Cloud Backup Market Size

Statistics for the 2023 & 2024 Cloud Backup market size, created by Mordor Intelligence™ Industry Reports. Cloud Backup size report includes a market forecast to 2029 and historical overview. Get a sample of this industry size analysis as a free report PDF download.

Market Size of Cloud Backup Industry

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Cloud Backup Market Summary
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Study Period 2019 - 2029
Market Size (2024) USD 5.71 Billion
Market Size (2029) USD 17.29 Billion
CAGR (2024 - 2029) 24.84 %
Fastest Growing Market Asia Pacific
Largest Market North America

Major Players

Cloud Backup Market Major Players

*Disclaimer: Major Players sorted in no particular order

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Cloud Backup Market Analysis

The Cloud Backup Market size is estimated at USD 5.71 billion in 2024, and is expected to reach USD 17.29 billion by 2029, growing at a CAGR of 24.84% during the forecast period (2024-2029).

  • The primary driver for adopting cloud backup across businesses is the need for agility and flexibility in the face of accelerating innovation and disruptions from competitors due to the increase in cloud adoption across both big and small.
  • Key players in the market are increasing investments in cloud technologies. For Instance, Veeam Software has partnered with Microsoft Azure to provide New Veeam Backup, an enterprise-ready cloud backup and recovery solution for Microsoft Azure. The new product will help customers and service providers to migrate more apps and data to Azure and to cost-effectively, securely, and easily protect cloud applications and data in Azure.
  • For instance, in April 2023, BETSOL launched Zmanda Endpoint Backup, a cloud-based backup solution for laptop computers and Windows desktops. It is the most recent addition to Zmanda's expanding feature lineup. Zmanda Endpoint Backup provides scalable, cloud-based, centralized management of the entire organization's endpoints. It's simple to deploy and brings the reliability of our proven backup engine.
  • Furthermore, data loss is becoming a significant concern across all industries. In one recent survey, around 33% blamed hardware or system failure for data loss, while 29% reported that their companies lost data due to human error or ransomware. It is estimated that up to 93% of organizations that lose servers for 10 days or more during a disaster filed for bankruptcy within the next 12 months, with 43% never reopening. Another industrial survey of the US and Canadian IT professionals using cloud-based data protection services found that while 74% of respondents rely only on the native Microsoft 365 services for backup, only 15% could recover 100% of their data.
  • As cyberattacks keep increasing, companies such as Google and Microsoft, among others, are aiming to make their cloud environments more secure. Amazon Web Services (AWS), Microsoft Azure, and Google Cloud have made various acquisitions in the cybersecurity space over the past year. In March 2022, Google acquired Mandiant, a cybersecurity company, for about USD 5.4 billion to provide threat intelligence services to Google Cloud.
  • In recent years, cloud adoption has significantly grown. For instance, according to an IBM analysis, a single manufacturing site may generate more than 2,200 terabytes of data in a month. A single production line can generate more than 70 terabytes per day-yet the vast majority of data remains unanalyzed and unprotected. Therefore, companies are moving to cloud storage to secure and utilize this data.
  • Furthermore, IBM revealed that 90% of the data was created in the previous two years. Because of the large amount of data generated, there is a rising demand for low-cost data backup/storage across companies. Automated backup, Malware protection, Encrypted cloud storage, File-level Recovery, and Point-in-time Restore, among others, are some trending services in the market.
  • However, Cloud backup solutions, on the other hand, are one of the complete tools for defending against cyber-attacks and data breaches. However, if unmanaged, attackers may smoothly infiltrate the backup server's database and utilize it against the user. Hence, privacy and security issues are major hindrances to adopting cloud backup solutions.
  • As the cloud backup market sees an increase in use, there has been an explosion in the number of unmanaged risks in the mission-critical digital industry. Cloud Security Posture Management (CSPM) automates cloud security management across the diverse cloud infrastructure. Due to this, there has been an increased acquisition activity in the segment.
  • For instance, Google's agreement to buy cybersecurity firm Mandiant for USD 5.4 Billion, announced in March 2022, reflects broad efforts by leading cloud providers to provide enterprises with better protection against a growing set of threats. The deal comes as the Russian invasion of Ukraine further illustrates the need for companies to invest in cybersecurity protections. It also reflects the growth areas of cloud giants. Mandiant's revenue from continuing operations in 2021 was projected to increase by 21% to USD 843 Million, and in 2022, the revenue as an independent company was projected to exceed USD 550 Million.

Cloud Backup Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)