Press release
Storage And Backup Software Market Report 2024: Strategies And Recent Developments | Dell Inc., Hewlett Packard Enterprise Company, Netapp Inc., Hitachi ltd., Huawei Technologies Co Ltd., International Business Machines Corporation, Toshiba Corporation
Storage And Backup Software Market Size
The Business Research Company offers in-depth market insights through Storage And Backup Software Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The storage and backup software market size has grown strongly in recent years. It will grow from $19.13 billion in 2023 to $20.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to virtualization and cloud computing, enterprise it modernization, disaster recovery, data explosion, data security and compliance.
The storage and backup software market size is expected to see strong growth in the next few years. It will grow to $28.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The growth in the forecast period can be attributed to hybrid and multi-cloud adoption, ransomware and cybersecurity threats, edge computing, data analytics and ai. Major trends in the forecast period include hybrid and multi-cloud strategies, artificial intelligence and machine learning, software-defined storage (sds), backup as a service (baas) and disaster recovery as a service (draas).
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Market Segmentation:
The main types of storage and backup software are storage software and backup software. Backup software allows to backup files, folders, documents, software data, most data types in a computer or server. The software is deployed through cloud and on-premise mode by various end-users such as banking, financial services and insurance (BFSI), telecommunication, consumer goods and retail, media and entertainment, healthcare and life sciences, and government.
Major Driver - Data Growth And Cloud Adoption Drive Storage And Backup Software Market
The growing volume of data and the awareness among organizations to backup and protect their data are expected to benefit the storage and backup software market in the forecast period. In addition, the growing adoption of cloud-based technologies, and the need for storage and protection across all enterprises are also driving the growth of the storage and backup software market. For example, it is estimated that more than 72% of global enterprises will shift to cloud storage from on-premise data centers by 2022.
Competitive Landscape:
Major companies operating in the storage and backup software market include Dell Inc., Hewlett Packard Enterprise Company, Netapp Inc., Hitachi ltd., Huawei Technologies Co Ltd., International Business Machines Corporation, Toshiba Corporation, Pure Storage Inc., Nutanix Inc., Micron Technology Inc., Tintri Inc., Quest Software Inc., Cloudian Inc., Vembu Technologies Pvt Ltd., Quantum Corporation, OwnBackup, Samsung Electronics Co Ltd., Fujitsu Ltd., Vmware Inc., Cohesity Inc., Nexenta, Netgear Inc., Inspur Group, Oracle Corporation, Acronis International GmbH, Commvault, CA Technologies Inc., Syspro Technologies, Brightpearl Limited, CloudAlly
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Top Trend - AI-Powered Solutions Transforming Data Storage And Backup Software Market
One of the latest trends in the storage and backup software market is the adoption of artificial intelligence (AI) based applications which can create, store and protect data. Artificial intelligence is an area of computer science which simulates human intelligence. AI based applications create information on their own and verify the source of information before composing bits of knowledge to a database. These applications can also refine database management policies, align data to database capabilities and assess metadata across organization storage infrastructure. For instance, Commvault, one of the major vendors in the field of storage and backup software, introduced a new kind of backup and recovery software, which works with AI. This software helps users to keep data backup and recovery more efficient and effective by analyzing their patterns and performance.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Storage And Backup Software Market Characteristics
3. Storage And Backup Software Market Trends And Strategies
4. Storage And Backup Software Market - Macro Economic Scenario
5. Storage And Backup Software Market Size And Growth
…..
27. Storage And Backup Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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