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Latin America Cloud Backup Service Industry Outlook from 2024 to 2034

Recording a y-o-y growth of 14.6%, the Latin America cloud backup service industry size reached US$ 235.85 million at the end of 2023. Over the forecast period, it will likely exhibit a CAGR of 16.4%, with total valuation growing from US$ 271.89 million in 2024 to US$ 1,233.43 million by 2034.

Demand for cloud backup services is rising rapidly across Latin America, and the trend is expected to continue through 2034. This is because these services allow organizations to securely store and protect their data in off-site, remote servers managed by third-party cloud service providers.

Cloud backup services offer a scalable and flexible approach to data management. They allow companies to automatically or manually back up their critical information over the internet to a centralized, virtual environment.

The stored data is typically encrypted to ensure security, and the services provide mechanisms for efficient data recovery in case of accidental deletion. This model eliminates the need for organizations to invest in and maintain extensive physical backup infrastructure, offering a cost-effective, reliable, and accessible solution for companies of all sizes.

The cloud-based nature of these services enables seamless collaboration, remote access, and the ability to adapt to changing storage needs. This is making them a crucial component of modern data management strategies.

Attributes Key Insights
Base Value (2023) US$ 235.85 million
Estimated Latin America Cloud Backup Service Industry Value (2024) US$ 271.89 million
Projected Industry Size (2034) US$ 1,233.43 million
Value CAGR (2024 to 2034) 16.4%

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Factors Boosting Growth of Cloud Backup Service Industry in Latin America

  • Growing need for secure cloud backup services across Latin America
  • Rising numbers of SMEs recognizing the cost-effectiveness and scalability of cloud backup services
  • Increasing volume of digital data across industries
  • Rising awareness of cybersecurity threats
  • Adoption of cloud backup services to optimize costs associated with traditional backup infrastructure and maintenance
  • Growing SMB embrace of cloud technologies

Challenges for Companies in the Latin America Cloud Backup Service Industry

  • High initial investment
  • Cybersecurity concerns
  • Adherence to complex and evolving data protection regulations poses a challenge
  • Adoption of advanced and comprehensive cloud backup services, limiting industry growth
  • Traditional business practices and cultural resistance to technological changes impede the widespread acceptance
  • Lack of awareness about the benefits and features of cloud backup services, leading to slower adoption rates
  • Enforcement of data privacy regulations like GDPR across Latin America
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Sudip Saha

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Opportunities in the Latin America Cloud Backup Service Industry

  • Cross-border collaboration and compliance
  • Government initiatives for digital transformation
  • Increasing demand for data protection and recovery solutions
  • Growing awareness of cybersecurity threats and the importance of cloud backup and recovery
  • Rising adoption of hybrid cloud strategies creates a demand for secure and scalable backup solutions
  • Expansion of e-commerce and online businesses heightens the need for robust cloud-based data backup services
  • Growing backup as a service (BaaS) adoption in Latin America

Latest Trends in the Latin America Cloud Backup Service Industry

  • Growing adoption of hybrid cloud backup solutions
  • Emphasis on cybersecurity
  • Rising popularity of managed backup services
  • Expansion of data center infrastructure
  • Surging need for compliance-driven solutions
  • Increasing focus on disaster recovery
  • Growth of edge computing and the rising popularity of remote work
  • Shifting preference toward online backup solutions
  • Integration of artificial intelligence (AI) and machine learning (ML)
  • Surging popularity of multi-cloud backup services

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Historical Performance Vs. Latin America Cloud Backup Service Demand Outlook

The cloud backup service industry in Latin America experienced a CAGR of 13.1% from 2019 to 2023. It attained a valuation of US$ 235.85 million at the end of 2023. This growth was propelled by increased digitization and high awareness of the importance of data protection.

During the historical period, small and medium-sized enterprises (SMEs) played a significant role in driving demand for cloud backup services in Latin America. This was due to these companies’ increased need for cost-effective and scalable solutions.

Future Forecast for Latin America Cloud Backup Service Industry

In the assessment period, demand for cloud backup services in Latin America is expected to rise at a CAGR of 16.4%. By 2034, the Latin America cloud backup service industry size is expected to reach US$ 1,233.43 million.

As companies continue to digitize their operations, demand for cloud backup services will likely expand rapidly, driven by the need for secure and accessible data storage. The integration of advanced technologies such as AI, machine learning, and edge computing into cloud backup services may become more prevalent, enhancing efficiency and data management.

