New York, Oct. 23, 2023 (GLOBE NEWSWIRE) -- The global cloud backup market size is predicted to expand at 25.58% CAGR between 2023 and 2035. The market is projected to garner a revenue of USD 72.1 billion by the end of 2035, up from a revenue of USD 3.7 billion in the year 2022. The enormous amount of data being generated, the lower prices and higher efficiency of cloud backup than on-premises backup, and the expanding use of SaaS led to an increase in cloud backup. There are a large number of advanced Software as a Service (SaaS) business apps supplied via the cloud that are designed to address particular problems in the public sector. Furthermore, the increasing use of cloud backup services worldwide to keep track of their financial data raising its market growth.
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For instance, in 2021, Amazon Web Services (AWS), a U.S.-based IT service management company and a wholly-owned subsidiary of Amazon, a U.S.-based e-commerce company, collaborated with Goldman Sachs, a U.S.-based investment banking company, to create a new cloud-based data and data analytics solutions for financial institutions. Business continuity is a top priority for organizations. Cloud backup solutions offer disaster recovery capabilities, allowing quick restoration of data and applications in case of system failures, natural disasters, or cyberattacks. The rise of remote work has accentuated the need for secure and accessible data. Cloud backup enables remote workers to access and collaborate on critical data from anywhere, fostering productivity and collaboration.
Cloud Backup Market: Key Takeaways
- Market in North America to propel highest growth
- The services segment to garner the highest growth
- Market in Europe to grow at a highest rate
Increase in the Volume of Data Generated across the Globe to Boost Market Growth
The quantity of data in the world is expanding at a rapid rate. A significant portion of this result is "data emission," which is information passively obtained via regular communications with digital services or goods such as smartphones, bank accounts, and social media platforms. IaaS is another sort of cloud service that provides users with access to virtual computers, storage, backups, and other resources. Small and medium-sized businesses (SMBs) can use the cloud as a more efficient IT option that saves money and increases production. SMEs also get a lot of clear benefits from cloud-based solutions, such as better security for their data, less downtime, and flexible storage. Data loss can be very bad for a small business. It's not just that the files are lost; it also takes time and cost to recover them. As a result, many small and medium-sized businesses are shifting their operations to the cloud for quick data recovery from any kind of data disaster, like when data on a lost laptop is deleted remotely. In 2023, around 6.92 billion people are using smartphones, which makes up for around 85% of the world’s population. The growing usage of mobile phones has increased the production of pictures and videos. Consumers are using cloud backup to safeguard their memories permanently.
Cloud Backup Market: Regional Overview
The global market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Expanding Business Continuity Requirements to Drive the Market Growth in North America Region
The cloud backup market in North America region is estimated to garner the largest revenue by the end of 2035. Growing concerns over data security breaches and cyberattacks are driving the demand for robust backup solutions in North America. Cloud backup services offer encryption, redundancy, and offsite data storage, mitigating risks and ensuring data recovery in the event of a breach. In 2020, the average cost of a data breach in the United States was approximately USD 8.64 million, emphasizing the financial consequences of data security lapses. The explosive growth of data, fueled by digital transformation, the Internet of Things (IoT), and the proliferation of digital content, necessitates scalable data backup solutions. Cloud-based services offer the flexibility and capacity required to manage this data deluge. The need for seamless business continuity is a top priority for North American organizations. Cloud backup solutions, with their disaster recovery capabilities, ensure the quick restoration of data and applications in case of system failures, natural disasters, or cyberattacks. The rise of remote work in North America has accentuated the need for secure and accessible data. Cloud backup enables remote workers to access and collaborate on critical data from anywhere, fostering productivity and collaboration.
