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Data Recovery Services Global Market Analysis, Trends, Growth, Research And Forecast 2033
Data Recovery Services Global Market
As per the report, the data recovery services market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.50 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The data recovery services market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%.
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Rising Data Breaches Propel Growth Of Data Recovery Services Market
The increase in the number of data breaches is expected to propel the growth of the data recovery services market going forward. A data breach is the unauthorized access, disclosure, or acquisition of sensitive information, potentially compromising its confidentiality, integrity, or availability. The increase in the number of data breaches can be attributed to factors such as the growing sophistication of cyberattacks, inadequate cybersecurity measures, and the increasing digitization of sensitive information. Data recovery services mitigate data breaches by offering proactive data backup solutions, ensuring that organizations can quickly recover data in the event of a breach, thereby reducing the impact and potential losses. For instance, in January 2024, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization established to minimize the risk and mitigate the impact of identity compromise, there were 3,205 recorded data breaches in 2023, up 78% from 2022 and 72% from the previous peak in 2021 in the United States. Therefore, the increase in data breaches is driving the growth of the data recovery services market.
Strategic Partnerships Driving Innovation In Data Recovery Services
Major companies operating in the data recovery services market are adopting a strategic partnership approach to provide essential data security services to individuals, businesses, and governments. Strategic partnerships refer to a process in which companies leverage each other's strengths and resources to achieve mutual benefits and success. For instance, in July 2022, Mindtree Ltd., an India-based global technology consulting and services company, partnered with Rubrik Inc., a US-based company specializes in cloud data management and data security. With this partnership, they aim to launch Mindtree Vault, a unified cyber-recovery platform. The platform integrates Mindtree's expertise in program management, cloud computing, data, and cybersecurity with Rubrik's strength in data resilience, observability, and recovery. It supports comprehensive recovery processes, including assessment, discovery, migration, ongoing management and proof-of-concept pilots.
The data recovery services market covered in this report is segmented -
1) By Type: In-Lab Recovery, Data Recovery Software, Remote Data Recovery, Cloud Data Recovery
2) By Application: Secure Digital (SD) Card, Hard Disk, Universal Serial Bus (USB) Drive, Mobile Phone, Personal Computer (PC) And Tablet, Other Applications
3) By End User: Personal And Commercial, Government And Public Sector, Educational Institutions
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Major companies operating in the data recovery services market are Dell Technologies Inc., Lenovo Group Limited, International Business Machines Corporation, Western Digital Corporation, Seagate Technology Holdings plc, Stellar Information Technology Pvt. Ltd., Atlantix, DriveSavers Data Recovery Inc., WeRecoverData Inc., CBL Data Recovery Technologies Inc., Datlabs, Disk Doctors Labs Inc., Gillware Inc., Secure Data Recovery Services LLC , R3 Data Recovery Ltd, ACE Data Recovery , DataNumen Inc., LC Technology International Inc., Cleverfiles, Fields Data Recovery Ltd, iBoysoft, Ontrack, SalvageData Recovery LLC, TTR Data Recovery Inc, UFS Explorer
Contents of the report:
1. Executive Summary
2. Data Recovery Services Market Report Structure
3. Data Recovery Services Market Trends And Strategies
4. Data Recovery Services Market - Macro Economic Scenario
5. Data Recovery Services Market Size And Growth
…..
27. Data Recovery Services Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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