Data Backup and Recovery Market To Reach USD 22.22 Billion By 2030
The increasing risks of security breaches, coupled with the rising trend of digitalization, is propelling the growth of the market.
Market Size – USD 9.69 Billion in
2021, Market Growth - CAGR of 9.8%, Market Trends – The growing popularity
of smartphones and the internet.
The Global Data Backup and Recovery Software market is forecast to reach USD 22.22 Billion by 2030, according to a new report by Reports and Data. The increasing risks of security breaches, coupled with the rising trend towards digitalization, will drive the growth of the market. Moreover, extensive adoption of smartphones and the internet will also have a positive impact on the growth of the market.
With the evolution of technologies
and digitalization, the need for appropriate Global Data Backup and Recovery
Software has been increasing. The increasing amount of data generated today has
led to increased risks of security breaches. The banking sector is more prone
to these breaches since the database of the industry contains personal data of
all the customers. Thus the sector is forecasted to generate the highest
revenue in the near future.
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When it comes to vital information,
it is essential for enterprises to make sure that their data is secured and
backed up in the situation of an emergency. Unfortunately, only a few small and
medium-sized enterprises are confident that their data is being backed up
properly. Many enterprises lack the technical expertise or equipment to back up
their critical data correctly. Despite the prevalence of redundant or secured
disk storage, data is prone to get lost. In cases where one or more data files
are lost due to disk failure, enterprises must use database backups to recover
the lost data. The solution for controlling these type of faults is
implementing excellent backup-and-recovery strategies.
Further key findings from the report
suggest
- Among the types, media storage segment accounted
for the largest market share of ~39% in the year 2020. Media storage
includes storage options such as magnetic tape, server, flash storage,
hard disk, optical storage, and solid-state drive (SSD). These media
storage backups are primarily used to recover data after its loss due to
data deletion or corruption, and secondarily to recover the data whenever
needed.
- The large-sized organizations account for a
larger market share of ~64% in the year 2020, owing to the increasing
investments on backup and recovery software.
- The cloud deployment type accounts for a larger
market share of ~60% in the year 2020. The cloud deployment services offer
advanced scalability, intensified security, better compliance, and lower
costs.
- The solution component accounts for a larger
market share of ~55% in the year 2020. The solution segment is further
segregated into software and hardware solution. Data backup software
includes data replication, data reduction, and data retention. The
increasing demand for data retention software will be the major factor
contributing to the growth of the solutions segment.
- The education industry is anticipated to witness
the highest CAGR of 11.4% during the forecast period. With the rising
number of the establishment of educational institutions and statutory
bodies, there has been an increase in the data generated by the industry.
The data includes student/staff personal and academic data, as well as
data related to e-learning and online exam practices. This has led to the
need for excellent Global Data Backup and Recovery Software solutions by
the industry.
- North America held the largest market share of
~31% in the year 2020, owing to the presence of some of the leading
players of the market in the region. Moreover, the region is one of the
technologically advanced regions. With the rising trend of big data
analytics using artificial intelligence and machine learning, a massive
amount of data is generated. This data is needed to be stored, backed up,
as well as recovered whenever needed.
- Key participants include Oracle Corporation,
Dell, IBM, CA Technologies, Acronis, Microsoft, HPE, and Commvault, among
others. The companies have adopted various strategies, including mergers,
acquisitions, and partnerships to hold ongoing trials and come up with new
developments in the market.
For the purpose of this report,
Reports and Data have segmented into the Global Data Backup and Recovery
Software market on the basis of type, deployment type, organization size,
component, industry vertical, and region:
Type Outlook (Revenue, USD Billion;
2019-2030)
- Email Backup
- Application Backup
- Media Storage Backup
Organization Size Outlook (Revenue,
USD Billion; 2019-2030)
- Small and Medium-Sized Enterprises
- Large Enterprises
Deployment type Outlook (Revenue,
USD Billion; 2019-2030)
- Cloud
- On-premises
Component Outlook (Revenue, USD
Billion; 2019-2030)
- Solution
- Software
- Data Replication
- Data Reduction
- Data Retention
- Hardware
- Services
- Professional Services
- Managed Services
Industry Vertical Outlook (Revenue,
USD Billion; 2019-2030)
- IT and Telecommunications
- Retail
- Banking, Financial Services, and Insurance
- Government and Public Sector
- Healthcare
- Media and Entertainment
- Manufacturing
- Education
- Others
Regional Outlook (Revenue, USD
Billion; 2019-2030)
- North America
- Europe
- Asia Pacific
- MEA
- Latin America
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