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Global Enterprise Backup and Recovery Software Market to Reach US$ 21.8 Bn by 2031: TMR Analysis
Enterprise Backup and Recovery Software Market
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Key Drivers: Rise in Demand for Business Continuity
As businesses worldwide continue to adapt to the digital age, the need for business continuity and data protection has become more critical than ever. The increasing frequency of cyberattacks and the growing complexity of IT environments are driving the demand for enterprise backup and recovery software. This software enables organizations to secure their data across various environments-whether on-premise, cloud-based, or hybrid-ensuring that critical information can be restored quickly in the event of data loss.
Market Dynamics: Cybersecurity Threats Fueling Growth
The rise in cyber threats, particularly ransomware attacks, is a significant factor fueling the growth of the enterprise backup and recovery software market. In countries like the U.S., China, and Russia, the prevalence of cyberattacks has highlighted the need for solutions that not only protect against data breaches but also ensure quick recovery in the event of a disaster.
According to the 2022 MSP Threat Report by ConnectWise, two out of three midsize companies experienced a ransomware attack within the last 18 months. Such incidents underscore the critical need for enterprises to have effective backup and recovery strategies in place. This has led to a surge in demand for software that can safeguard data integrity and minimize operational downtime.
Opportunities: Multi-Cloud Data Management and Disaster Recovery
The increasing adoption of multi-cloud environments presents lucrative opportunities for vendors in the enterprise backup and recovery software market. Companies are investing in solutions that offer comprehensive data management across multiple cloud platforms, allowing for greater flexibility and security.
For instance, in November 2022, Rubrik, a leading cybersecurity company, launched Rubrik Cyber Recovery as part of its Rubrik Security Cloud. This solution enables enterprises to prepare for cyberattacks by maintaining the integrity of their data and minimizing downtime. Similarly, in June 2022, Veritas Technologies partnered with Kyndryl Inc. to offer enhanced security and recovery services for multi-cloud environments, reflecting the industry's shift towards more integrated and resilient data protection solutions.
Regional Outlook: North America Leads, Asia Pacific Emerges
North America is expected to maintain its dominance in the global enterprise backup and recovery software market (Markt für Enterprise-Backup- und -Recovery-Software) throughout the forecast period. This region's strong market presence is attributed to the high concentration of leading vendors and significant investments in data and infrastructure security. As of January 2021, the U.S. accounted for over 33% of the world's total data centers, highlighting the region's pivotal role in the global data economy.
Meanwhile, Asia Pacific is emerging as a key growth region, driven by rapid digitalization and increasing investments in IT infrastructure across developing countries. The growing emphasis on cybersecurity and the rising adoption of cloud technologies in this region are expected to boost the market value significantly in the coming years.
SMEs: A Growing Market Segment
Small and medium-sized enterprises (SMEs) represent a rapidly growing segment within the enterprise backup and recovery software market. SMEs are increasingly adopting these solutions to protect their operations from unexpected disasters such as natural calamities, technology failures, and human errors. The COVID-19 pandemic further accelerated this trend, with many SMEs transitioning to online operations and facing heightened cyber risks as a result.
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Market Segmentation
Component
• Software
• Services
Deployment
• Cloud
• On-premise
Enterprise Size
• Small & Medium Enterprises (SMEs)
• Large Enterprises
Industry Vertical
• BFSI
• IT & Telecom
• Government
• Media & Entertainment
• Retail & Consumer Goods
• Healthcare & Lifesciences
• Others
Key Players and Strategic Developments
• Veeam Software
• Cohesity, Inc.
• Rubrik
• Druva Inc.
• Commvault
• Veritas
• Dell Inc.
• NAKIVO, Inc.
• Acronis International GmbH
• Hewlett Packard Enterprise Development LP
• IBM Corporation
Recent developments include:
• Rubrik's Cyber Recovery Launch (November 2022): Aimed at helping enterprises prepare for cyberattacks and reduce operational downtime, this solution is part of the Rubrik Security Cloud.
• Veritas Technologies Partnership with Kyndryl Inc. (June 2022): This collaboration focuses on offering multi-cloud data management and recovery services, catering to the growing demand for secure and resilient cloud infrastructures.
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provid es custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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