Cloud Backup Market by Component (Services, Solution), Service Provider (Cloud Service Provider, Managed Service Provider, Telecom & Communication Service Provider), Deployment, Organization Size, Vertical - Global Forecast 2024-2030

Cloud Backup Market by Component (Services, Solution), Service Provider (Cloud Service Provider, Managed Service Provider, Telecom & Communication Service Provider), Deployment, Organization Size, Vertical - Global Forecast 2024-2030

The Cloud Backup Market size was estimated at USD 9.59 billion in 2023 and expected to reach USD 11.17 billion in 2024, at a CAGR 17.46% to reach USD 29.60 billion by 2030.

Cloud backup refers to storing data on the cloud by backing up files and directories to allow customers to access the data from any device with an internet connection. Cloud backup also provides a secure way for users to store their data, as it is stored on remote servers protected from physical damage or other types of interruption. Cloud adoption is rapidly increasing in large and small businesses due to dependence on digital technology for day-to-day operations. Cloud backup solutions offer many benefits to businesses of any size, such as improved data security, increased data availability, remote access, and easier disaster recovery. The increasing adoption of mobile-based applications and cloud computing has enhanced the demand for cloud backup services to access without any time and location restrictions while providing secure connections. The issues associated with the compatibility of various applications with cloud backup solutions and data privacy concerns limit the penetration of solutions worldwide. However, the ongoing advancements to enhance the safety of services and solutions with rapid penetration of hybrid cloud platforms are expected to create growth opportunities for the cloud backup market in the coming years.

Regional Insights

The American region has observed an increase in digitalization, and organizations are moving their systems from on-premises environments to cloud infrastructure at an increasing rate, creating a platform for the cloud backup market. The U.S. and Canada observe a large-scale deployment of cloud backup services in multinational corporations and medium enterprises, with startups in the region actively partnering with these users to attain a bigger presence in the market. The European region is home to the most number of small & medium-sized enterprises across the UK, Germany, Italy, and France that have shifted to cloud technologies. With the Russia-Ukraine conflict causing cybersecurity risks across the region, business organizations largely use cloud backup solutions & services. The Asia-Pacific region is an emerging market for cloud backup services and solutions as the region is on a gradual digital transformation, with many business enterprises shifting to remote work environments on the cloud.

Market Insights

Market Dynamics

The market dynamics represent an ever-changing landscape of the Cloud Backup Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.

Market Drivers

Rising adoption of cloud in large scale and small scale enterprises
Multiple advantages over on-premise back-up
Growing adoption of mobile technology, cloud computing, and web-based applications

Market Restraints

Limitations associated with the applications compatibility with cloud

Market Opportunities

Potential associated with the adoption of hybrid cloud
Ongoing advancements to improve safety and efficiency associated with cloud backup

Market Challenges

Concerns associated with data privacy and governance

Market Disruption Analysis

Porter’s Five Forces Analysis
Value Chain & Critical Path Analysis
Pricing Analysis
Technology Analysis
Patent Analysis
Trade Analysis
Regulatory Framework Analysis

FPNV Positioning Matrix

The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Cloud Backup Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).

Market Share Analysis

The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Cloud Backup Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.

Recent Developments

Brazil’s Telebras to Contract Cloud Backup, Satellite Imaging Services

Brazil's Telebras launched a request for proposals (RFPs) to contract two services to be provided from its data centers to government and corporate clients in general. This move promises to increase data storage reliability, cost-effectiveness, and security for telecommunication companies nationwide. With this new technology, Telebras is setting a standard for efficient and secure cloud backup services, enabling their customers to access data more quickly and reliably than ever before.

AWS is Making a Huge Investment into India

Amazon Web Services (AWS) announced a USD 12 billion investment in India to further progress in cloud infrastructure and services to educate and train more than 3 million people. With this investment, AWS wants to expand its capabilities in India and enable customers across various sectors such as banking, retail, telecommunications, government, media & entertainment, to transform their businesses with cloud solutions.

IBM Acquires Polar Security for USD 60 million to Automate Cloud Data Management

IBM announced its new Polar Security cloud-based platform, leveraging advanced analytics and AI to protect digital infrastructure from cyber threats. Designed to help enterprises reduce risk while freeing up resources for innovation, the end-to-end multi-layered security system empowers organizations with the tools to detect, analyze and respond to potential security incidents in real-time.

Strategy Analysis & Recommendation

The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Cloud Backup Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.

Key Company Profiles

The report delves into recent significant developments in the Cloud Backup Market, highlighting leading vendors and their innovative profiles. These include Acronis International GmbH, Amazon.com, Inc., Arcserve LLC, Asigra Inc., Backblaze Inc., BackupVault, Carbonite, Inc., Cohesity, Inc., Commvault Systems, Inc., CrashPlan Group LLC, Dell Inc., Dropbox, Inc., Druva Inc., ESDS Software Solution Ltd., Google LLC by Alphabet Inc., IDrive Inc., International Business Machines Corporation, Iron Mountain Inc., Jotta AS, Juniper Networks, Inc., Microsoft Corporation, MSP360, OpenDrive, OpenText Corporation, Oracle Corporation, pCloud International AG, SpiderOak Inc., The Carlyle Group, Unitrends Inc., Veeam Software Group GmbH, and Veritas Technologies.

Market Segmentation & Coverage

This research report categorizes the Cloud Backup Market to forecast the revenues and analyze trends in each of the following sub-markets:

Component
Services
Support & Maintenance
System Integration
Training & Consulting
Solution
Service Provider
Cloud Service Provider
Managed Service Provider
Telecom & Communication Service Provider
Deployment
Hybrid
Private
Public
Organization Size
Large Enterprise
Small & Medium-Sized Enterprise
Vertical
Banking, Financial Services & Insurance
Energy & Utilities
Government
Healthcare
Manufacturing
Retail
Telecom & IT
Region
Americas
Argentina
Brazil
Canada
Mexico
United States
California
Florida
Illinois
New York
Ohio
Pennsylvania
Texas
Asia-Pacific
Australia
China
India
Indonesia
Japan
Malaysia
Philippines
Singapore
South Korea
Taiwan
Thailand
Vietnam
Europe, Middle East & Africa
Denmark
Egypt
Finland
France
Germany
Israel
Italy
Netherlands
Nigeria
Norway
Poland
Qatar
Russia
Saudi Arabia
South Africa
Spain
Sweden
Switzerland
Turkey
United Arab Emirates
United Kingdom

Please Note: PDF & Excel + Online Access - 1 Year