Press release
Data Backup And Recovery Market: Exponential Growth to $29.31 Billion By 2029 At A CAGR Of 15.2%
Data Backup And Recovery Market
Fueled by Increasing Data Volume, Emergence of Virtualization and Prioritization of Disaster Recovery
What Is The Projected Market Size Of The Global Data Backup And Recovery Market And Its Growth Rate?
• The data backup and recovery market size has seen substantial growth in recent years. It is projected to grow from $14.95 billion in 2024 to $16.66 billion in 2025 at a compound annual growth rate (CAGR) of 11.5%.
• This market expansion in the historic period is majorly driven by factors such as the rise in data volume, the advent of virtualization, the growing focus on disaster recovery, and heightened concerns regarding data security.
• The data backup and recovery market size is slated to witness another spurt of growth in the next few years as well. It is estimated to reach $29.31 billion in 2029 at a CAGR of 15.2%.
• This upcoming growth is expected to be fueled by ransomware mitigation, regulatory compliance requirements, and the need for continuous data protection.
What Is Driving The Growth In The Data Backup And Recovery Market?
The significant increase in the adoption of cloud data backup solutions is largely driving the market growth for data backup and recovery. Storing a physical or virtual file, database, or any other form of data in a secondary, off-site location is wise and necessary, particularly when envisaging possibilities of equipment failure or other emergencies. Cloud-based data backup allows data to be stored in the cloud, rendering it accessible anywhere and anytime. This ensures both the safety of the data and its easy recovery. In February 2022, Gartner reported that in 2025, 51% of enterprise IT spending in key segments will shift to the cloud, surpassing traditional IT expenditure. Furthermore, the global spending on public cloud services is anticipated to reach $597.3 billion in 2023, a significant increase from $491 billion recorded in 2022. Therefore, the increased adoption of cloud data backup is majorly propelling the growth of the data backup and recovery market.
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Who Are the Key Players Driving Data Backup And Recovery Market Growth?
• Dell Technologies Inc.
• International Business Machines Corporation
• Oracle Corporation
• Hewlett Packard Enterprise Company
• Asigra Inc.
• NetApp Inc.
• Micro Focus International plc
• Veritas Technologies LLC
• Nutanix Inc.
• Rubrik Inc.
• Veeam Software AG
• Quest Software LLC
• Commvault Systems Inc.
• Barracuda Networks Inc.
• Acronis International GmbH
• Carbonite Inc.
• Cohesity Inc.
• Zerto Corporation
• Arcserve LLC
• Druva Inc.
• Actifio Inc.
• StorageCraft Technology Corporation
• HYCU Inc.
• Atempo Inc.
• Unitrends
• Altaro Software Limited
• Infrascale Inc.
• Vembu Technologies Pvt. Ltd.
• Bacula Systems SA
• BackupAssist Software
• Axcient
What Are The Key Trends In The Data Backup And Recovery Market?
• The dominance of early digitalization
• The integration of AI and machine learning into backup processes
• Focusing on cybersecurity in backup strategies
• The use of hyper-converged infrastructure (HCI) for backup
What Are The Segments Of The Global Data Backup And Recovery Market?
• By Backup Type: Service Backup, Media Storage Backup, Email Backup
• By Component: Software, Services
• By Deployment Type: Cloud, On-Premises
• By Industry Vertical: IT And Telecommunications, Retail, Banking, Financial Services, And Insurance, Government And Public Sector, Healthcare, Media And Entertainment, Manufacturing, Education, Other Industry Verticals
Which Region Leads The Data Backup And Recovery Market?
In 2024, North America was the largest region in the data backup and recovery market. However, Asia-Pacific is poised for the most rapid growth in the forecasted period. The data backup and recovery market report provides insights into other regions as well, including Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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What Is Covered In The Data Backup And Recovery Market Global Market Report?
- Market Size Analysis: Analyze the Data Backup And Recovery Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Data Backup And Recovery Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Data Backup And Recovery Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Data Backup And Recovery Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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