Press release
Data Backup And Recovery Market Poised for 15.2 % Growth, Set to Hit $221.45 Billion by 2029
Data Backup And Recovery
The data backup and recovery market is anticipated to witness substantial growth due to an increased adoption of cloud data backup. Storing a replica of a physical or virtual file, database, or any other form of data in an off-site location for use in situations like equipment failure or emergencies is made possible by cloud backup. Data stored in the cloud, being accessible at all times from any location, gets a protection cushion and is very conveniently recoverable. For example, as per Gartner, a US-based management consulting firm, by 2025, it is projected that 51% of enterprise IT expenditure will move towards cloud computing, thereby exceeding conventional IT spending. Moreover, spending on public cloud services worldwide is forecasted to rise to $597.3 billion in 2023, a considerable jump from $491 billion in 2022. Hence, the uptake of cloud data backup is spurring the development of the data backup and recovery market.
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How will the growth rate of the data backup and recovery market shape industry trends by 2034?
The quick and substantial growth of the data backup and recovery market can be recognized in recent years. The expectation is that it will expand from 2024's $14.95 billion to $16.66 billion in the succeeding year with a compound annual growth rate (CAGR) of 11.5%. The growth observed in the past can be traced back to the escalation in data volume, the rise of virtualization, the companies' emphasis on disaster recovery, and growing worries about data security.
In the upcoming years, a swift expansion is anticipated in the data backup and recovery market, with its net worth projected to reach $29.31 billion by 2029, growing at a compound annual growth rate (CAGR) of 15.2%. Various factors contributing to this anticipated growth during the forecast period include necessary steps taken to counteract ransomware, regulatory compliance, and the continuous protection of data. The forecast period is also expected to witness several prevailing trends such as early digitalization, the incorporation of AI and machine learning into backup operations, an emphasis on cybersecurity within backup methodologies, and hyper-converged infrastructure (HCI) being implemented for backup.
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What trends are poised to drive the future success of the data backup and recovery market?
The progression of technology is a notable trend gaining traction within the market for data backup and recovery. Top companies within this sector are pioneering new technology, engaging in research and development to shift towards more efficient alternatives such as multi-cloud data backup and recovery. Using these systems, data backup can occur across multiple cloud services offered by various providers. The frequent replication of backups from one service to another and subsequent storage for disaster recovery is a feature of these systems. Ideal systems should facilitate recovery from numerous sources. For example, in June 2022, U.S. cloud storage and data backup firm, Backblaze, Inc., formed a partnership with Veritas Technologies LLC. Their collaboration offers multi-cloud data backup and recovery. Patrons utilizing Backup Exec for their data backup and recovery operation can benefit from the simple, affordable, and S3-compatible object storage provided by their joint solution. Veritas' Backup Exec service offers companies a means to protect almost any data across multiple storage mediums, including tape, servers, and cloud. Veritas Technologies LLC is a data management firm based in the U.S.
Which primary segments of the data backup and recovery market are driving growth and industry transformations?
The data backup and recovery market covered in this report is segmented -
1) By Backup Type: Service Backup, Media Storage Backup, Email Backup
2) By Component: Software, Services
3) By Deployment Type: Cloud, On-Premises
4) 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
Subsegments:
1) By Service Backup: Cloud Backup, SaaS Backup, Disaster Recovery As A Service (DRaaS)
2) By Media Storage Backup: Tape Backup, Disk-Based Backup, Optical Backup
3) By Email Backup: Microsoft 365 Backup, G Suite (Google Workspace) Backup, On-Premise Email Backup Solutions
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Which geographical regions are pioneering growth in the data backup and recovery market?
North America was the largest region in the data backup and recovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data backup and recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Who are the influential players reshaping the data backup and recovery market landscape?
Major companies operating in the data backup and recovery market include 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
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What Is Covered In The Data Backup And Recovery Global Market Report?
•Market Size Forecast: Examine the data backup and recovery market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the data backup and recovery market for a structured understanding.
•Key Players Overview: Analyze major players in the data backup and recovery market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the data backup and recovery market.
•Segment Contributions: Evaluate how different segments drive overall growth in the data backup and recovery market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the data backup and recovery market.
•Industry Challenges: Identify potential risks and obstacles affecting the data backup and recovery market.
•Competitive Landscape: Review strategic developments in the data backup and recovery market, including expansions, agreements, and new product launches.
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