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“The data backup and recovery market is expected to grow at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period owing to growing amount of data and increasing adoption of cloud data backup solutions”
The global data backup and recovery market size is expected to grow from USD 7.13 billion in 2017 to USD 11.59 billion by 2022, at a CAGR of 10.2% during the forecast period. Data backup and recovery software and solutions play a vital role to protect, replicate, and retain data in case of any manual or natural disaster. Increasing adoption of cloud data backup solutions and the enormous growth of data are driving the adoption of reliable data backup and recovery software and services among enterprises. Regular data backups are vital insurance against a data-loss catastrophe. Data backup process involves copying and archiving enterprise data, so that it is accessible in case of data deletion or corruption. Vendors are majorly offering data backup and recovery solutions in the form of customized software and as a service popularly known as Backup as a Service (BaaS) to their commercial customers in the global market.
“Education vertical is expected to grow at the highest CAGR during the forecast period.”
With the advent of e-learning and online exam practices, the amount of data being generated is huge and is very crucial. With such large volumes of data there arises the need to back it up to ensure the smooth operational functioning of educational institutions. The education vertical relies on on-demand applications for business operations, from student and office staff records to research and content, to administrative information and other important data. Moreover, it recognizes the unique needs of the education space and develop a platform that provides the best mix of local, virtual, and cloud solutions.
“The cloud segment is expected to hold the largest market size in the data backup and recovery market during the forecast period.”
Cloud solutions help to reduce the downtime on the occurrence of any loss and help to locate the data easily. Also, it offers increased scalability, as it allows to increase the storage limit easily. The pay-as-you-use model helps organizations of all the sizes to be cost effective. SMEs prefer cloud-based deployment, as cloud-based solutions are cost effective and easy to deploy. With the adoption of these solutions, small enterprises are able to secure their data, thus improving customer services.
“North America is expected to have the largest market size, and Asia Pacific (APAC) is projected to grow at the highest rate during the forecast period.”
North America is expected to hold the largest market share in the data backup and recovery market during the forecast period. The government initiatives and regulatory policies, such as Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes–Oxley (SOX) to promote the adoption of data backup and recovery software and associated services in the region. Furthermore, North America is witnessing the increasing adoption of cloud with IoT to handle the massive amount of data generated from smart devices. These developments are boosting the adoption of data backup and recovery solutions in the North American region.
The APAC region is expected to witness significant growth and is projected to be the fastest-growing region in the global data backup and recovery market. APAC has witnessed advanced and dynamic adoption of new technologies and has always been a lucrative market. Various enterprises in APAC, across industry verticals, need to manage the heterogeneity in enterprise data and to protect the same. Moreover, the growing number of cloud services and smart devices is driving the need for reliable backup and disaster recovery software beyond traditional boundaries, these marketplaces are expected to witness significant adoption of data backup and recovery services during the forecast period.
In the process of determining and verifying the market size of several segments and subsegments gathered through secondary research, extensive primary interviews were conducted with key people.
The break-up of the profiles of primary participants is as follows:
- By Company: Tier 1 – 30 %, Tier 2 – 40%, and Tier 3 – 30%
- By Designation: C-Level – 72%, Director Level – 14%, and Others – 14%
- By Region: North America – 57%, Europe – 14%, APAC and ROW – 29%
The data backup and recovery market includes various major vendors such as IBM (US), CA Technologies (US), Commvault, (US), Dell (US), HPE (US), Oracle (US), Microsoft (US), Veritas Technologies (US), Acronis (US), NetApp (US), Unitrends (US) and Veeam (US).
The report includes an in-depth competitive analysis of the key players in the data backup and recovery market along with their company profiles, recent developments, and key market strategies. The report segments the data backup and recovery market by component (software and service), application, organization size, deployment type, vertical, and region.
Reasons To Buy the Report:
The data backup and recovery market has been segmented on the basis of component (software and service), application, organization size, deployment, vertical, and region.
- The overall data backup and recovery market revenue stream has been estimated based on the revenue generated from the vendors offering dedicated backup and recovery software and associated services
- including Backup-as-a-Service (BaaS) and Disaster Recovery-as-a-Service (DRaaS).The report provides the closest approximations of the revenue numbers for the overall market and the subsegments. The market numbers are further split into regions.
- The report helps the stakeholders understand the pulse of the market and provides them with information on the key market drivers, restraints, challenges, and opportunities.
- The report will help the stakeholders to understand the competitors and gain more insights to better their market position. The competitive landscape section includes the competitor ecosystem, new product developments, partnerships, and mergers and acquisitions.