Recording a y-o-y growth of 14.6%, the Latin America cloud backup service industry size reached US$ 235.85 million at the end of 2023. Over the forecast period, it will likely exhibit a CAGR of 16.4%, with total valuation growing from US$ 271.89 million in 2024 to US$ 1,233.43 million by 2034.
Demand for cloud backup services is rising rapidly across Latin America, and the trend is expected to continue through 2034. This is because these services allow organizations to securely store and protect their data in off-site, remote servers managed by third-party cloud service providers.
Cloud backup services offer a scalable and flexible approach to data management. They allow companies to automatically or manually back up their critical information over the internet to a centralized, virtual environment.
The stored data is typically encrypted to ensure security, and the services provide mechanisms for efficient data recovery in case of accidental deletion. This model eliminates the need for organizations to invest in and maintain extensive physical backup infrastructure, offering a cost-effective, reliable, and accessible solution for companies of all sizes.
The cloud-based nature of these services enables seamless collaboration, remote access, and the ability to adapt to changing storage needs. This is making them a crucial component of modern data management strategies.
| Attributes | Key Insights |
|---|---|
| Base Value (2023) | US$ 235.85 million |
| Estimated Latin America Cloud Backup Service Industry Value (2024) | US$ 271.89 million |
| Projected Industry Size (2034) | US$ 1,233.43 million |
| Value CAGR (2024 to 2034) | 16.4% |
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The cloud backup service industry in Latin America experienced a CAGR of 13.1% from 2019 to 2023. It attained a valuation of US$ 235.85 million at the end of 2023. This growth was propelled by increased digitization and high awareness of the importance of data protection.
During the historical period, small and medium-sized enterprises (SMEs) played a significant role in driving demand for cloud backup services in Latin America. This was due to these companies’ increased need for cost-effective and scalable solutions.
In the assessment period, demand for cloud backup services in Latin America is expected to rise at a CAGR of 16.4%. By 2034, the Latin America cloud backup service industry size is expected to reach US$ 1,233.43 million.
As companies continue to digitize their operations, demand for cloud backup services will likely expand rapidly, driven by the need for secure and accessible data storage. The integration of advanced technologies such as AI, machine learning, and edge computing into cloud backup services may become more prevalent, enhancing efficiency and data management.
Growing adoption of cloud backup and recovery strategies across diverse industries is expected to foster the Latin America cloud backup service industry growth through 2023. Similarly, usage of cloud backup software across industries like finance and services will likely boost revenue in Latin America.
Semi-annual Update
| Particular | Value CAGR |
|---|---|
| H1 | 12.8% (2023 to 2033) |
| H2 | 13.2% (2023 to 2033) |
| H1 | 16.2% (2024 to 2034) |
| H2 | 16.5% (2024 to 2034) |
The below section shows the on-premises segment dominating the Latin America cloud backup industry. It is projected to hold a value share of 37.1% in 2034. By enterprise size, the medium-sized enterprise segment is poised to expand at a higher CAGR of 19.1% through 2034. Based on industry, the services segment will likely register a robust CAGR of 19.1% from 2024 to 2034.
| Growth Outlook by Type | Value CAGR |
|---|---|
| Multi-cloud Backup Services | 18.3% |
| Cloud-native Backup Services | 16.9% |
| On-premises Cloud Backup Services | 15.8% |
| Cloud Disaster Recovery Services | 14.1% |
As per the latest analysis, demand for on-premises cloud backup services across Latin America remains high. This is due to the growing preference for localized control and compliance. The target segment is poised to grow at 15.8% CAGR during the forecast period, accounting for a dominant value share of 37.1% in 2034.
Many organizations prioritize direct tracking and monitoring of their data, especially considering regulations in Latin America. On-premise cloud backup services enable companies to maintain control over their data in their physical infrastructure, thereby minimizing downtime.
Reduced risk of cyberattacks is another factor encouraging the adoption of on-premise cloud backup services across Latin America. This is because data stored on-site is less vulnerable to online breaches.
| Growth Outlook by Enterprise Size | Value CAGR |
|---|---|
| Small Offices (1 to 9 employees) | 13.8% |
| Small Enterprises (10 to 99 employees) | 17.5% |
| Medium-sized Enterprise (100 to 499 employees) | 19.1% |
| Large Enterprises (500 to 999 employees) | 15.8% |
| Very Large Enterprises (1,000+ employees) | 15.0% |
Based on enterprise size, the medium-sized enterprise (100 to 499 employees) segment is projected to rise at a CAGR of 19.1% over the forecast period. It will likely total a valuation of US$ 297.39 million at the end of 2034.