Growing adoption of cloud backup and recovery strategies across diverse industries is expected to foster the Latin America cloud backup service industry growth through 2023. Similarly, usage of cloud backup software across industries like finance and services will likely boost revenue in Latin America.

Semi-annual Update

Particular Value CAGR
H1 12.8% (2023 to 2033)
H2 13.2% (2023 to 2033)
H1 16.2% (2024 to 2034)
H2 16.5% (2024 to 2034)

Comparative View of Adjacent Latin America Cloud Backup Service Industry

The Latin America cloud service industry is likely to be impacted by the peer or tangential industries in the technology division. These include the cloud computing industry and the cloud-based backup service industry. Drivers and trends are thoroughly analyzed to find business opportunities in all these industries.

The Latin American cloud backup service industry is poised to expand faster than the other related industries. Rapid digital transformation and rising demand for secure & scalable data storage solutions will likely propel this growth.

Latin America Cloud Backup Service Industry Analysis:

Attributes Latin America Cloud Backup Service Industry Forecast
CAGR (2024 to 2034) 16.4%
Growth Factor The growing need for reliable cloud backup services is expected to boost the growth of the cloud backup service industry in Latin America.
Cloud Backup Service Industry Trends Rapid digital transformation and the rise of remote work are key trends shaping growth in the cloud backup service industry.

Global Cloud Computing Demand Outlook:

Attributes Global Cloud Computing Industry Analysis
CAGR (2024 to 2034) 13.5%
Growth Factor The rising adoption of digital transformation initiatives by industries to improve efficiency and gain a competitive edge is expected to drive demand for cloud computing.
Cloud Computing Industry Trends The growing need for big data & AI technologies and the rising popularity of remote work are key trends impacting growth.

Global Cloud-based Backup Service Industry Outlook:

Attributes Cloud-based Backup Service Industry Analysis
CAGR (2024 to 2034) 16.1%
Growth Factor Rising demand for secure and scalable cloud data backup solutions is expected to fuel the adoption of cloud-based backup services.
Cloud-based Backup Service Industry Trends The growing popularity and adoption of advanced technologies like IoT & big data analytics will likely foster industry growth.

Category-wise Insights

The below section shows the on-premises segment dominating the Latin America cloud backup industry. It is projected to hold a value share of 37.1% in 2034. By enterprise size, the medium-sized enterprise segment is poised to expand at a higher CAGR of 19.1% through 2034. Based on industry, the services segment will likely register a robust CAGR of 19.1% from 2024 to 2034.

Preference for Localized Control to Make On-premise Services Popular

Growth Outlook by Type Value CAGR
Multi-cloud Backup Services 18.3%
Cloud-native Backup Services 16.9%
On-premises Cloud Backup Services 15.8%
Cloud Disaster Recovery Services 14.1%

As per the latest analysis, demand for on-premises cloud backup services across Latin America remains high. This is due to the growing preference for localized control and compliance. The target segment is poised to grow at 15.8% CAGR during the forecast period, accounting for a dominant value share of 37.1% in 2034.

Many organizations prioritize direct tracking and monitoring of their data, especially considering regulations in Latin America. On-premise cloud backup services enable companies to maintain control over their data in their physical infrastructure, thereby minimizing downtime.

Reduced risk of cyberattacks is another factor encouraging the adoption of on-premise cloud backup services across Latin America. This is because data stored on-site is less vulnerable to online breaches.

Medium-sized Enterprises to Become Leading End-users

Growth Outlook by Enterprise Size Value CAGR
Small Offices (1 to 9 employees) 13.8%
Small Enterprises (10 to 99 employees) 17.5%
Medium-sized Enterprise (100 to 499 employees) 19.1%
Large Enterprises (500 to 999 employees) 15.8%
Very Large Enterprises (1,000+ employees) 15.0%

Based on enterprise size, the medium-sized enterprise (100 to 499 employees) segment is projected to rise at a CAGR of 19.1% over the forecast period. It will likely total a valuation of US$ 297.39 million at the end of 2034.

There is a growing awareness of the need for scalable, cost-effective data security solutions in mid-sized companies. As these companies expand their digital businesses, they prioritize adopting cloud backup services to manage and protect their data efficiently.

Midstream companies need the flexibility offered by cloud solutions to meet their dynamic needs. Cloud backup services allow these companies to scale their cloud storage up or down easily as their data needs fluctuate.

A greater focus on data security and compliance in the region fuels the adoption of cloud backup services among medium-sized enterprises. Thus, the target segment is poised to witness higher growth than others during the assessment period.

