Press release
Data Backup and Recovery Market to Reach $25.63 Bn by 2030 at 10.3% CAGR
Data Backup and Recovery Market
The global data backup and recovery market, valued at approximately $12.90 billion in 2023, is projected to reach nearly $25.63 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 10.3% during the forecast period.
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Competitive Landscape and Regional Demand
The market is witnessing intensified competition, with key players enhancing their data protection and management solutions to cater to the increasing demand for robust data backup and recovery services.
United States: Growth Opportunities in Data Backup and Recovery
In the United States, the data backup and recovery sector is experiencing substantial growth, driven by heightened awareness of data protection amid rising cyber threats. Companies like Commvault have reported significant financial performance, with a 13.4% revenue increase to $224.7 million in the fiscal first quarter, reflecting the growing demand for data protection solutions.
Asia Pacific: Trends and Consolidation in Data Protection
The Asia Pacific region is witnessing a surge in data protection investments, with companies like Veeam Software experiencing a valuation increase to $15 billion following a $2 billion share sale. This growth is attributed to the expanding focus on data resilience and the integration of AI technologies to enhance product effectiveness.
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Middle East and Africa: Investment and Expansion in Data Backup Solutions
The Middle East and Africa are experiencing increased mergers and acquisitions in the data backup and recovery industry. Companies in the region are investing in advanced data protection solutions to safeguard against rising cyber threats and ensure business continuity.
Europe: Market Updation and Emerging Opportunities
Europe's data backup and recovery market is undergoing significant transformations, with major companies engaging in strategic acquisitions to strengthen their market positions. For instance, Salesforce acquired Own Co., a data protection and management solutions provider, for $1.9 billion, marking its largest acquisition since 2021 and signaling a strategic move into the growing data management market.
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Market Segmentation: In-Depth Analysis:
by Component
Software
Services
by Service
Professional Services
Managed Services
by Vertical
BFSI
IT and Telecommunications
Retail
Government and Public Sector
Healthcare
Media and Entertainment
Manufacturing
Others
Over the course of the projected period, the BFSI segment is anticipated to expand at a CAGR of 7.3%.
Maintaining consistent procedures both during and after data crises is crucial for bank performance. For every minute that their network is unavailable, these businesses will lose not only money but also the trust and confidence of their clients. As a result of the expensive damage brought on by invasions, lost data, and client walkouts, many affected firms will have to permanently close.
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Learn about the top players driving innovation in the Market :
1. NetApp, Inc.
2. Rackspace, Inc.
3. Veritas Technologies LLC
4. CommVault Systems Inc.
5. Acronis International GmbH
6. Carbonite Inc.
7. Actifio
8. Unitrends
9. Asigra
10. Redstor Limited
11. Veeam
12. Rubrik
13. Dell Technologies
14. Cohesity
15. IBM
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