Time Machine is part of the Mac OS - there's no direct equivalent in Windows (though there are similar solutions for making and maintaining backups of your data, either locally or to the cloud). For Windows-specific advice on recovering your library, see turingtest2's user tip on Empty/corrupt iTunes library after upgrade/crash.
For future reference, you should create and maintain a backup of your iTunes library (which is what Time Machine does on the fly for Mac users), and always update your backup before installing iTunes update. See Backup your iTunes for Windows library with SyncToy for a suitable/recommended method using local storage (typically a USB hard drive). For a cloud-based equivalent you'll need to have sufficient storage available in OneDrive or similar services from Google, Amazon, etc. and configure your system to replicate changes up to the cloud. I'm not aware of any pre-configured solution that's optimized to iTunes for Windows.