Adoption of Cloud Backup Services to Remain High in the Service Sector

Growth Outlook by Industry Value CAGR
Finance 17.3%
Manufacturing & Resources 14.2%
Distribution Services 16.1%
Services 19.1%
Public Sector 13.7%
Infrastructure 13.1%

As per the latest report, the adoption of cloud backup services is expected to remain high in the services segment. It is projected to register a CAGR of 19.1% during the assessment period, totaling US$ 362.29 million by 2034.

Service-focused companies in Latin America are using these cloud services to increase their operational speed and ensure robust data protection. The scalability of cloud backup solutions enables service providers to change their storage needs dynamically, adapting to the fluctuating demands of their business.

The efficient cloud-based storage simplifies data management processes. This enables service-oriented enterprises to focus more on their core activities. Accessible data from multiple sources further facilitates lean operations, supporting increasingly mobile and interconnected service industries in Latin America.

Cloud backup services also empower the service sector to manage the digital landscape better, ensuring data accuracy and flexibility in an ever-evolving business environment. As a result, demand for cloud backup services is expected to remain high in the services sector through 2034.

Competitive Landscape

Key players are focusing on providing tailored cloud backup solutions to meet the specific needs of their clients. They are launching new cloud backup services across countries like Mexico and Chile to boost their revenue.

Vendors differentiate themselves through superior connectivity and network capabilities. They also employ strategies like mergers, acquisitions, partnerships, collaborations, and agreements to stay ahead of the competition.

Key Players in the Latin America Cloud Backup Service Industry

  • AWS (Amazon Web Services)
  • Microsoft Azure
  • Google Cloud Platform (GCP)
  • IBM Cloud
  • Veeam
  • Acronis
  • Oracle Cloud
  • Commvault
  • Dell
  • Veritas Technologies
  • Backblaze
  • Rackspace Technology

Key Developments in the Latin America Cloud Backup Service Industry-

  • In April 2023, AWS announced the availability of AWS Backup, a policy-based, fully managed, and cost-effective solution to centralize and automate data protection for Amazon S3 in the South America region.
  • In June 2022, Huawei Cloud released its internet strategy for Latin America.
  • Recently, new cloud services were launched by DXC Technology in Latin America to support customers across the region.

Scope of the Report

Attribute Details
Estimated Value (2024) US$ 271.89 million
Projected Value (2034) US$ 1,233.43 million
Anticipated Growth Rate (2024 to 2034) 16.4%
Historical Data 2019 to 2023
Forecast Period 2024 to 2034
Quantitative Units Revenue in US$ million and CAGR from 2024 to 2034
Report Coverage Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis
Segments Covered
  • Type
  • Deployment
  • Enterprise Size
  • Industry
  • Region
Key Companies Profiled
  • AWS (Amazon Web Services)
  • Microsoft Azure
  • Google Cloud Platform (GCP)
  • IBM Cloud
  • Veeam
  • Acronis
  • Oracle Cloud
  • Commvault
  • Dell
  • Veritas Technologies
  • Backblaze
  • Rackspace Technology

Latin America Cloud Backup Service Industry Segmentation

By Type:

  • Multi-cloud Backup Services
  • Cloud-native Backup Services
  • On-premises Cloud Backup Services
  • Cloud Disaster Recovery Services

By Deployment:

  • Public Cloud
  • Private Cloud
  • Hybrid Cloud

By Enterprise Size:

  • Small Offices (1 to 9 employees)
  • Small Enterprises (10 to 99 employees)
  • Medium-sized Enterprise (100 to 499 employees)
  • Large Enterprises (500 to 999 employees)
  • Very Large Enterprises (1,000+ employees)

By Industry:

  • Finance
    • Banking
    • Insurance
    • Investment/Securities
  • Manufacturing & Resources
    • Discrete Manufacturing
    • Process Manufacturing
    • Resource Industries
    • Agriculture
  • Distribution Services
    • Retail
    • Wholesales
    • Transportation /Logistics Services
    • Warehousing & Storage
    • Shipping
  • Services
    • IT/Professional Services
    • Consumer Services
    • Media, Entertainment & Publishing
    • Travel & Hospitality
    • Legal Services
  • Public Sector
    • Government (State/Central)
    • Education
    • Healthcare
    • Aerospace & Defense
    • Non-profit
  • Infrastructure
    • Telecommunication
    • Data Center
    • Energy & Utilities
    • Building & Construction

By Region:

  • Mexico
  • Brazil
  • Argentina
  • Chile
  • Peru
  • Colombia
  • Venezuela
  • Rest of Latin America

Frequently Asked Questions

How big is the LATAM cloud backup service industry?

