Data Backup and Recovery Market - Forecast(2024 - 2030)
Market Overview
Data backup and recovery is the process of backing up data in case of loss and establishing secure systems that allow to recover data as a result. Organizations should strive to make backup management as simple as possible in order to ensure that recovery is a reliable process. A database management system (DBMS) is a software that allows users to conveniently manage databases. It enables users to view and interact with the database's underlying data. The increased threat of security breaches, combined with the growing trend toward digitization, will drive market expansion. Furthermore, widespread adoption of smartphones and the internet will have a beneficial impact on market growth.
A major trend in the data backup and recovery market is AI automation. Software vendors across industries are scrambling to add AI capabilities to their products, and backup is no exception. One possibility is that AI will help IT pros discover gaps in protection and ways to better protect data. Another possibility is that AI will aid in ransomware recovery. Another major trend is the application of zero-trust initiatives. Zero Trust Data Backup refers to a data protection approach that implements the principles of Zero Trust Security. It aims to prevent unauthorized access to backup data, ensuring its integrity.
Report Coverage
The report: “Data Backup and Recovery Industry Outlook – Forecast (2024-2030)”, by IndustryARC covers an in-depth analysis of the following segments of the Data Backup and Recovery industry.
By Component: Software and Services
By Deployment Type: On-Premise and Cloud.
By Organization Size: Large enterprise, Small and Medium Enterprise.
By Vertical: BFSI, Manufacturing, IT & Telecommunication, Media and Entertainment, Healthcare, Retail, Education, and Other. Industries.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
? The Cloud segment is expected to grow at the fastest CAGR during the forecast period. Cloud solutions help to reduce downtime in the event of a data loss and make it easier to locate data. It also provides enhanced scalability by making it simple to increase the storage limit.
? During the projected period, North America is expected to account for the largest market share of 35% in the data backup and recovery market. Government initiatives and regulatory rules, such as the Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley (SOX), are promoting the usage of data backup and recovery software and related services in the region.
? The growing usage of cloud technology among small and medium-sized businesses opens up a wide variety of potential for the global Data Backup and Recovery Market.
? Data backup and recovery solutions are available in a variety of customised software formats and as a service, which is commonly referred to as Backup-as-a-Services (BaaS). The requirement for dependable data backup and recovery software solutions will have an impact on digital transformation and data protection across industries.
Data Backup and Recovery Market Segment Analysis – By Deployment Type
The Cloud segment is expected to grow at a fastest CAGR during the forecast period. As per Flexera’s 2022 State of the Cloud Report, Developers and software engineers at growing businesses and startups are embracing cloud computing at an exponential rate with more than 60% of SME data now residing in the public cloud. The sheer volume of data and the velocity at which it’s being generated makes it increasingly vital for businesses to bolster their data protection strategy. Cloud solutions help to reduce downtime in the event of a data loss and make it easier to locate data. It also provides enhanced scalability by making it simple to increase the storage limit. The pay-as-you-go concept aids in the cost-effectiveness of companies of all sizes. Cloud-based deployment is preferred by SMEs since it is cost effective and simple to use. In recent years, cloud services have seen a fast increase in their expansion across a variety of businesses.? Companies can save money by using data backup. It connects smoothly with existing infrastructure and does not necessitate the purchase of new equipment. When the backup is finished, the encrypted files are sent to an offshore data centre. This entire procedure makes use of cloud technologies without incurring any additional costs. To safeguard the data from further security breaches, each piece of data is encrypted before being transported to the offsite data centre.?
Data Backup and Recovery Market Segment Analysis – By Vertical
The Education segment is expected to grow at the fastest CAGR during the forecast period. Educational institutions have a unique mix of data security and business continuity requirements, owing to limited finances and the need to secure a high number of devices and users. With the introduction of e-learning and online exam preparation, the amount of data created is massive and critical. With such vast amounts of data, there is a need to back it up in order for educational institutions to function smoothly. For commercial operations, the education vertical relies on on-demand applications, which include everything from student and office staff records to research and content, administrative information, and other critical data. Furthermore, it recognises the special needs of the education sector and has created a platform that offers the greatest combination of local, virtual, and cloud solutions.?
