The Global Cloud Backup Market size is expected to reach $24.1 billion by 2031, rising at a market growth of 24% CAGR during the forecast period.
The healthcare industry is required to adhere to stringent data privacy regulations, including HIPAA, which require the secure storage and preservation of patient information. Cloud backup solutions are critical for healthcare providers to ensure compliance, protect sensitive medical data, and enable rapid recovery during data loss or breaches. The healthcare sector is anticipated to experience an increase in demand for cloud backup solutions because of the growing dependence on digital health technologies. Thus, the healthcare segment acquired 17% revenue share in the cloud backup market in 2023.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2024, Acronis International GmbH partnered with Impossible Cloud, a cloud storage services provider, to integrate Acronis Cyber Protect Cloud with Europe's leading cloud storage provider. This partnership enhances data management and security, offering scalable, S3-compatible cloud storage with advanced cyber threat defense. Additionally, In June, 2024, Acronis International GmbH announced a partnership with Sardina Systems, a British software company, to launch Acronis’ Backup Solution on FishOS Ceph, offering comprehensive data protection and cost-effective storage. This integrated solution provides scalable, secure, and efficient backup options with expert management, enhancing infrastructure resilience and optimizing performance for businesses.
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation are the forerunners in the Cloud Backup Market. Companies such as Google LLC, Amazon Web Services, Inc., IBM Corporation are some of the key innovators in Cloud Backup Market. In May, 2023, Google LLC signed a integration partnership with Cohesity, an American IT company. The combination of Cohesity’s capabilities and Google Cloud’s Vertex AI - a fully managed ML platform - would allow users to gain new insights from their secured data.
Additionally, employees can restore data quickly after accidental deletions or system failures, minimizing downtime and ensuring the business can continue operating smoothly despite technical difficulties. This capability supports the ongoing trend of remote and hybrid work models, which are increasingly becoming the norm in many industries. Thus, these changes in the workforce, along with rapid digitalization, are accelerating the demand for cloud backup solutions.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
The cloud backup market is highly competitive, with major players like Amazon Web Services, Microsoft Azure, and Google Cloud dominating. Key attributes driving competition include data security, scalability, and cost-effectiveness. Providers differentiate themselves through advanced features such as automated backups, integration with other cloud services, and compliance with industry regulations. Market growth is fueled by increasing data volumes, the need for disaster recovery, and the shift towards cloud-based solutions.
The healthcare industry is required to adhere to stringent data privacy regulations, including HIPAA, which require the secure storage and preservation of patient information. Cloud backup solutions are critical for healthcare providers to ensure compliance, protect sensitive medical data, and enable rapid recovery during data loss or breaches. The healthcare sector is anticipated to experience an increase in demand for cloud backup solutions because of the growing dependence on digital health technologies. Thus, the healthcare segment acquired 17% revenue share in the cloud backup market in 2023.
The major strategies followed by the market participants are Partnership as the key developmental strategy to keep pace with the changing demands of end users. For instance, In June, 2024, Acronis International GmbH partnered with Impossible Cloud, a cloud storage services provider, to integrate Acronis Cyber Protect Cloud with Europe's leading cloud storage provider. This partnership enhances data management and security, offering scalable, S3-compatible cloud storage with advanced cyber threat defense. Additionally, In June, 2024, Acronis International GmbH announced a partnership with Sardina Systems, a British software company, to launch Acronis’ Backup Solution on FishOS Ceph, offering comprehensive data protection and cost-effective storage. This integrated solution provides scalable, secure, and efficient backup options with expert management, enhancing infrastructure resilience and optimizing performance for businesses.
KBV Cardinal Matrix - Market Competition Analysis
Based on the Analysis presented in the KBV Cardinal matrix; Microsoft Corporation are the forerunners in the Cloud Backup Market. Companies such as Google LLC, Amazon Web Services, Inc., IBM Corporation are some of the key innovators in Cloud Backup Market. In May, 2023, Google LLC signed a integration partnership with Cohesity, an American IT company. The combination of Cohesity’s capabilities and Google Cloud’s Vertex AI - a fully managed ML platform - would allow users to gain new insights from their secured data.
Market Growth Factors
If an organization’s local network is compromised by malware or other threats, they can access their cloud backups remotely, restoring operations without delay. This offsite protection is critical for businesses that must ensure business continuity, especially in healthcare, finance, and government sectors, where data loss can have severe regulatory, legal, or financial consequences. Hence, as cyberattacks become more frequent and sophisticated, the demand for cloud backup services continues to grow.Additionally, employees can restore data quickly after accidental deletions or system failures, minimizing downtime and ensuring the business can continue operating smoothly despite technical difficulties. This capability supports the ongoing trend of remote and hybrid work models, which are increasingly becoming the norm in many industries. Thus, these changes in the workforce, along with rapid digitalization, are accelerating the demand for cloud backup solutions.
Market Restraining Factors
Latency issues affect data transfer speed, the overall user experience, and operational efficiency. If users experience significant delays in accessing or transferring data across domains, it can lead to frustration, decreased productivity, and potential operational errors. These delays can have severe consequences in critical sectors, such as emergency response or healthcare, where every second counts. Thus, data transfer and latency issues are hampering the market's growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Driving and Restraining Factors
Drivers
- Rising incidents of cybersecurity threats
- Increasing remote workforce and digital transformation
- Rapid integration of AI and machine learning
Restraints
- High initial setup and subscription costs
- Data privacy and security concerns
Opportunities
- Regulatory compliance and data retention requirements
- Growth in SaaS application usage
Challenges
- Limited internet bandwidth and connectivity issues
- Lack of awareness and technical expertise
Component Outlook
Solution Outlook
On the basis of solutions, the market is classified into primary storage, disaster recovery, and backup storage. The disaster recovery segment recorded 33% revenue share in the cloud backup market in 2023. Organizations are investing significantly in disaster recovery solutions to ensure the quick restoration of critical data as the frequency of cyberattacks, natural disasters, and system failures continues to rise.Deployment Outlook
By deployment, the market is divided into public cloud, private cloud, and hybrid cloud. The hybrid cloud segment garnered 20% revenue share in the market in 2023. The growth of this segment is driven by businesses that seek to balance the benefits of both public and private clouds.Enterprises Size Outlook
Based on enterprise size, the market is segmented into SMEs and large enterprises. The large enterprises segment procured 68% revenue share in the market in 2023. They are increasingly adopting cloud solutions to support their digital transformation strategies.