The Latin America cloud backup service industry value is set to total US$ 271.89 million by 2024.

What is the demand outlook for cloud backup services in Latin America?

Demand in Latin America is estimated to rise at 16.4% CAGR.

What is the expected industry size in 2034?

The Latin America industry size is predicted to reach US$ 1,233.43 million by 2034.

Which enterprise size segment is estimated to show high growth?

The medium-sized enterprises segment is set to witness high growth.

Which industry segment will dominate Latin America?

Finance industry is expected to lead Latin America, with a share of 28.6% in 2024.

Who are the key cloud backup services vendors in Latin America?

AWS, Microsoft Azure, Google Cloud Platform (GCP), and IBM Cloud.

What are backups in cloud storage?

Backups in cloud storage refer to copies of data stored on remote servers.

Table of Content

1. Executive Summary

    1.1. Latin America Industry Outlook

    1.2. Demand Side Trends

    1.3. Supply Side Trends

    1.4. Analysis and Recommendations

2. Industry Overview

    2.1. Industry Coverage / Taxonomy

    2.2. Industry Definition / Scope / Limitations

    2.3. Key Industry Trends - Cloud Backup Service

3. Pricing Analysis - Cloud Backup Service

    3.1. Software Pricing Models

        3.1.1. Subscription-based

        3.1.2. Perpetual Licenses

4. Industry Background

    4.1. Macro-Economic Factors

    4.2. Forecast Factors - Relevance & Impact

    4.3. Value Chain

    4.4. COVID-19 Crisis - Impact Assessment

        4.4.1. Current Statistics

        4.4.2. Short-Mid-Long Term Outlook

        4.4.3. Likely Rebound

    4.5. Industry Dynamics

        4.5.1. Drivers

        4.5.2. Restraints

        4.5.3. Opportunities

5. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Type

    5.1. Introduction / Key Findings

    5.2. Historical Industry Size (US$ Million) Analysis By Type, 2019 to 2023

    5.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Type, 2024 to 2034

        5.3.1. Multi-cloud Backup Service

        5.3.2. Cloud-native Backup Service

        5.3.3. On-premises Cloud Backup Service

        5.3.4. Cloud Disaster Recovery Service

    5.4. Industry Attractiveness Analysis By Type

6. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Deployment

    6.1. Introduction / Key Findings

    6.2. Historical Industry Size (US$ Million) Analysis By Deployment, 2019 to 2023

    6.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Deployment, 2024 to 2034

        6.3.1. Public Cloud

        6.3.2. Private Cloud

        6.3.3. Hybrid Cloud

    6.4. Industry Attractiveness Analysis By Deployment

7. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, Enterprise Size

    7.1. Introduction / Key Findings

    7.2. Historical Industry Size (US$ Million) Analysis By Type, 2019 to 2023

    7.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Type,2024 to 2034

        7.3.1. Small Offices (1 to 9 employees)

        7.3.2. Small Enterprises (10 to 99 employees)

        7.3.3. Medium-sized Enterprise (100 to 499 employees)

        7.3.4. Large Enterprises (500 to 999 employees)

        7.3.5. Very Large Enterprises (1,000+ employees)

    7.4. Industry Attractiveness Analysis By Type

8. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Industry

    8.1. Introduction / Key Findings

    8.2. Historical Industry Size (US$ Million) Analysis By Industry, 2019 to 2023

    8.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Industry,2024 to 2034

        8.3.1. Finance

            8.3.1.1. Banking

            8.3.1.2. Insurance

            8.3.1.3. Investment/Securities

        8.3.2. Manufacturing & Resources

            8.3.2.1. Discrete Manufacturing

            8.3.2.2. Process Manufacturing

            8.3.2.3. Resource Industries

            8.3.2.4. Agriculture

        8.3.3. Distribution Service

            8.3.3.1. Retail

            8.3.3.2. Wholesales

            8.3.3.3. Transportation /Logistics Service

            8.3.3.4. Warehousing & Storage

            8.3.3.5. Shipping

        8.3.4. Service

            8.3.4.1. IT/Professional Service

            8.3.4.2. Consumer Service

            8.3.4.3. Media, Entertainment & Publishing