Data Backup and Recovery Market Share Segment Analysis - Geography
During the projected period, North America is expected to account for the largest market share of 35% in the data backup and recovery market. Government initiatives and regulatory rules, such as the Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley (SOX), are promoting the usage of data backup and recovery software and related services in the region. Furthermore, North America is seeing an increase in the use of cloud computing in conjunction with IoT to handle the vast amount of data generated by smart devices. These innovations are increasing the use of data backup and recovery solutions in North America. The data centre market in the region has grown steadily as the number of SMEs has increased. Furthermore, due to the exponential development in data generation volume, a data shift from private servers to cloud networks has been noticed. This growth necessitates durable and dependable backup and recovery solutions, as service disruptions result in substantial losses for service providers.
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Data Backup and Recovery Market Drivers
Backup-as-a-Services (BaaS)
Data backup and recovery solutions are available in a variety of customised software formats and as a service, which is commonly referred to as Backup-as-a-Services (BaaS). The requirement for dependable data backup and recovery software solutions will have an impact on digital transformation and data protection across industries. Backup as a Service (BaaS) links systems to a third-party supplier of private, public, or hybrid cloud services. Instead of using a centralised, on-premise solution, this is how backups are done. Organizations may decide to employ a BaaS solution over a costly upgrade if they have outgrown their legacy storage backup, or if they lack the resources for an on-premise backup. This makes it easier for IT to obtain files and information for end users. It also allows for rapid data restoration when operating systems fail. Companies desire a solution that gives a single location to retrieve data if employees lose files from operating systems. In October 2023, Veeam Software announced two new offerings which combine the confidence and reliability of Veeam’s backup and restore capabilities with the ease-of-use of Backup-as-a-Service (BaaS). Cirrus by Veeam, which is available for Microsoft 365 and Microsoft Azure customers, provides a simple, flexible, reliable and powerful BaaS offering.
Growing Incidences of Cybersecurity Breaches
As the internet's widespread availability leads to increased security concerns and cyberattacks, data backup and recovery become increasingly important. By the year 2025, cybercrime will cost the global GDP US$10.5 trillion, according to CyberSecurity Ventures. As per Verizon’s 2023 Data Breach Investigations Report, 24% of all breaches involved ransomware—maliciously encrypting data and demanding a ransom to return or unlock it. Cyberattacks can derail SMEs as they can prove to be extremely expensive. According to the United States Securities and Exchange Commission (SEC), about 60% of SMEs go out of business within six months of a data breach or cyberattack. Hence, it is better to have data backups. Thus, the growing incidences of cybersecurity breaches acts as a driver for the data backup and recovery market.
Data Backup and Recovery Market Challenges
Intense Competition from Open-Source Alternatives
Intense competition from open-source alternatives and lack of technical expertise is anticipated to be one of the market restraints for data backup and recovery. Furthermore, Data Backup and Recovery cannot be used across multiple industrial segments because it demands strong development teams and a significant amount of time to produce a solution, limiting the growth of the Data Backup and Recovery Market. It is fast and easy to recover small quantities of data. But full recoveries could eat up some time and stress the local systems. The amount of data that can be backed up into cloud storage each day is determined by the client's available bandwidth. Some data may not be backed up if the client attempts to backup huge amounts of data with limited bandwidth. In the event of a calamity, this can result in data loss. This is expected to hamper to market growth.
Data Backup and Recovery Industry Outlook
Data Backup and Recovery top 10 companies include
1. Veritas Technologies
2. Veeam
3. Acronis
4. Arcserve
5. NetApp, Inc.
6. Code42
7. Commvault
8. Kaseya?
9. Rubrik
10. Barracuda Networks
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