According to a new report, published by KBV research, The Global Cloud Backup Market size is expected to reach $24.1 billion by 2031, rising at a market growth of 24% CAGR during the forecast period.
The Services segment is experiencing a CAGR of 24.6% during (2024 - 2031). Many businesses, particularly those that are undergoing digital transformation and small and medium-sized enterprises (SMEs), frequently lack the in-house IT resources necessary to implement and maintain effective cloud backup solutions. This has increased reliance on managed services and professional support for deploying, monitoring, and optimizing cloud backups.
The Large Enterprises segment is leading the Global Cloud Backup Market by Enterprise Size in 2023; thereby, achieving a market value of $16.3 billion by 2031. This is primarily due to large organizations' vast data storage requirements and complex data management needs. These enterprises typically generate significant volumes of data across multiple departments and geographies, making robust cloud backup solutions essential for ensuring data security, compliance, and business continuity. Large enterprises also tend to have the resources to invest in advanced cloud backup infrastructure, including hybrid or multi-cloud environments.
The Public Cloud segment is registering a CAGR of 51% during (2024 - 2031). This strong performance is attributed to the cost-effectiveness, scalability, and widespread adoption of public cloud solutions, which appeal to businesses of all sizes. Public cloud providers offer flexible storage options, allowing companies to scale their backup capacity as needed without the burden of maintaining physical infrastructure. The affordability and ease of use of public cloud services make them particularly attractive for small and medium-sized enterprises (SMEs) and large organizations looking for an efficient way to store non-sensitive data in a shared, multi-tenant environment.
The Cloud segment is generating the maximum revenue in the Global Cloud Backup Market by Service Providers in 2023, thereby, achieving a market value of $8.7 Billion by 2031. This can be attributed to the dominance of major cloud platforms like Amazon Web Services (AWS), Microsoft Azure, and Google Cloud, which offer comprehensive and scalable cloud backup solutions. These cloud service providers have built extensive infrastructures that allow businesses to store, manage, and secure their data across globally distributed data centers. Their ability to provide flexible pricing models, advanced security features, and seamless integration with various applications makes them the preferred choice for organizations looking to adopt cloud backup solutions at scale.
The IT & ITES segment is registering a CAGR of 22.9% during (2024 - 2031). This sector, which includes IT services, software development, and business process outsourcing, generates massive amounts of data and requires flexible and scalable backup solutions to protect this information. As digital transformation initiatives accelerate and IT operations increasingly move to the cloud, the demand for cloud backup solutions has grown within this segment.
Full Report: https://www.kbvresearch.com/cloud-backup-market/
The North America region dominated the Global Cloud Backup Market by Region in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $8.1 billion by 2031. The Europe region is experiencing a CAGR of 23.6% during (2024 - 2031). Additionally, The Asia Pacific region would exhibit a CAGR of 24.6% during (2024 - 2031).
By Component
By Enterprise Size
By Deployment
By Service Providers
By End Use
By Geography
Unique Offerings 