Services Provider Outlook
On the basis of service providers, the market is divided into cloud, telecom & communication, managed, and others. The managed segment witnessed 29% revenue share in the market in 2023. Managed service providers (MSPs) are able to assist businesses who do not possess the necessary knowledge or internal resources to operate their cloud backup infrastructure.End-Use Outlook
By end use, the market is segmented into BFSI, healthcare, retail & e-commerce, IT & ITeS, manufacturing, and others. The BFSI segment garnered 24% revenue share in the market in 2023. This dominance is due to the industry's critical need for secure and reliable data protection, driven by stringent regulatory requirements such as GDPR and PCI-DSS and the increasing frequency of cyberattacks targeting financial institutions.By Regional Analysis
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The Asia Pacific segment witnessed 28% revenue share in the market in 2023. The rapid digitalization of economies across countries such as China, India, Japan, and South Korea, coupled with the increasing penetration of cloud services, has contributed to the strong growth of cloud backup adoption in this region.Market Competition and Attributes
The cloud backup market is highly competitive, with major players like Amazon Web Services, Microsoft Azure, and Google Cloud dominating. Key attributes driving competition include data security, scalability, and cost-effectiveness. Providers differentiate themselves through advanced features such as automated backups, integration with other cloud services, and compliance with industry regulations. Market growth is fueled by increasing data volumes, the need for disaster recovery, and the shift towards cloud-based solutions.
Recent Strategies Deployed in the Market
- Jul-2024: Microsoft Corporation released Microsoft 365 Backup, ensuring data protection and easy recovery for SharePoint sites, OneDrive accounts, and Exchange mailboxes. It offers fast backup and restore options, maintaining business continuity even in large-scale incidents like ransomware attacks or accidental data deletion.
- Jun-2024: Acronis International GmbH partnered with Impossible Cloud, a cloud storage services provider, to integrate Acronis Cyber Protect Cloud with Europe's leading cloud storage provider. This partnership enhances data management and security, offering scalable, S3-compatible cloud storage with advanced cyber threat defence.
- Jun-2024: Acronis International GmbH announced a partnership with Sardina Systems,a British software company, to launch Acronis’ Backup Solution on FishOS Ceph, offering comprehensive data protection and cost-effective storage. This integrated solution provides scalable, secure, and efficient backup options with expert management, enhancing infrastructure resilience and optimizing performance for businesses.
- Jun-2024: Asigra Inc. released SaaSAssure, a robust SaaS data protection platform designed to safeguard critical data across various SaaS applications, including Microsoft 365, Google Workspace, and Salesforce. Built on AWS architecture, it offers advanced security features, quick setup, and multi-tenant management, empowering MSPs to enhance their service portfolios and ensure comprehensive data protection.
- Jun-2024: Backblaze, Inc. partnered with Coalition, a cyber insurance solutions provider, to provide its enterprise-grade, unlimited endpoint backup solution via Coalition's cyber risk management platform. This partnership helps businesses improve cyber security, enhance incident preparedness, and qualify for cyber insurance coverage by addressing gaps in their data protection and disaster recovery strategies.
List of Key Companies Profiled
- Acronis International GmbH
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Asigra Inc.
- Backblaze, Inc.
- Dropbox, Inc.
- IDrive Inc.
- IBM Corporation
- Microsoft Corporation
- Open Text Corporation
- Google LLC
Market Report Segmentation
By Component
- Solutions
- Primary Storage
- Disaster Recovery
- Backup Storage
- Services
By Enterprise Size
- Large Enterprises
- SMEs
By Deployment
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Service Providers
- Cloud
- Managed
- Telecom & Communication
- Others
By End Use
- BFSI
- IT & ITES
- Healthcare
- Retail & E-commerce
- Manufacturing
- Others
By Geography
- North America
- US
- Canada
- Mexico
- Rest of North America
- Europe
- Germany
- UK
- France
- Russia
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Singapore
- Malaysia
- Rest of Asia Pacific
- LAMEA
- Brazil
- Argentina
- UAE
- Saudi Arabia
- South Africa
- Nigeria
- Rest of LAMEA
Table of Contents
Chapter 1. Market Scope & Methodology
Chapter 2. Market at a Glance
Chapter 3. Market Overview
Chapter 4. Competition Analysis - Global
Chapter 5. Global Cloud Backup Market by Component
Chapter 6. Global Cloud Backup Market by Enterprise Size
Chapter 7. Global Cloud Backup Market by Deployment
Chapter 8. Global Cloud Backup Market by Service Providers
Chapter 9. Global Cloud Backup Market by End Use
Chapter 10. Global Cloud Backup Market by Region
Chapter 11. Company Profiles
Companies Mentioned
- Acronis International GmbH
- Amazon Web Services, Inc. (Amazon.com, Inc.)
- Asigra Inc.
- Backblaze, Inc.
- Dropbox, Inc.
- IDrive Inc.
- IBM Corporation
- Microsoft Corporation
- Open Text Corporation
- Google LLC
Methodology
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