Growing Data Security Concern to Propel the Growth in the Europe Region
The Europe cloud backup market is estimated to garner the highest CAGR by the end of 2035. The growing concerns over data security breaches and cyberattacks have prompted European organizations to prioritize data protection and disaster recovery solutions. Cloud backup services offer robust security measures, including encryption and offsite data storage, to safeguard against data loss and breaches. In 2020, Europe faced over 145,000 data breaches, making it a significant region for data security incidents. The proliferation of digital content, the Internet of Things (IoT), and digital transformation initiatives are driving exponential data growth in Europe. Cloud backup solutions are essential for managing and protecting this ever-expanding volume of data efficiently. European organizations are compelled to adhere to strict data protection and privacy regulations. Cloud backup services play a pivotal role in ensuring compliance by offering features like data encryption, retention policies, and audit trails. The need for disaster recovery capabilities is a top priority for European organizations. Cloud backup services provide robust data recovery solutions, allowing swift restoration of data and applications in case of system failures, natural disasters, or cyberattacks.
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Cloud Backup, Segmentation by Component
- Solution
- Primary Storage
- Disaster Recovery
- Backup Storage
- Services
- Training & Consulting
- Design & Integration
- Support & Maintenance
Amongst these segments, the services segment is anticipated to hold the largest share over the forecast period. Heightened data security concerns, driven by data breaches and cyber threats, are key drivers of the services segment in the market. Businesses are increasingly seeking professional services to ensure robust security measures are in place to protect their valuable data. In a survey conducted in 2020, 68% of organizations listed data security as their top concern. The explosive growth of data, coupled with the increasing complexity of data environments, necessitates expert services to manage, protect, and recover data effectively. Service providers in the cloud backup market offer solutions to handle this ever-expanding data landscape. Compliance with regulatory requirements is a fundamental driver for services within the cloud backup market. Expert services assist organizations in ensuring that their data backup and storage practices align with these stringent regulations. Organizations recognize the critical importance of disaster recovery. Services within the Cloud Backup Market offer expertise and solutions to ensure that businesses are well-prepared for data recovery in the event of system failures, natural disasters, or cyberattacks.
Cloud Backup, Segmentation by Deployment
- Private Cloud
- Public Cloud
- Hybrid Cloud
Amongst these segments, the public cloud segment is anticipated to hold a significant share over the forecast period. The growing concerns over data breaches and cyberattacks are strong drivers of the public cloud segment in the Cloud Backup Market. Public cloud providers offer robust security measures and encryption, ensuring the safety and protection of data. The exponential growth of data, combined with the need for scalability, makes the public cloud a highly attractive option for data backup and storage. Public cloud providers offer virtually unlimited storage capacity to manage this surge in data. The volume of global data is expected to grow from 33 zettabytes in 2018 to approximately 175 zettabytes by 2025. Cost-efficiency is a significant driver for the adoption of public cloud backup solutions. Organizations appreciate the pay-as-you-go pricing models and the reduction of capital expenditure associated with on-premises hardware. The need for disaster recovery capabilities drives the adoption of public cloud backup solutions. Public cloud providers offer reliable and scalable disaster recovery options, ensuring quick data restoration in case of system failures or disasters.
Cloud Backup, Segmentation by Enterprise Size
- Small & Medium Enterprise
- Large Enterprise
Cloud Backup, Segmentation by Service Provider
- Cloud Service Provider
- Telecommunication Service Provider
- Managed Service Provider
Cloud Backup, Segmentation by End User
- BFSI
- Healthcare
- IT & Telecommunication
- Consumer Goods & Retail
- Manufacturing
Few of the well-known market leaders in the global cloud backup market that are profiled by Research Nester are Acronis International GmbH, Barracuda Networks, Inc., Druva Inc., IBM Corporation, Iron Mountain Inc., Microsoft Corporation, Oracle Corporation, and other key market players.
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Recent Developments in the Market
- Acronis International GmbH, a Swiss software company, announced key changes to its existing Cyber Protect Cloud platform along with the introduction of a new product called Advanced Automation into its Advanced Management solution.
- Infosys, an Indian information technology company, announced the expansion of its partnership with Microsoft, a U.S.-based technology corporation to bring together Infosys Cobalt cloud offerings and Microsoft’s cloud computing technologies, led by Azure, across the business value chain.
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