The North America Cloud Backup Market would witness market growth of 23.3% CAGR during the forecast period (2024-2031).
The US market dominated the North America Cloud Backup Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $5,792.3 million by 2031. The Canada market is experiencing a CAGR of 25.8% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 24.9% during (2024 - 2031).
The growing adoption of hybrid cloud environments contributes to expanding the cloud backup market. Hybrid cloud environments combine public cloud services with on-premises infrastructure, offering businesses greater flexibility and control over their data.
Moreover, cloud backup solutions are well-suited to hybrid environments, as they can integrate with both cloud and on-premises systems to provide a comprehensive backup strategy. This is especially advantageous for organizations that wish to preserve sensitive data on-premises while simultaneously leveraging the cloud's cost savings and scalability for less critical data.
With many businesses shifting to digital platforms, the demand for secure and scalable cloud backup solutions has surged across the region. Governments in North America have implemented regulations that mandate robust data protection practices, further accelerating the adoption of cloud backups. In the United States, the growing cybersecurity concerns have been a major driver of cloud backup adoption. The increasing frequency of cyberattacks, including ransomware and data breaches, has pressured businesses to invest in robust data protection strategies. According to the Federal Bureau of Investigation (FBI), cybercrime incidents reported to the Internet Crime Complaint Center (IC3) reached over 880,418, with a cumulative loss of 12.5 billion USD in 2023.
Free Valuable Insights: The Cloud Backup Market is Predict 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 U.S., Mexico, Canada, and Rest of North America.
By Component
By Enterprise Size
By Deployment
By Service Providers
By End Use
By Country
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