Cloud Backup Market to exceed $31.4 Bn by 2032, Says Global Market Insights Inc.

Selbyville, Delaware, Nov. 20, 2024 (GLOBE NEWSWIRE) —

The global cloud backup market valuation is predicted to cross USD 31.4 billion by 2032, reported in a research analysis by Global Market Insights Inc.

This rapid expansion is fueled by the rising threat of cyberattacks, ransomware, and data breaches, which have caused significant financial losses for businesses worldwide. As security risks intensify, companies are increasingly adopting cloud backup solutions to safeguard their data and ensure disaster recovery in the event of a breach or system failure. Industries such as finance, healthcare, and government are particularly vulnerable, leading to a growing demand for secure cloud-based solutions.

Cloud backup provides a scalable and cost-effective method for storing, managing, and analyzing large data sets without the need for heavy investment in physical infrastructure. Sectors like manufacturing, transportation, and healthcare generate substantial real-time data through IoT devices, necessitating reliable cloud backup solutions. E-commerce and digital businesses also require secure, accessible backups to protect customer data and transactions, further contributing to market growth.

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The cloud backup market from the large enterprises held over 65% of the market share, driven by their need to manage vast amounts of data generated from operations, customer interactions, and research. As these companies grow, their data storage requirements increase, making scalable cloud backup solutions essential. These systems allow enterprises to adjust storage capacity in real time, providing flexibility to handle data surges and support expansion without significant upfront investment.

The cloud backup market includes BFSI, healthcare, retail & e-commerce, IT & telecom, manufacturing, education, government, and others. The BFSI sector held around 25% of the market in 2023. Strict regulations governing data protection and privacy in the financial sector, such as GDPR and HIPAA, have made cloud backup solutions critical for compliance. Providers offer advanced security measures like encryption, multi-factor authentication, and regular security audits to meet industry standards.

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North America dominated the cloud backup market in 2023, accounting for 35% of the revenue share. The strong focus on digital transformation, driven by the adoption of innovative technologies and data-driven decision-making, has spurred demand for cloud solutions. In the U.S., rising cybersecurity threats have prompted companies to invest heavily in cloud backup systems equipped with features such as real-time threat detection, encryption, and multi-factor authentication to protect sensitive data. This increased focus on security will continue to drive market growth in the coming years.

Partial chapters of report table of contents (TOC):

Chapter 1   Methodology & Scope

1.1    Research design

1.1.1    Research approach

1.1.2    Data collection methods

1.2    Base estimates and calculations

1.2.1    Base year calculation

1.2.2    Key trends for market estimates

1.3    Forecast model

1.4    Primary research & validation

1.4.1    Primary sources

1.4.2    Data mining sources

1.5    Market definitions

Chapter 2   Executive Summary

2.1    Industry 360^o synopsis, 2021 – 2032

Chapter 3   Cloud Backup Market Insights

3.1    Industry ecosystem analysis

3.2    Supplier landscape

3.2.1    Hardware manufacturers

3.2.2    Cloud backup service providers

3.2.3    Software providers

3.2.4    Managed service providers

3.2.5    End users

3.3    Profit margin analysis

3.4    Technology & innovation landscape

3.5    Case Studies

3.6    Key news & initiatives

3.7    Regulatory landscape

3.8    Impact forces

3.8.1    Growth drivers

3.8.1.1    Rapid growth of data from IoT devices, digital platforms, and businesses

3.8.1.2    Increasing incidents of cyberattacks and data breaches.

3.8.1.3    Rising cloud adoption among SME

3.8.1.4    Growing remote work adoption

3.8.2    Industry pitfalls & challenges

3.8.2.1    Security and privacy concerns

3.8.2.2    High costs of large-scale backups

3.9    Growth potential analysis

3.10    Porter’s analysis

3.11    PESTEL analysis

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About Global Market Insights Inc.

Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.

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