The Latin America, Middle East and Africa Cloud Backup Market would witness market growth of 26.8% CAGR during the forecast period (2024-2031).
The Brazil market dominated the LAMEA Others Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $52.7 million by 2031. The Argentina market is showcasing a CAGR of 29.3% during (2024 - 2031). Additionally, The UAE market would register a CAGR of 27.7% during (2024 - 2031).
Another factor contributing to the growth of the cloud backup market is the increasing reliance on cloud computing for business operations. As organizations shift their IT infrastructure to the cloud, the need for complementary services such as cloud backup becomes more apparent.
Additionally, cloud computing provides numerous benefits, such as the ability to access data as well as applications from any location with an internet connection, cost reductions, and flexibility. However, this reliance on the cloud also requires reliable backup solutions to protect data in case of an outage or failure.
Businesses and governments invest in cloud technologies to protect data, ensure business continuity, and meet increasing regulatory demands. The rapid growth of healthcare, IT, and finance sectors and a rising awareness of cybersecurity threats drive the region’s cloud backup market. As one of the largest economies in Latin America, Brazil has experienced a surge in cyberattacks, including ransomware and data breaches, particularly targeting critical infrastructure and businesses. According to Brazil’s National Institute of Information Technology (ITI), reported cyberattacks have grown significantly in the past few years, with financial and healthcare institutions among the most frequently targeted.
Free Valuable Insights: The Worldwide Cloud Backup Market is Projected to reach USD 24.1 Billion by 2031, at a CAGR of 24%
Based on Component, the market is segmented into Solutions and Services. Based on Solutions, the market is segmented into Primary Storage, Disaster Recovery, and Backup Storage. Based on Enterprise Size, the market is segmented into Large Enterprises and SMEs. Based on Deployment, the market is segmented into Public Cloud, Private Cloud, and Hybrid Cloud. Based on Service Providers, the market is segmented into Cloud, Managed, Telecom & Communication, and Others. Based on End Use, the market is segmented into BFSI, IT & ITES, Healthcare, Retail & E-commerce, Manufacturing, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
By Component
By Enterprise Size
By Deployment
By Service Providers
By End Use
By Country
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