Press release
Strategic Forecast for the Storage And Backup Software Industry: Market Outlook 2025-2034
Storage And Backup Software Market
Storage And Backup Software Market Size Growth Forecast: What to Expect by 2025?
The market size for storage and backup software has seen a swift expansion in the previous years. This market is projected to escalate from a value of $32.9 billion in 2024 to approximately $37 billion in 2025, achieving a compound annual growth rate (CAGR) of 12.5%. The progression during the historic phase can be credited to factors such as virtualization and cloud computing, the modernization of enterprise IT, disaster recovery strategies, the surge in data quantities, and necessities surrounding data security and compliance.
How Will the Storage And Backup Software Market Size Evolve and Grow by 2029?
Expectations for the storage and backup software market forecast suggest a robust growth over the coming years, with a projected worth of $53.56 billion in 2029 and a CAGR of 9.7%. This projected growth in the forecast period is believed to be driven by the adoption of hybrid and multi-cloud, escalating dangers of ransomware and other cybersecurity threats, advancements in edge computing, and the rise of data analytics and AI. Key emerging trends during this forecast period include the implementation of hybrid and multi-cloud strategies, the harnessing of artificial intelligence and machine learning, the emergence of software-defined storage (SDS), backup as a service (BaaS) and disaster recovery as a service (DRaaS).
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What Drivers Are Propelling the Growth of Storage And Backup Software Market Forward?
The anticipated rise in data volumes, coupled with organizations' increasing consciousness regarding data backup and protection, is predicted to favor the storage and backup software market throughout the upcoming years. Further propelling the market's growth is the escalating adoption of cloud-based technologies and the universal need for storage and protection among all businesses. As a case in point, projections suggest that over 72% of worldwide companies will transition from on-premise data centers to cloud storage by 2022.
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Which Emerging Trends Are Transforming the Storage And Backup Software Market in 2025?
The incorporation of artificial intelligence (AI) centric applications is one of the emerging trends in the storage and backup software industry. These applications, a product of computer science that mimics human intelligence, independently generate and safeguard data. Prior to incorporating informative bits into a database, the source is validated by these AI applications. They also enhance database management strategies, coordinate data with database abilities, and evaluate metadata within an organization's storage framework. An illustration of this is seen in Commvault, a significant player in the storage and backup software sector, which has launched a new backup and recovery software that operates using AI. These technologies make the backup and recovery of data more streamlined and effective by examining user patterns and performance.
What Are the Key Segments in the Storage And Backup Software Market?
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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Who Are the Key Players Shaping the Storage And Backup Software Market's Competitive Landscape?
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
What Geographic Markets Are Powering Growth 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
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