
As these companies grow, their data storage requirements increase, making scalable cloud backup solutions essential. These systems allow enterprises to adjust storage capacity in real time, providing flexibility to handle data surges and support expansion without significant upfront investment. In terms of end-users, the cloud backup market includes BFSI, healthcare, retail & e-commerce, IT & telecom, manufacturing, education, government, and others. The BFSI sector held around 25% of the market in 2023. Strict regulations governing data protection and privacy in the financial sector, such as GDPR and HIPAA, have made cloud backup solutions critical for compliance.
Providers offer advanced security measures like encryption, multi-factor authentication, and regular security audits to meet industry standards. North America dominated the cloud backup market in 2023, accounting for 35% of the revenue share. The strong focus on digital transformation, driven by the adoption of innovative technologies and data-driven decision-making, has spurred demand for cloud solutions. In the U.S., rising cybersecurity threats have prompted companies to invest heavily in cloud backup systems equipped with features such as real-time threat detection, encryption, and multi-factor authentication to protect sensitive data.This increased focus on security will continue to drive market growth in the coming years.
Sectors like manufacturing, transportation, and healthcare generate substantial real-time data through IoT devices, necessitating reliable cloud backup solutions. E-commerce and digital businesses also require secure, accessible backups to protect customer data and transactions, further contributing to market growth. The market is segmented by organization size into large enterprises and SMEs. In 2023, large enterprises held over 65% of the market share, driven by their need to manage vast amounts of data generated from operations, customer interactions, and research.
As these companies grow, their data storage requirements increase, making scalable cloud backup solutions essential. These systems allow enterprises to adjust storage capacity in real time, providing flexibility to handle data surges and support expansion without significant upfront investment. In terms of end-users, the cloud backup market includes BFSI, healthcare, retail & e-commerce, IT & telecom, manufacturing, education, government, and others. The BFSI sector held around 25% of the market in 2023. Strict regulations governing data protection and privacy in the financial sector, such as GDPR and HIPAA, have made cloud backup solutions critical for compliance.
Providers offer advanced security measures like encryption, multi-factor authentication, and regular security audits to meet industry standards. North America dominated the cloud backup market in 2023, accounting for 35% of the revenue share. The strong focus on digital transformation, driven by the adoption of innovative technologies and data-driven decision-making, has spurred demand for cloud solutions. In the U.S., rising cybersecurity threats have prompted companies to invest heavily in cloud backup systems equipped with features such as real-time threat detection, encryption, and multi-factor authentication to protect sensitive data.This increased focus on security will continue to drive market growth in the coming years.
Report Content
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Hardware manufacturers
3.2.2 Cloud backup service providers
3.2.3 Software providers
3.2.4 Managed service providers
3.2.5 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Case Studies
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rapid growth of data from IoT devices, digital platforms, and businesses
3.8.1.2 Increasing incidents of cyberattacks and data breaches.
3.8.1.3 Rising cloud adoption among SME
3.8.1.4 Growing remote work adoption
3.8.2 Industry pitfalls & challenges
3.8.2.1 Security and privacy concerns
3.8.2.2 High costs of large-scale backups
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY COMPONENT, 2021 - 2032 ($BN)
5.1 Key trends
5.2 Solution
5.3 Services
5.3.1 Training & consulting
5.3.2 Support & maintenance
5.3.3 System integration
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY DEPLOYMENT MODEL, 2021 - 2032 ($BN)
6.1 Key trends
6.2 Public cloud
6.3 Private cloud
6.4 Hybrid cloud
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY ORGANIZATION SIZE, 2021 - 2032 ($BN)
7.1 Key trends
7.2 Large enterprises
7.3 SME
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY SERVICE PROVIDER, 2021 - 2032 ($BN)
8.1 Key trends
8.2 Cloud service provider
8.3 Telecom and communication service provider
8.4 Managed service provider
8.5 Others
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021 - 2032 ($BN)
9.1 Key trends
9.2 BFSI
9.3 Healthcare
9.4 Retail & e-commerce
9.5 IT & telecom
9.6 Manufacturing
9.7 Education
9.8 Government & public sector
9.9 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2032 ($BN)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Spain
