Cloud Backup Market size was valued at USD 5.66 billion in 2024 and is set to reach USD 112.89 billion by the end of 2037, expanding at around 25.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of cloud backup is assessed at USD 6.82 billion.
The enormous amount of data being generated, the lower prices and higher efficiency of cloud backup than on-premises backup, and the expanding use of SaaS led to an increase in cloud backup. There are a large number of advanced Software as a Service (SaaS) business apps supplied via the cloud that are designed to address particular problems in the public sector.
Furthermore, the increasing use of cloud backup services worldwide to keep track of their financial data raising its market growth. For instance, in 2021, Amazon Web Services (AWS), a U.S.-based IT service management company and a wholly-owned subsidiary of Amazon, a U.S.-based e-commerce company, collaborated with Goldman Sachs, a U.S.-based investment banking company, to create a new cloud-based data and data analytics solutions for financial institutions.
Author Credits: Abhishek Verma
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