The cloud-based backup services market size is projected to be valued at USD 4,439.6 million in 2023 and is expected to rise to USD 19,811.3 million by 2033. The sales of cloud-based backup services are expected to record a significant CAGR of 16.1% during the forecast period.
Cloud-based backup services market size is predicted to be valued at USD 4,439.6 millions in 2023 and is expected to grow to USD 19,811.3 millions by 2033. The sales of cloud-based backup services are expected to record a significant CAGR of 16.1% during the forecast period.
Cloud-based backup services are becoming more and more popular due to their affordability, higher data volume, enhanced efficiency over traditional on-premises systems, and growing acceptance of SaaS.
With the advent of new applications and technologies, such as cloud computing, big data, artificial intelligence (AI), and the Internet of Things (IoT), the sector is expanding.
These services support various organizations by backing up data and providing off-site data copies via public network connections.
Cloud-based backup services are crucial for effective business continuity strategies and offer numerous benefits, including storage, security, and virtualization, helping enterprises mitigate data safety concerns associated with cloud computing. These factors are driving the growth of the global cloud backup market.
Over the past few years, the cloud backup industry has been driven by the increased popularity of mobile phone devices and the simplicity of the deployment mode of cloud backup technologies. However, the accessibility to data via the Internet creates the risk of fraud and theft, which hinders industry growth.
Furthermore, a lack of sufficient network speed and rigorous government regulations hinder the use of cloud backup. The growth in online consumers dependent on mobile phones and the demand for technologically superior solutions are expected to drive market expansion at a faster pace during the forecast period.
| Attribute | Details |
|---|---|
| Cloud-based Backup Services Market Estimated Size (2023) | USD 4,439.6 million |
| Cloud-based Backup Services Market CAGR (2023 to 2033) | 16.1% |
| Cloud-based Backup Services Market Forecasted Size (2033) | USD 19,811.3 million |
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Previously, traditional backup modes were adequate for enterprises to back up and preserve only a limited amount of business data.
However, in an effort to save money on IT costs, employers have recently encouraged Bring Your Own Device (BYOD) use, which has led to continuous enormous data collecting. Employees access corporate data and connect to many internal computing platforms using mobile devices including iPhones, Samsungs, BlackBerrys, and other smartphones.
Furthermore, the volume of data produced within the firm on a regular basis is rather large, making standard backup hard to handle. Such business data cannot be jeopardized and requires continuous backup as well as on-demand availability.
Cloud backup allows for convenient data control and accessibility from anywhere with internet service, as the enterprise requires. It offers continuous and automated backup to the cloud, making managing large amounts of data simple.
One of the primary motivations for using cloud-based backup services is the ability to improve security while lowering costs. It allows for the easy migration of big data sets, making backup simpler than conventional backup and removing the need for server maintenance.
At the same time, the banking sector is quickly turning to digital banking and investing solutions, which is increasing demand for cloud backup. It gives organizations in the industry more business scalability and agility. To obtain a competitive advantage, several financial sector businesses are transitioning to cloud backup solutions to provide flexibility, innovation, and security.
The key challenges that the cloud-based backup services market faces are compliance concerns and data transfer latency. These are two significant reasons that are impeding worldwide market expansion. Data might be lost while transferring and backing up data. This can result in critical data loss and cause a slew of issues for the firm.
At the same time, after data loss, that data can be attempted to be recovered. This recovery method is time-consuming, and there is no guarantee that the deleted data can be retrieved correctly. As a result, these compliance and latency risks can pose significant threats to the growth of the cloud-based backup services industry.
Cloud backup solutions, on the other hand, are among the most effective instruments for defending against data breaches and cyber-attacks.
However, if mishandled, it may allow attackers to smoothly infiltrate the backup server's databases and utilize it against the client. As a result, privacy and security concerns are a key impediment to the implementation of cloud backup systems.
Principal Consultant
These businesses recognize the importance of data backup and protection in their operations and are turning to cloud-based solutions to meet their needs. Cloud backup services offer SMEs the advantages of cost-effectiveness, scalability, and enhanced data security.
SMEs use cloud-based solutions to meet their needs because they understand how important data backup and protection are to their daily operations. Benefits from cloud-based backup services for SMEs include lower costs, more scalability, and better data protection.
By contracting with cloud providers to handle their data backup, SMEs can save money. Furthermore, they can readily alter their storage capacity in reaction to changing data volumes.
Cloud backup services also provide strong data security features, such as increased encryption and multifactor authentication. As SMEs emphasise data security, demand for cloud-based backup services is likely to increase, driving market growth in the SME sector.
The BFSI Segment carries share of 28.3% in the Cloud-based Backup Services Market. As the BFSI industry increasingly relies on digital platforms to manage critical financial data, it recognises the importance of secure and dependable data backup solutions.
Cloud-based backup services offer the BFSI sector effective data security, scalability, and cost-effectiveness. Given the large amounts of sensitive information, including customer data and financial activities, the potential of data loss or security breaches is a serious worry.
Cloud-based backup services address this by securely storing and safeguarding crucial data on remote servers. The scalability of these services enables the BFSI sector to respond to changing data volumes and efficiently manage storage requirements.
Furthermore, the high level of data security provided by cloud services ensures that stored data remains secure and intact. Cloud-based backup services are rapidly being used by the BFSI sector to protect sensitive financial information and maintain business continuity due to their low cost and improved data protection.
