What Does the Historical and Current Data Backup And Recovery Market Size Trend Indicate?
The data backup and recovery market has seen considerable growth due to a variety of factors.
• The rapid expansion of the data backup and recovery market has been evident in recent years, and it's projected to scale from $14.95 billion in 2024 to $16.66 billion in 2025, boasting a compound annual growth rate (CAGR) of 11.5%.
Factors such as the surge in data volume, the emergence of virtualization, heightened emphasis on disaster recovery, and data security concerns account for the growth witnessed in the historic period.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Data Backup And Recovery Market?
The data backup and recovery market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of data backup and recovery is predicted to witness robust expansion in the coming years. By 2029, it's poised to reach a market worth of $29.31 billion, with an impressive compound annual growth rate (CAGR) of 15.2%.
Challenges like ransomware mitigation, regulatory compliance, and continuous data protection are some factors driving this growth during the forecast period. Key future trends encompass a focus on cybersecurity in backup plans, early digitalization, the amalgamation of AI and machine learning in backup procedures, and the employment of hyper-converged infrastructure (HCI) for backup.
What Main Forces Are Fueling Expansion In The Data Backup And Recovery Market?
The data backup and recovery market is poised for expansion, largely due to the growing adoption of cloud data backup. Backing up data in the cloud involves creating a replica of physical or virtual files, databases, or additional data in a remote area for safeguarding against equipment malfunctions or sudden mishaps. The advantage of such cloud-based data storage lies in its accessibility from anywhere, anytime, besides ensuring the data's security and easy recovery. For example, Gartner, a reputed management consulting firm from the US, estimated in February 2022 that by 2025, 51% of corporate IT expenditure in key sectors would migrate to the cloud, exceeding traditional IT investment. Moreover, worldwide expenditure on public cloud services is predicted to escalate from $491 billion in 2022 to $597.3 billion in 2023, thereby affirming that the surge in cloud data backup adoption propels the growth of the data backup and recovery market.
What Are The Key Segments Within The Global Data Backup And Recovery Market?
The data backup and recovery market covered in this report is segmented –
1) By Backup Type: Service Backup, Media Storage Backup, Email Backup
2) By Component: Software, Services
3) By Deployment Type: Cloud, On-Premises
4) By Industry Vertical: IT And Telecommunications, Retail, Banking, Financial Services, And Insurance, Government And Public Sector, Healthcare, Media And Entertainment, Manufacturing, Education, Other Industry Verticals
Subsegments:
1) By Service Backup: Cloud Backup, SaaS Backup, Disaster Recovery As A Service (DRaaS)
2) By Media Storage Backup: Tape Backup, Disk-Based Backup, Optical Backup
3) By Email Backup: Microsoft 365 Backup, G Suite (Google Workspace) Backup, On-Premise Email Backup Solutions
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How Are New Trends Impacting The Size Of The Data Backup And Recovery Market?
The rise in technological innovations is a notable trend emerging in the data backup and recovery market. Leading companies in the field of data backup and recovery are progressively investing in new technologies and research to embrace more effective options like multi-cloud data backup and recovery. Multi-cloud data backup and recovery systems allow for data backup across numerous cloud services provided by various companies. These systems often clone backups between services for safekeeping and disaster recovery. Ideally, these solutions should enable recovery from multiple sources. As a case in point, in June 2022, Backblaze, Inc., a US-based enterprise specializing in cloud storage and data backup, formed a partnership with Veritas Technologies LLC to provide multi-cloud data backup and recovery. Clients utilizing Backup Exec to coordinate their data backup and recovery procedures can benefit from their joint solution's easy-to-use, affordable, and S3-compatible object storage. The Backup Exec service provided by Veritas allows businesses to secure nearly all types of data on any storage platform, including tape, servers, and the cloud. Veritas Technologies LLC is a US-based company specializing in data management.
Who Are the Key Players in the Data Backup And Recovery Market?
Major companies operating in the data backup and recovery market include:
• Dell Technologies Inc.
• International Business Machines Corporation
• Oracle Corporation
• Hewlett Packard Enterprise Company
• Asigra Inc.
• NetApp Inc.
• Micro Focus International plc
• Veritas Technologies LLC
• Nutanix Inc.
• Rubrik Inc.
• Veeam Software AG
• Quest Software LLC
• Commvault Systems Inc.
• Barracuda Networks Inc.
• Acronis International GmbH
• Carbonite Inc.
• Cohesity Inc.
• Zerto Corporation
• Arcserve LLC
• Druva Inc.
• Actifio Inc.
• StorageCraft Technology Corporation
• HYCU Inc.
• Atempo Inc.
• Unitrends
• Altaro Software Limited
• Infrascale Inc.
• Vembu Technologies Pvt. Ltd.
• Bacula Systems SA
• BackupAssist Software
• Axcient
What are the Regional Insights into the Data Backup And Recovery Market?
North America was the largest region in the data backup and recovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data backup and recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