10.3.5 Italy
10.3.6 Russia
10.3.7 Nordics
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 ANZ
10.4.6 Southeast Asia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.6 MEA
10.6.1 UAE
10.6.2 South Africa
10.6.3 Saudi Arabia
CHAPTER 11 COMPANY PROFILES
11.1 Acronis International GmbH
11.2 Amazon Web Services (AWS)
11.3 Arcserve LLC
11.4 Backblaze Inc.
11.5 Barracuda Networks Inc.
11.6 Carbonite Inc.
11.7 Cohesity Inc.
11.8 Commvault Systems Inc.
11.9 Datto
11.10 Dell Inc.
11.11 Dropbox
11.12 Google LLC
11.13 IBM Corporation
11.14 Microsoft Corporation
11.15 Panzura, Inc.
11.16 Rubrik
11.17 Unitrends
11.18 Veeam Software Corporation
11.19 Veritas Technologies
11.20 Wasabi Technologies, Inc.
CHAPTER 1 METHODOLOGY & SCOPE
1.1 Research design
1.1.1 Research approach
1.1.2 Data collection methods
1.2 Base estimates and calculations
1.2.1 Base year calculation
1.2.2 Key trends for market estimates
1.3 Forecast model
1.4 Primary research & validation
1.4.1 Primary sources
1.4.2 Data mining sources
1.5 Market definitions
CHAPTER 2 EXECUTIVE SUMMARY
2.1 Industry 360° synopsis, 2021 - 2032
CHAPTER 3 INDUSTRY INSIGHTS
3.1 Industry ecosystem analysis
3.2 Supplier landscape
3.2.1 Hardware manufacturers
3.2.2 Cloud backup service providers
3.2.3 Software providers
3.2.4 Managed service providers
3.2.5 End users
3.3 Profit margin analysis
3.4 Technology & innovation landscape
3.5 Case Studies
3.6 Key news & initiatives
3.7 Regulatory landscape
3.8 Impact forces
3.8.1 Growth drivers
3.8.1.1 Rapid growth of data from IoT devices, digital platforms, and businesses
3.8.1.2 Increasing incidents of cyberattacks and data breaches.
3.8.1.3 Rising cloud adoption among SME
3.8.1.4 Growing remote work adoption
3.8.2 Industry pitfalls & challenges
3.8.2.1 Security and privacy concerns
3.8.2.2 High costs of large-scale backups
3.9 Growth potential analysis
3.10 Porter’s analysis
3.11 PESTEL analysis
CHAPTER 4 COMPETITIVE LANDSCAPE, 2023
4.1 Introduction
4.2 Company market share analysis
4.3 Competitive positioning matrix
4.4 Strategic outlook matrix
CHAPTER 5 MARKET ESTIMATES & FORECAST, BY COMPONENT, 2021 - 2032 ($BN)
5.1 Key trends
5.2 Solution
5.3 Services
5.3.1 Training & consulting
5.3.2 Support & maintenance
5.3.3 System integration
CHAPTER 6 MARKET ESTIMATES & FORECAST, BY DEPLOYMENT MODEL, 2021 - 2032 ($BN)
6.1 Key trends
6.2 Public cloud
6.3 Private cloud
6.4 Hybrid cloud
CHAPTER 7 MARKET ESTIMATES & FORECAST, BY ORGANIZATION SIZE, 2021 - 2032 ($BN)
7.1 Key trends
7.2 Large enterprises
7.3 SME
CHAPTER 8 MARKET ESTIMATES & FORECAST, BY SERVICE PROVIDER, 2021 - 2032 ($BN)
8.1 Key trends
8.2 Cloud service provider
8.3 Telecom and communication service provider
8.4 Managed service provider
8.5 Others
CHAPTER 9 MARKET ESTIMATES & FORECAST, BY END USE, 2021 - 2032 ($BN)
9.1 Key trends
9.2 BFSI
9.3 Healthcare
9.4 Retail & e-commerce
9.5 IT & telecom
9.6 Manufacturing
9.7 Education
9.8 Government & public sector
9.9 Others
CHAPTER 10 MARKET ESTIMATES & FORECAST, BY REGION, 2021 - 2032 ($BN)
10.1 Key trends
10.2 North America
10.2.1 U.S.
10.2.2 Canada
10.3 Europe
10.3.1 UK
10.3.2 Germany
10.3.3 France
10.3.4 Spain
10.3.5 Italy
10.3.6 Russia
10.3.7 Nordics
10.4 Asia Pacific
10.4.1 China
10.4.2 India
10.4.3 Japan
10.4.4 South Korea
10.4.5 ANZ
10.4.6 Southeast Asia
10.5 Latin America
10.5.1 Brazil
10.5.2 Mexico
10.5.3 Argentina
10.6 MEA
10.6.1 UAE
10.6.2 South Africa
10.6.3 Saudi Arabia
CHAPTER 11 COMPANY PROFILES
11.1 Acronis International GmbH
11.2 Amazon Web Services (AWS)
11.3 Arcserve LLC
11.4 Backblaze Inc.
11.5 Barracuda Networks Inc.
11.6 Carbonite Inc.
11.7 Cohesity Inc.
11.8 Commvault Systems Inc.
11.9 Datto
11.10 Dell Inc.
11.11 Dropbox
11.12 Google LLC
11.13 IBM Corporation
11.14 Microsoft Corporation
11.15 Panzura, Inc.
11.16 Rubrik
11.17 Unitrends
11.18 Veeam Software Corporation
11.19 Veritas Technologies
11.20 Wasabi Technologies, Inc.
