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Data Backup And Recovery Market Analysis, Trends, Growth, Research And Forecast 2033
Data Backup And Recovery Market
The Business Research Company presents an extensive market research report on the Data Backup And Recovery Global Market Report 2024 , furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The data backup and recovery market size has grown rapidly in recent years. It will grow from $13.57 billion in 2023 to $15.28 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increasing data volume, rise of virtualization, focus on disaster recovery, data security concerns.
The data backup and recovery market size is expected to see rapid growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to ransomware mitigation, regulatory compliance, continuous data protection. Major trends in the forecast period include early digitalization, integration of AI and machine learning in backup processes, focus on cybersecurity in backup strategies, hyper-converged infrastructure (HCI) for backup.
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Key Market Players:
Major companies operating in the data backup and recovery market report are 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
Market Drivers:
An increase in the adoption of cloud data backup is expected to propel the growth of the data backup and recovery market. Cloud backup is storing a copy of a physical or virtual file, database, or other data in a secondary, off-site location in case of equipment failure or other emergencies. Cloud-based data backup helps store data in the cloud, which is accessible anywhere and anytime. This helps make the data safe and easily recoverable. For instance, in February 2022, according to Gartner, a US-based management consulting company, In 2025, 51% of enterprise IT spending in key segments will shift to the cloud, surpassing traditional IT spending. Furthermore, global spending on public cloud services is expected to reach $597.3 billion in 2023, reflecting a significant increase from $491 billion in 2022. Therefore, an increase in the adoption of cloud data backup is driving the data backup and recovery market growth.
Learn More About The Market Report -
https://www.thebusinessresearchcompany.com/report/data-backup-and-recovery-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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