Disaster Recovery Software Market Growth, Key Players, Size, Share And Forecast 2024-2033

The disaster recovery software market size has grown rapidly in recent years. It will grow from $9.32 billion in 2023 to $10.93 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increasing data breaches, growing reliance on digital infrastructure, rising frequency of natural disasters, regulatory compliance requirements, and business continuity planning emphasis.

The disaster recovery software market size is expected to see rapid growth in the next few years. It will grow to $20.90 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The growth in the forecast period can be attributed to cloud adoption, cybersecurity threats, data protection regulations, and business continuity awareness. Major trends in the forecast period include rising adoption of AI-driven automation, emphasis on data resilience and security, growth in demand for integrated backup and recovery solutions, and expansion of disaster recovery as a service (DRaaS) offerings.

Market Overview -
Disaster recovery software refers to a specialized type of software designed to help organizations recover data, applications, and systems in the event of a disaster or disruptive event. This software is used to minimize downtime and data loss by facilitating the rapid recovery of critical IT infrastructure components.

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Increasing Concern For Data Security Fuels Growth In The Disaster Recovery Software
The increase in concern for data security among organizations is expected to propel the disaster recovery software market going forward. Data security refers to the protection of digital data from unauthorized access, disclosure, alteration, or destruction throughout its lifecycle. The surge in data security among organizations can be attributed to the growing volume of sensitive data and the rising awareness of the potential financial and reputational damage caused by data breaches. Disaster recovery software ensures data security by facilitating swift restoration of critical information in cases of emergencies. For instance, in April 2023, according to the Department for Science, Innovation, and Technology, a UK-based government body, cybercrime affected 11% of businesses and 8% of charities in total over the past 12 months, this number increased to 26% of medium-sized businesses, 37% of large businesses, and 25% of high-income charities. Additionally, it is estimated that, across all UK businesses, there were approximately 2.39 million instances of cyber crime and approximately 49,000 instances of fraud as a result of cyber crime in the last 12 months. Therefore, the increase in concern for data security among organizations is driving the growth of the disaster recovery software market.

Competitive Landscape -
Major companies operating in the disaster recovery software market are International Business Machines Corporation, VMware Inc., Veritas Technologies LLC, Veeam Software, Commvault Systems, Rubrik Inc. , Acronis International GmbH, Actifio Inc., Carbonite Inc., Zerto, Arcserve, Druva Inc., StorageCraft Technology Corporation, HYCU Inc., Axcient, iLand Internet Solutions Corporation, Vembu Technologies, Nakivo Inc., Altaro Ltd., Bacula Systems SA, Storix Inc., PhoenixNAP, Asigra Inc., Recovery Point Systems Inc., Bluelock LLC

Innovative Cloud-Based Disaster Recovery Solutions Revolutionize The Market Landscape
Major companies operating in the disaster recovery software market are focused on developing technologically advanced solutions, such as cloud-based disaster recovery frameworks, to gain a competitive edge in the market. A cloud-based disaster recovery framework enhances scalability, improves data accessibility, and streamlines disaster recovery processes. This framework leverages cloud computing resources to store, replicate, and recover data and applications, offering several advantages over traditional disaster recovery approaches, such as reduced costs, scalability, and flexibility. For instance, in November 2022, Protera Technologies, a US-based cloud modernization company, launched the Automated Disaster Recovery Framework. The framework enables companies to transition from static DR plans to more dynamic, real-world testing practices. Protera facilitates streamlined disaster recovery and testing processes at scale by leveraging advanced technologies such as cloud computing. The solution empowers businesses to consistently test, validate, and prove the effectiveness of their disaster recovery processes, particularly in responding to cyberattacks and restoring operations swiftly with minimal disruption.

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Key Segments -
The disaster recovery software market covered in this report is segmented -
1) By Deployment Type: On-Premise, Cloud
2) By Organization Size: Large Enterprises, Small And Medium-Sized Enterprises
3) By Application: Application Backup, Email Backup, Media Storage Backup
4) By Vertical: Telecommunication And Information Technology (IT)-Enabled Services, Banking, Financial Services, And Insurance, Media And Entertainment, Other Verticals

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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