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Emerging Storage And Backup Software Market Trend 2025-2034: AI-Powered Solutions Transforming Data Storage And Backup Software Market
Storage And Backup Software Market Size
In recent times, the market size of storage and backup software has witnessed fast-paced expansion. The market, valued at $32.9 billion in 2024, is forecasted to increase to $37 billion in 2025, recording a compound annual growth rate (CAGR) of 12.5%. This remarkable growth in the past can be linked to factors like virtualization and cloud computing, the modernization of enterprise IT, disaster recovery, the explosion of data, as well as data security and compliance.
Anticipated vigorous augmentation is on the cards for the storage and backup software market in the following years, projecting to escalate to $53.56 billion in 2029, with a compound annual growth rate (CAGR) of 9.7%. The impending escalation during the forecast period has its roots in the hybrid and multi-cloud implementation, challenges from ransomware and cybersecurity, edge computing, and data analytics combined with artificial intelligence. The forecast period is anticipated to witness trends such as hybrid and multi-cloud approaches, imposition of artificial intelligence and machine learning, software-defined storage (sds), backup as a service (baas), and disaster recovery as a service (draas).
What Are the Key Drivers Behind the Growth of the Storage And Backup Software Market?
The escalating accumulation of data, along with an increased recognition of the need for data backup and protection within organizations, is projected to favor the storage and backup software market during the forecast duration. Furthermore, the surge in adoption of cloud-based technologies, coupled with the necessity for storage and safeguarding across all businesses, is also propelling the growth of the storage and backup software market. For instance, predictions suggest that over 72% of worldwide enterprises are expected to transition from on-premise data centers to cloud storage by 2022.
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Who Are the Major Industry Players Fueling Storage And Backup Software Market Expansion?
Major companies operating in the storage and backup software market include Dell Inc., Hewlett Packard Enterprise Company, Netapp Inc., Hitachi ltd., Huawei Technologies Co Ltd., International Business Machines Corporation, Toshiba Corporation, Pure Storage Inc., Nutanix Inc., Micron Technology Inc., Tintri Inc., Quest Software Inc., Cloudian Inc., Vembu Technologies Pvt Ltd., Quantum Corporation, OwnBackup, Samsung Electronics Co Ltd., Fujitsu Ltd., Vmware Inc., Cohesity Inc., Nexenta, Netgear Inc., Inspur Group, Oracle Corporation, Acronis International GmbH, Commvault, CA Technologies Inc., Syspro Technologies, Brightpearl Limited, CloudAlly
Which Key Developments Are Influencing the Storage And Backup Software Market?
The recent uptake of artificial intelligence (AI) oriented applications is among the emerging trends in the storage and backup software marketplace. Defined as an aspect of computer science that mimics human cognition, AI-based applications autonomously generate data and confirm its credibility before incorporating it into a database. These applications are also proficient in perfecting database management protocols, adjusting data to suit database functionalities, and evaluating metadata across an organization's storage infrastructure. As a case in point, Commvault, a significant player in the storage and backup software industry, has debuted a novel kind of backup and recovery software powered by AI. This software leads to enhanced efficiency and effectiveness in data backup and recovery by scrutinizing user patterns and performance.
How Is the Segmentation of the Storage And Backup Software Market Defined?
The storage and backup software market covered in this report is segmented -
1) By Type: Storage Software, Backup Software
2) By Deployment: Cloud, On-premise
3) By End User: Banking, Financial Services And insurance (BFSI), Telecommunication, Consumer goods And retail, Media And Entertainment, Healthcare And life Sciences, Government
Subsegments:
1) By Type: Storage Software, Backup Software
2) By Deployment: Cloud, On-Premise
3) By End User: Banking, Financial Services And Insurance (BFSI), Telecommunication, Consumer Goods And Retail, Media And Entertainment, Healthcare And Life Sciences, Government
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What Is the Leading Region in the Storage And Backup Software Market?
Asia-Pacific was the largest region in the storage and backup software market in 2023. North America was the second largest region if the storage and backup software market. The regions covered in the storage and backup software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What Is Covered In The Storage And Backup Software Global Market Report?
- Market Size Analysis: Analyze the Storage And Backup Software Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Storage And Backup Software 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 Storage And Backup Software Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Storage And Backup Software Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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