Cloud Backup Market Size, Share, Industry Trends and Forecast to 2030

Cloud Backup Market Size & CAGR in 2021

The global cloud backup market size in 2021 was estimated to be USD 6.8 billion. With a compound annual growth rate (CAGR) of 18.5%, the market is projected to reach USD 19.5 billion by 2028.

COVID-19 Impact on the Cloud Backup Market

The COVID-19 pandemic has significantly impacted the cloud backup market. As organizations shifted to remote work setups, the demand for cloud backup solutions surged. This led to increased investments in cloud storage and data protection services.

Cloud Backup Dynamics

The cloud backup market is driven by the increasing volume of data generated by businesses, the need for data security and compliance, and the rise in cyber threats. Cloud backup solutions offer scalable and cost-effective data protection options for organizations of all sizes.

Segments and Related Analysis

The cloud backup market is segmented based on deployment type, organization size, service type, and end-user industry. Small and medium-sized enterprises (SMEs) are increasingly adopting cloud backup solutions to safeguard their data against potential risks.

By Region Analysis

North America leads the global cloud backup market due to the presence of key market players and technological advancements in the region. However, Asia Pacific is expected to witness significant growth in the coming years as businesses in the region embrace cloud technologies.

Key Market Players and Competitive Landscape

Key players in the cloud backup market include Amazon Web Services, Microsoft Corporation, IBM Corporation, Google LLC, and Dropbox Inc. These companies focus on product innovations and strategic partnerships to strengthen their market presence.

Recent Happenings in the Cloud Backup Market

- In September 2021, Amazon Web Services (AWS) introduced new cloud backup solutions for hybrid IT environments.

- Microsoft Corporation launched Azure Backup for Azure Virtual Machines in July 2020, enhancing data protection capabilities for cloud users.

- Google LLC announced the acquisition of Actifio, a data backup and management company, in December 2019, expanding its cloud backup offerings.