There is a growing awareness of the need for scalable, cost-effective data security solutions in mid-sized companies. As these companies expand their digital businesses, they prioritize adopting cloud backup services to manage and protect their data efficiently.
Midstream companies need the flexibility offered by cloud solutions to meet their dynamic needs. Cloud backup services allow these companies to scale their cloud storage up or down easily as their data needs fluctuate.
A greater focus on data security and compliance in the region fuels the adoption of cloud backup services among medium-sized enterprises. Thus, the target segment is poised to witness higher growth than others during the assessment period.
| Growth Outlook by Industry | Value CAGR |
|---|---|
| Finance | 17.3% |
| Manufacturing & Resources | 14.2% |
| Distribution Services | 16.1% |
| Services | 19.1% |
| Public Sector | 13.7% |
| Infrastructure | 13.1% |
As per the latest report, the adoption of cloud backup services is expected to remain high in the services segment. It is projected to register a CAGR of 19.1% during the assessment period, totaling US$ 362.29 million by 2034.
Service-focused companies in Latin America are using these cloud services to increase their operational speed and ensure robust data protection. The scalability of cloud backup solutions enables service providers to change their storage needs dynamically, adapting to the fluctuating demands of their business.
The efficient cloud-based storage simplifies data management processes. This enables service-oriented enterprises to focus more on their core activities. Accessible data from multiple sources further facilitates lean operations, supporting increasingly mobile and interconnected service industries in Latin America.
Cloud backup services also empower the service sector to manage the digital landscape better, ensuring data accuracy and flexibility in an ever-evolving business environment. As a result, demand for cloud backup services is expected to remain high in the services sector through 2034.
Key players are focusing on providing tailored cloud backup solutions to meet the specific needs of their clients. They are launching new cloud backup services across countries like Mexico and Chile to boost their revenue.
Vendors differentiate themselves through superior connectivity and network capabilities. They also employ strategies like mergers, acquisitions, partnerships, collaborations, and agreements to stay ahead of the competition.
Key Developments in the Latin America Cloud Backup Service Industry-
| Attribute | Details |
|---|---|
| Estimated Value (2024) | US$ 271.89 million |
| Projected Value (2034) | US$ 1,233.43 million |
| Anticipated Growth Rate (2024 to 2034) | 16.4% |
| Historical Data | 2019 to 2023 |
| Forecast Period | 2024 to 2034 |
| Quantitative Units | Revenue in US$ million and CAGR from 2024 to 2034 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered | Type, Deployment, Enterprise Size, Industry, Region |
| Key Companies Profiled | AWS (Amazon Web Services); Microsoft Azure; Google Cloud Platform (GCP); IBM Cloud; Veeam; Acronis; Oracle Cloud; Commvault; Dell; Veritas Technologies; Backblaze; Rackspace Technology |
The Latin America cloud backup service industry value is set to total US$ 271.89 million by 2024.
Demand in Latin America is estimated to rise at 16.4% CAGR.
The Latin America industry size is predicted to reach US$ 1,233.43 million by 2034.
The medium-sized enterprises segment is set to witness high growth.
Finance industry is expected to lead Latin America, with a share of 28.6% in 2024.
AWS, Microsoft Azure, Google Cloud Platform (GCP), and IBM Cloud.
Backups in cloud storage refer to copies of data stored on remote servers.
