What Is The Overview Of The Global Data Recovery Services Market?
Data recovery services refer to professional services that specialize in retrieving lost, corrupted, deleted, or inaccessible data from various storage devices. These services employ advanced techniques and tools to recover data from logical (software-related) and physical (hardware-related) failures.
Data Recovery Services Global Market Report 2024 provides data on the global data recovery services market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The data recovery services market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Expected Annual Growth Rates And Market Size Estimates For The Global Data Recovery Services Sector?
The data recovery services market has seen rapid growth, moving from $3.87 billion in 2023 to $4.50 billion in 2024, with a CAGR of 16.1%. Key growth drivers include increasing cyber threats, data breaches, and demand for data storage solutions. The market is expected to reach $8.23 billion by 2028, with a CAGR of 16.3%. Future growth will be driven by IoT proliferation, ransomware attacks, and big data analytics. Trends such as blockchain integration, hybrid cloud solutions, and green recovery practices will shape the market.
Which Factors Are Boosting Growth In The Data Recovery Services Market?
The rising number of data breaches is propelling the data recovery services market. Data breaches result from sophisticated cyberattacks and increased digitization of sensitive information. Data recovery services offer backup solutions, enabling organizations to mitigate breaches' impact. For instance, the Identity Theft Resource Center reported 3,205 data breaches in 2023, marking a 78% rise from 2022 and a 72% increase from 2021. This surge in breaches underscores the need for robust data recovery services.
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What Key Areas Define The Segmentation Of The Global Data Recovery Services Market?
The data recovery services market covered in this report is segmented –
1) By Type: In-Lab Recovery, Data Recovery Software, Remote Data Recovery, Cloud Data Recovery
2) By Application: Secure Digital (SD) Card, Hard Disk, Universal Serial Bus (USB) Drive, Mobile Phone, Personal Computer (PC) And Tablet, Other Applications
3) By End User: Personal And Commercial, Government And Public Sector, Educational Institutions
How Are Emerging Trends Reshaping The Dynamics Of The Data Recovery Services Market?
In the data recovery services market, strategic partnerships are being formed to deliver essential security services. Collaborations allow companies to leverage shared resources for mutual benefits. For example, in July 2022, Mindtree Ltd., an India-based technology consulting firm, partnered with Rubrik Inc., a US-based cloud data management company, to introduce Mindtree Vault. This platform combines Mindtree’s expertise in program management and cybersecurity with Rubrik’s capabilities in data resilience and recovery, offering comprehensive solutions for data recovery and protection.
Which Region Has The Fastest Expansion In The Data Recovery Services Market?
North America was the largest region in the data recovery services market in 2023. The regions covered in the data recovery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
