Cloud Backup Market size is estimated to cross USD 72.1 billion by the end of 2035, growing at a CAGR of 25.58% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of cloud backup was over USD 3.7 billion. 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. 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.
Challenges
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Base Year |
2022 |
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Forecast Year |
2024-2035 |
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CAGR |
25.58% |
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Base Year Market Size (2022) |
USD 3.7 Billion |
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Forecast Year Market Size (2035) |
USD 72.1 Billion |
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Regional Scope |
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Component (Solution & Services)
By the end of 2035, the services segment in the cloud backup market is estimated to gain the largest revenue of USD 42.2 billion, primarily due to the growing need to strengthen an organization's data protection, business continuity, and regulatory compliance procedures without increasing IT staff effort. Organizations are rapidly embracing digital transformation, raising the demand for increasingly scalable and cost-effective backup and recovery solutions, paving the way for the market globally.
Deployment (Private Cloud, Public Cloud, Hybrid Cloud)
Cloud backup market from the public cloud segment is expected to grow at a CAGR of 25.76%. The growth of the segment is attributed to the growing demand for solutions that provide public cloud that a company may use to preserve sensitive data and applications that cannot be readily migrated to the cloud in its on-premises data center while accessing Software-as-a-Service (SaaS) applications and any additional platform, storage, or computing capacity that it may require.
Our in-depth analysis of the global market includes the following segments
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Component |
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Enterprise Size |
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Deployment |
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Service Provider |
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End User |
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North American Market Forecast
The North America cloud backup market is expected to hold the larger share with a revenue of USD 27.6 billion by the end of 2035. North America, notably the U.S. is one of the most technologically distinctive countries, with an advanced industrial infrastructure. According to U.S. News & World Report, a U.S.-based media company, the U.S. serves as the most innovative country in North and Central America. Furthermore, the region has a strong presence of major IT players or service providers, along with the cloud providers and data centers located there. Such technological competence allows for the development and adoption of cloud backup solutions more rapidly than in other regions.
European Market Statistics
The Europe cloud backup market is estimated to be the second largest, registering a revenue of USD 18.8 billion by the end of 2035. The growth of the market can be attributed majorly to the use of cloud services in the region. Between the years 2020 and 2021, the adoption of cloud services has increased by around 5% in Europe. Moreover, 75% population in Sweden and Finland are using cloud services. Furthermore, many governments of European countries have invested significantly in the adoption of cloud computing in the IT sector.
Author Credits: Abhishek Verma, Hetal Singh
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