Backup and Disaster Recovery Market is projected to reach the value of $45.7 billion by 2030

According to the report published by Virtue Market Research, the Global Backup and Disaster Recovery Market was valued at $8.02 billion in 2022 and is projected to reach a market size of $45.7 billion by 2030. Over the forecast period of 2023-2030, market is estimated to grow at a CAGR of 24.3%.

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Backup and disaster recovery solutions have become increasingly important over time, driven by a variety of factors in the market. One long-term market driver that has been particularly influential is the growing dependence on data by businesses across industries. As more companies recognize the value of data in making informed decisions, they have become more aware of the need to protect that data from unexpected losses due to data corruption, hardware failure, natural disasters, and other external factors.

However, the COVID-19 pandemic has had a significant impact on the backup and disaster recovery market. With many businesses rapidly transitioning to remote work, the need for reliable data protection solutions has become even more critical. This has led to increased demand for cloud-based backup and disaster recovery solutions that can be accessed remotely, as well as for solutions that can support hybrid and multi-cloud environments.

In the short term, a major driver of the backup and disaster recovery market is the increasing complexity of IT environments. As companies adopt more complex and diverse IT architectures, they must also manage a growing number of data sources, applications, and platforms. This has led to an increased demand for backup and disaster recovery solutions that can handle these complex environments seamlessly.

One opportunity that has emerged in the backup and disaster recovery market is the rise of artificial intelligence and machine learning. These technologies can be used to automate and streamline backup and disaster recovery processes, improving reliability and reducing costs. Another trend that has been observed in the industry is the growing role of backup and disaster recovery solutions in supporting compliance and regulatory requirements. Many organizations are now required to have backup and disaster recovery solutions in place to comply with data protection regulations such as GDPR or HIPAA.

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Segmentation Analysis:
The Global Backup and Disaster Recovery Market segmentation includes:

By Service Type:
• Real-time Replication
• Backup and Store
• Data Protection

The largest segment in the backup and disaster recovery market is backup and restore. It provides businesses with data backup and restoration services to protect against data loss or system failure due to unforeseen events. The fastest-growing segment in this category during the forecast period is the backup and restore segment, which is expected to see significant growth due to the increasing prevalence of cyberattacks and the growing demand for reliable data protection solutions.

By Deployment Type:
• Public Cloud
• Private Cloud

The largest segment in this category is the public cloud. Public cloud deployment provides businesses with several benefits, including reduced IT infrastructure costs, scalability, and flexibility. It also eliminates the need for businesses to manage their own hardware, reducing their overall IT costs. The fastest-growing segment in this category during the forecast period is the public cloud segment, which is expected to see significant growth due to the adoption of cloud-based backup and disaster recovery solutions.

By Organization Size:
• Small and Medium-sized Enterprises (SMEs)
• Large Enterprises

The largest segment in this category is large enterprises. Large enterprises typically have more data and complex IT systems, which makes data protection more complex and challenging. To ensure the safety of their data, large enterprises require robust backup and disaster recovery solutions. The fastest-growing segment in this category during the forecast period is also large enterprises. This is because of the increasing adoption of digital transformation initiatives by large enterprises, which require robust data protection solutions.

By End-User:
• Banking,Financial Services, and Insurance (BFSI)
• Telecommunications
• IT and ITeS
• Government and Public Sector
• Retail and Consumer Goods
• Manufacturing
• Energy and Utilities
• Media and Entertainment
• Healthcare and Life Sciences
• Others

The largest segment in the backup and disaster recovery market is the BFSI sector. This is because of the increasing demand for secure and reliable data backup and disaster recovery solutions in the financial sector. The BFSI sector relies heavily on data processing and storage, making data protection a high priority. The fastest-growing segment in this category during the forecast period is also the BFSI sector, which is expected to see significant growth due to the increasing focus on digitization and data privacy.

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Regional Analysis:
North America is currently the largest market segment for backup and disaster recovery solutions due to its high adoption rate of cloud-based solutions and the presence of major service providers. The region is expected to maintain its dominant position during the forecast period due to the growing need for data protection and recovery solutions in the BFSI and healthcare sectors.

Europe is the second-largest market segment in the backup and disaster recovery market due to the presence of several established players in the region. The increasing adoption of hybrid backup and disaster recovery solutions and the implementation of stringent data privacy and security regulations in the region are anticipated to boost market growth during the forecast period.

The Asia-Pacific region is expected to witness significant growth during the forecast period due to the increasing adoption of cloud-based backup and disaster recovery solutions, particularly in countries like India and China. With the growing digitization of enterprises and the need for cost-effective and scalable backup solutions, the Asia-Pacific region is expected to emerge as a lucrative market opportunity for service providers.

The Rest of the World segment is expected to see moderate growth in the backup and disaster recovery market. The growth in this region is mainly attributed to the increasing investments in digital infrastructure and cloud technology adoption in South America and the Middle East & Africa region.

Latest Industry Developments:
• March 16, 2023: Fenix24, an industry-leading cyber disaster recovery firm, announced a $5 million funding from leading InsurTech investor Eos Venture Partners.

• November 16, 2021: Datto Holding Corp. announced the acquisition of BitDam Ltd., an Israel-based cybersecurity company that provides threat detection and response solutions.

• September 28, 2021: Datto Holding Corp. announced the acquisition of Gluh Pty Ltd., an Australia-based company that provides a cloud-based marketplace platform for MSPs.

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Virtue Market Research is a strategic management firm helping companies to tackle most of their strategic issues and make informed decisions for their future growth. We offer syndicated reports and consulting services. Our reports are designed to provide insights on the constant flux in the global demand-supply gap of markets.

This release was published on openPR.