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Database, Storage & Backup Software Publishing Market Report 2024 - Market Growth And Trends
Database, Storage & Backup Software Publishing Market
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According to The Business Research Company's, The database, storage & backup software publishing market size has grown rapidly in recent years. It will grow from $255.86 billion in 2023 to $284.77 billion in 2024 at a compound annual growth rate (CAGR) of 11.3%. The growth in the historic period can be attributed to data explosion, cybersecurity concerns, virtualization and containerization, cloud adoption, compliance and regulations.
The database, storage & backup software publishing market size is expected to see rapid growth in the next few years. It will grow to $456.85 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%. The growth in the forecast period can be attributed to edge computing, ai and machine learning integration, ransomware threats, digital transformation, iot proliferation. Major trends in the forecast period include hybrid and multi-cloud adoption, data governance and management, sustainability and green computing, containerization and microservices, user experience enhancement, resilience testing and automation.
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Market Drivers and Trends:
The growing demand for data storage is expected to propel the growth of the database, storage, and backup software publishing market going forward. Data storage is the process of recording and preserving digital data on a physical medium. Database software helps to organize and manage large amounts of data. It provides a way to store data in a structured and searchable format, making it easy to find and retrieve specific pieces of information. Backup software helps to create and maintain copies of data in case of loss or corruption. For instance, in February 2021, according to the Korea Data Center Council (KDCC), the overall capacity of colocation data centers information technology (IT) load reached 430 MW at the end of 2020, accounting for 11% of the total APAC (Asia-Pacific) IT load. Following Savills Korea projections, the total commercial data center IT load in Korea is expected to expand by 700 MW between 2021 and 2023, accounting for 15% of overall Asia-Pacific capacity. Therefore, the growing demand for data storage is driving the growth of the database, storage, and backup software publishing market.
With technological advances in cloud computing and the continuous requirement of updating in-house IT infrastructure, companies are witnessing a rising demand for public cloud platforms. A public cloud is a service based on the standard cloud computing model, in which a service provider makes resources, such as virtual machines (VMs), applications or storage, available to the general public over the Internet. Companies are increasingly opting for public cloud platforms to minimize their costs as the public cloud provides services on a pay-as-you-go model, the need for organizations to invest in and maintain their own in-house IT resources, and enables scalability to meet workload and user demands.
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Major Key Players of the Market:
Google LLC, Broadcom Inc., NetApp Inc., NEC Corporation, Altice Europe N.V., Commvault Systems Inc., Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Dell Inc., Veritas Technologies LLC, Veeam Software AG, Rubrik Inc., Cohesity Inc., Acronis International GmbH, Carbonite Inc., Arcserve LLC, Unitrends Inc., Actifio Inc., Zerto Ltd., Nakivo Inc., Druva Inc., Asigra Inc., StorageCraft Technology Corporation, Barracuda Networks Inc., Micro Focus International plc, Quest Software Inc., Red Hat Inc., Vembu Technologies Pvt. Ltd.
Database, Storage & Backup Software Publishing Market 2024 Key Insights:
• The database, storage & backup software publishing market size is expected to see rapid growth in the next few years. It will grow to $456.85 billion in 2028 at a compound annual growth rate (CAGR) of 12.5%.
• Growing Demand For Data Storage
• Growing Demand For Public Cloud Platforms In Modern Business
• Asia-Pacific was the largest region in database, storage & backup software publishing market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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