In terms of market share and revenue, North American region is expected to take up the leading position during the projection period of 2023 to 2033. The analysts at Future Market Insights predict that by 2022, the market of cloud-based backup services in North American region is expected to acquire a global market size of 33.6%.
North America is likely to maintain its dominance during the projection period owing to key market players in this region and the early adoption of new technology across several end-user verticals.
Significant expenditures in R&D for cloud-based services, early technological development, and improved IT architecture are also predicted to boost market expansion.
The United States has around 19.4% of the market value share, reflecting its cloud-based and internet technology supremacy. Furthermore, Google, Microsoft, Amazon, IBM, and other key cloud providers are rapidly expanding their data centers in the United States.
Furthermore, businesses in the North American region are adopting cloud-based computing solutions, which significantly add up to the data traffic. These trends point to the need for cloud-based backup services in this region during the forecast period.
By 2022, Europe may hold around 21.5% of the global market share. Here, the market for cloud-based services is gradually expanding due to organizations developing their IT architecture and wanting to incorporate new technologies.
Several European organizations are turning to advanced technologies such as AI, IoT, and big data management to improve data security and avoid data loss and theft. During the projection period, the adoption of newer technologies is expected to boost demand in various European countries.
Another key reason driving the demand in the European region is the growth in start-up businesses. Koofr, for example, provides 10-gigabyte storage for free. Three small-capacity options are available, all of which cost less than USD 20 per year.
EACH YEAR, the XL plan gives you 250GB of cloud backup for USD 46.62 (39.34 Euros). For USD 116.57 (98.36 Euros) each year, the XXL plan includes 1TB of cloud backup. These advantages are enticing clients and, as a result, raising the need for cloud-based backup services in this region.
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Due to the presence of various market participants around the world, the competitive landscape of the cloud backup market could be more cohesive. The market is predicted to grow because of the increasing use of cloud services for data storage and the significant growth in data generation.
As a result, industry players are implementing several innovations to deliver better solutions in the market than their competitors and obtain maximum market traction.
The key players of this market include CA Technologies, CommVault, EMC, IBM Corp., Microsoft Corp., Symantec, Acronis International, Actifio Technologies, Asigra Inc., Carbonite Inc., Dell Software, FalconStor Software, HP, NetApp, and Veeam Software, Icedrive and 22dot6.
Recent Developments
Icedrive, launched in 2019, offers one of the best free cloud backup plans, delivering 10GB of free storage at first, but you can switch to a paid version if you need more. The 150 GB Lite subscription is only accessible as a yearly subscription for USD 19.99 per year or USD 1.67 per month.
The 22dot6 company has developed Valence technology in May 2021, which extracts storage resources irrespective of storage hardware or cloud the data inhabits to bridge the gap between virtual servers, data services, hardware abstraction, and storage connectivity, and scales from over 2 trillion sources into a single namespace.
| Attribute | Details |
|---|---|
| Growth Rate | CAGR of 16.1% from 2023 to 2033 |
| Base Year of Estimation | 2023 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in USD million and Volume in Units and F-CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, growth factors, Trends, and Pricing Analysis |
| Key Segments Covered | Enterprises, End User, By Region |
| Regions Covered | North America; Latin America; Europe; East Asia; South Asia; The Middle East & Africa; Oceania |
| Key Countries Profiled | The United States, Canada, Brazil, Mexico, Germany, Italy, France, The United Kingdom, Spain, Russia, China, Japan, India, GCC Countries, Australia |
| Key Companies Profiled | CA Technologies; CommVault; EMC; IBM Corp.; Microsoft Corp.; Symantec; Acronis International; Actifio Technologies; Asigra Inc.; Carbonite Inc.; Dell Software; FalconStor Software; HP; NetApp; Veeam Software.; Icedrive; 22dot6 |
| Customization & Pricing | Available upon Request |
The global cloud-based backup services market is estimated to be valued at USD 4,439.6 million in 2023.
The cloud-based backup services market is likely to record a CAGR of 16.1% from 2023 to 2033.
The cloud-based backup services market is projected to reach a valuation of USD 19,811.3 million by 2033.
North America is projected to lead the global cloud-based backup services market by 2033.
1. Executive Summary 2. Market Overview 3. Market Background 4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033 5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Enterprise 5.1. Small and Medium Enterprises 5.2. Large Enterprises 6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End-Users 6.1. IT and Telecom 6.2. Government 6.3. Manufacturing 6.4. BFSI 6.5. Retail 6.6. Others 7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region 7.1. North America 7.2. Latin America 7.3. Western Europe 7.4. Eastern Europe 7.5. South Asia and Pacific 7.6. East Asia 7.7. Middle East and Africa 8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country 15. Key Countries Market Analysis 16. Market Structure Analysis 17. Competition Analysis 17.1. CA Technologies 17.2. CommVault 17.3. EMC 17.4. IBM Corp. 17.5. Microsoft Corp. 17.6. Symantec 17.7. Acronis International 17.8. Actifio Technologies 17.9. Asigra Inc. 17.10. Carbonite Inc. 17.11. Dell Software 17.12. FalconStor Software 17.13. HP 17.14. NetApp 17.15. Veeam Software 17.16. Icedrive 18. Assumptions & Acronyms Used 19. Research Methodology
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Cloud-based Backup Services Market
