Data Resiliency Market Players Mergers & Acquisitions, New Product Launches, Agreements, Partnerships and Collaborations
Data resilience is the accessibility of the data that is required in a production environment. According to IBM Corporation, there are several technologies addressing the data resilience requirements which are logical or software replication and hardware or disk replication. Enterprises are adopting data resilience solutions to resolve complexities to ensure effective cost optimization of their business processes. Blockchain Solutions are attracting various enterprises and creating huge opportunities for data resiliency vendors in the market. Data resiliency is accomplished through the usage of redundant components, subsystems, systems or facilities. Data includes crucial and confidential information such as account numbers, transaction passwords, and credit/debit card details, which requires high security and timely backup. Data resiliency solution vendors enable BFSI organizations to backup & recover data in order to maintain their business continuity.
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Every enterprise sees huge growth in data, generated from diverse sources. This data needs to be secured and monitored, which is driving the growth of data resiliency solutions. Furthermore, there is sudden rise in adoption of cloud-based data backup and recovery solutions due to its varied features of flexibility, scalability, and security which is contributing significantly to the growth of the data resiliency market. Cloud data resiliency combines disaster recovery planning and online backup services. In addition, enterprises are emphasizing on adoption of operational excellence and data quality management solutions. Enterprises are facing privacy concerns and the need for data security is growing, due to which implementation of data resiliency solutions is increasing tremendously. Thus, all these factors are anticipated to drive the data resiliency market during the forecast period.
However, managing unstructured data and incorporation of data from data storage towers (silos) is creating challenges in the growth of the data resiliency market. Lack of awareness about specific data resiliency solutions among various small enterprises is limiting the market growth. Moreover, availability of open-source alternatives is expected to hamper market growth during the forecast period.
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The data resiliency market can be segmented based on enterprise size, component, industry, deployment type, and geography. Based on component, the market can be segmented into solutions and services. Services can be further bifurcated into professional services and managed services, while solutions can be segmented into data backup & recovery, disaster recovery, and data archiving. In terms of industry, the data resiliency market is segmented into BFSI, IT & telecommunication, government, public sector, retail & consumer goods, manufacturing, healthcare, media & entertainment and others. Demand for data resiliency in the government sector is increasing to avoid any kind of confidential data leak and to maintain security of citizens. In terms of enterprise size, the data resiliency market can be segmented into large enterprises and small and medium sized enterprises. On the basis of deployment model, the data resiliency market can be segmented into cloud based and on-premise. Adoption of cloud solutions are expected to increase as cloud offers reduced downtime in case of any failure and enables users to easily locate the data. Geographical segmentation of the data resiliency market includes North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America.
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Effective application of disaster recovery leads to successful restoration of data for business continuity. Therefore, every enterprise has started investing either in private cloud disaster recovery solutions or both disaster recovery as a service (DRaaS) and private cloud.
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