            8.3.4.4. Travel & Hospitality

            8.3.4.5. Legal Service

        8.3.5. Public Sector

            8.3.5.1. Government (State/Central)

            8.3.5.2. Education

            8.3.5.3. Healthcare

            8.3.5.4. Aerospace & Defense

            8.3.5.5. Non-profit

        8.3.6. Infrastructure

            8.3.6.1. Telecommunication

            8.3.6.2. Data Center

            8.3.6.3. Energy & Utilities

            8.3.6.4. Building & Construction

    8.4. Industry Attractiveness Analysis By Industry

9. Latin America Industry Analysis 2019 to 2023 and Forecast 2024 to 2034, By Country

    9.1. Introduction / Key Findings

    9.2. Historical Industry Size (US$ Million) Analysis By Country, 2019 to 2023

    9.3. Current and Future Industry Size (US$ Million) Analysis and Forecast By Country,2024 to 2034

        9.3.1. Mexico

        9.3.2. Brazil

        9.3.3. Argentina

        9.3.4. Chile

        9.3.5. Peru

        9.3.6. Colombia

        9.3.7. Venezuela

        9.3.8. Rest of Latin America

    9.4. Industry Attractiveness Analysis By Industry

10. Industry Structure Analysis

    10.1. Industry Analysis by Tier of Companies

    10.2. Industry Share Analysis of Key Vendors

11. Competition Analysis

    11.1. Competition Dashboard

    11.2. Competition Deep Dive

        11.2.1. Business Overview

        11.2.2. Product Portfolio

        11.2.3. Go-To-Industry Approach & Strategies

        11.2.4. Recent Developments (Partnerships, Mergers)

    11.3. Major Hardware Vendors in Latin America:

        11.3.1. Google

        11.3.2. AWS

        11.3.3. Barracuda Networks

        11.3.4. Microsoft

        11.3.5. MSP360

        11.3.6. NetApp

        11.3.7. Dell

        11.3.8. HYCU

        11.3.9. Acronis

        11.3.10. Carbonite

        11.3.11. Dropbox

        11.3.12. Commvault Systems

        11.3.13. Backblaze

        11.3.14. N-able

        11.3.15. Arcserve

        11.3.16. Asigra

12. Assumptions and Acronyms Used

13. Research Methodology

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List of Tables

Table 01: Latin America Industry Value (US$ Million) Analysis and Forecast (2019 to 2034), by Type

Table 02: Latin America Industry Value (US$ Million) Analysis and Forecast (2019 to 2034), by Type

Table 03: Latin America Industry Value (US$ Million) Analysis and Forecast (2019 to 2034), by Deployment

Table 04: Latin America Industry Value (US$ Million) Analysis and Forecast (2019 to 2034), by Enterprise Size

Table 05: Latin America Industry Value (US$ Million) Analysis and Forecast (2019 to 2034), by Industry

Table 05: Latin America Industry Value (US$ Million) Forecast (2024 to 2034) By Country
Sudip Saha
Sudip Saha

Principal Consultant

Talk to Analyst

Find your sweet spots for generating winning opportunities in this market.

List of Charts

Figure 01: Latin America Industry Value (US$ Million), 2019 to 2023

Figure 02: Latin America Industry Value (US$ Million), 2024 to 2034

Figure 03: Latin America Industry Size (US$ Million) and Y-o-Y Growth Rate from 2024 to 2034

Figure 04: Latin America Industry Size and Y-o-Y Growth Rate from 2024 to 2034

Figure 05: Latin America Industry Share Analysis, by Type- 2024 & 2034

Figure 06: Latin America Industry Y-o-Y Growth Comparison, by Type, 2024 to 2034

Figure 07: Latin America Industry Attractiveness, by Type

Figure 08: Latin America Industry Share Analysis, by Deployment 2024 & 2034

Figure 09: Latin America Industry Y-o-Y Growth Comparison, by Deployment 2024 to 2034

Figure 10: Latin America Industry Attractiveness, by Deployment

Figure 11: Latin America Industry Share Analysis, by Organization Size- 2024 & 2034

Figure 12: Latin America Industry Y-o-Y Growth Comparison, by Organization Size, 2024 to 2034

Figure 13: Latin America Industry Attractiveness, by Organization Size

Figure 14: Latin America Industry Share Analysis, by Industry - 2024 & 2034

Figure 15: Latin America Industry Y-o-Y Growth Comparison, by Industry, 2024 to 2034

Figure 16: Latin America Industry Attractiveness, by Industry

Figure 17: Latin America Industry Share Analysis, by Country - 2024 & 2034

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Cloud Backup Service Industry Analysis in Latin America