Take a look at what you are backing up, you may be backing up too much. You need the databasa scheme and the content store. You possibly don't need the indexes. And you may be backing up content that has been deleted.
You should be able to implement an incremental backup of the content store consisting of a full backup followed by perhaps daily deltas, there's no need to back-up the entire content store every day.
And make sure you test your backups from time to time…