1. Executive Summary
1.1. Latin America Industry Outlook
1.2. Demand Side Trends
1.3. Supply Side Trends
1.4. Analysis and Recommendations
2. Industry Overview
2.1. Industry Coverage / Taxonomy
2.2. Industry Definition / Scope / Limitations
2.3. Key Industry Trends - Cloud Backup Service
3. Pricing Analysis - Cloud Backup Service
3.1. Software Pricing Models
3.1.1. Subscription-based
3.1.2. Perpetual Licenses
4. Industry Background
4.1. Macro-Economic Factors
4.2. Forecast Factors - Relevance & Impact
4.3. Value Chain
4.4. COVID-19 Crisis - Impact Assessment
4.4.1. Current Statistics
4.4.2. Short-Mid-Long Term Outlook
4.4.3. Likely Rebound
4.5. Industry Dynamics
4.5.1. Drivers
4.5.2. Restraints
4.5.3. Opportunities
5. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type
5.1. Introduction / Key Findings
5.2. Historical Industry Size (US$ Million) Analysis By Type, 2019 to 2023
5.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Type, 2024 to 2034
5.3.1. Multi-cloud Backup Service
5.3.2. Cloud-native Backup Service
5.3.3. On-premises Cloud Backup Service
5.3.4. Cloud Disaster Recovery Service
5.4. Industry Attractiveness Analysis By Type
6. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Deployment
6.1. Introduction / Key Findings
6.2. Historical Industry Size (US$ Million) Analysis By Deployment, 2019 to 2023
6.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Deployment, 2024 to 2034
6.3.1. Public Cloud
6.3.2. Private Cloud
6.3.3. Hybrid Cloud
6.4. Industry Attractiveness Analysis By Deployment
7. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, Enterprise Size
7.1. Introduction / Key Findings
7.2. Historical Industry Size (US$ Million) Analysis By Type, 2019 to 2023
7.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Type,2024 to 2034
7.3.1. Small Offices (1 to 9 employees)
7.3.2. Small Enterprises (10 to 99 employees)
7.3.3. Medium-sized Enterprise (100 to 499 employees)
7.3.4. Large Enterprises (500 to 999 employees)
7.3.5. Very Large Enterprises (1,000+ employees)
7.4. Industry Attractiveness Analysis By Type
8. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry
8.1. Introduction / Key Findings
8.2. Historical Industry Size (US$ Million) Analysis By Industry, 2019 to 2023
8.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Industry,2024 to 2034
8.3.1. Finance
8.3.1.1. Banking
8.3.1.2. Insurance
8.3.1.3. Investment/Securities
8.3.2. Manufacturing & Resources
8.3.2.1. Discrete Manufacturing
8.3.2.2. Process Manufacturing
8.3.2.3. Resource Industries
8.3.2.4. Agriculture
8.3.3. Distribution Service
8.3.3.1. Retail
8.3.3.2. Wholesales
8.3.3.3. Transportation /Logistics Service
8.3.3.4. Warehousing & Storage
8.3.3.5. Shipping
8.3.4. Service
8.3.4.1. IT/Professional Service
8.3.4.2. Consumer Service
8.3.4.3. Media, Entertainment & Publishing
8.3.4.4. Travel & Hospitality
8.3.4.5. Legal Service
8.3.5. Public Sector
8.3.5.1. Government (State/Central)
8.3.5.2. Education
8.3.5.3. Healthcare
8.3.5.4. Aerospace & Defense
8.3.5.5. Non-profit
8.3.6. Infrastructure
8.3.6.1. Telecommunication
8.3.6.2. Data Center
8.3.6.3. Energy & Utilities
8.3.6.4. Building & Construction
8.4. Industry Attractiveness Analysis By Industry
9. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country
9.1. Introduction / Key Findings
9.2. Historical Industry Size (US$ Million) Analysis By Country, 2019 to 2023
9.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Country,2024 to 2034
9.3.1. Mexico
9.3.2. Brazil
9.3.3. Argentina
9.3.4. Chile
9.3.5. Peru
9.3.6. Colombia
9.3.7. Venezuela
9.3.8. Rest of Latin America
9.4. Industry Attractiveness Analysis By Industry
10. Industry Structure Analysis
10.1. Industry Analysis by Tier of Companies
10.2. Industry Share Analysis of Key Vendors
11. Competition Analysis
11.1. Competition Dashboard
11.2. Competition Deep Dive
11.2.1. Business Overview
11.2.2. Product Portfolio
11.2.3. Go-To-Industry Approach & Strategies
11.2.4. Recent Developments (Partnerships, Mergers)
11.3. Major Hardware Vendors in Latin America:
11.3.1. Google
11.3.2. AWS
11.3.3. Barracuda Networks
11.3.4. Microsoft
11.3.5. MSP360
11.3.6. NetApp
11.3.7. Dell
11.3.8. HYCU
11.3.9. Acronis
11.3.10. Carbonite
11.3.11. Dropbox
11.3.12. Commvault Systems
11.3.13. Backblaze
11.3.14. N-able
11.3.15. Arcserve
11.3.16. Asigra
12. Assumptions and Acronyms Used
13. Research Methodology
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Cloud Backup Service Industry Analysis in Latin America
