“The purpose-built backup appliance market to exhibit significant growth from 2018 to 2024”
The purpose-built backup appliance market is expected to grow from USD 5.2 billion in 2019 to USD 8.6 billion by 2024, at a CAGR of 10.6%. The growth of this market can be attributed to the growth of the IoT market, stringent rules and regulation of about data protection and data security such as GDPR (General Data Protection Regulation), and increasing awareness among enterprises to focus on data protection. However, the availability of cost-effective substitutes is expected to restrain market growth.
“Hardware component has higher market share than software component of the purpose-built backup appliance market”
The market for the hardware component of the purpose-built backup appliance market is expected to have a higher market share than a software component from 2019 to 2024. Generally, the hardware of the purpose-built backup appliance is either repaired or replaced when damaged, whereas the software of the purpose-built backup appliances are upgraded whenever the newer version is released. The hardware market is larger than the software market as hardware appliances are installed in most of the enterprises for the quick on-premise backup.
“Open system is likely to have a larger market share in purpose-built backup appliance market than mainframe system”
Open system PBBAs are easily adaptable to any IT environment. The open hardware and software standards of the open system make it easier to install to any enterprise and can scale as per the requirement. Most of the Telecom & IT companies are relying on open system IT architecture. Adoption of open system architecture by telecom & IT, manufacturing, retail, and healthcare verticals drives the market for the open system PBBAs.
“APAC to be the fastest-growing market for purpose-built backup appliance during the forecast period”
Among all regions, the market in APAC is expected to grow at the highest rate between 2019 and 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption data protection and data security policies in telecom & IT, BFSI, and manufacturing verticals. The APAC region is the manufacturing hub of the world. There are several telecom, IT, banking, and manufacturing giants in the APAC region. Also, the emerging economies such as China and India, offer attractive tax benefits for the small and mid-level enterprise to ease small enterprise setup. Favorable government policies for small and mid-level enterprise, increasing awareness of data protection and data security among BFSI, Telecom, and IT companies is driving the growth of the PBBA market during the forecast period.
The break-up of profiles of primary participants for the report:
- By Company Type – Tier 1 – 50%, Tier 2 – 30%, and Tier 3 – 20%
- By Designation – C-Level Executives – 70%, Directors – 20%, and Others – 10%
- By Region – North America - 35%, Europe – 25%, APAC – 25%, and RoW – 15%
The key players operating in the purpose-built backup appliance market are Dell Inc. (US), NetApp, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Fujitsu Limited (Japan), Commvault Systems, Inc. (US), Veritas Technologies LLC (US), Hewlett Packard Enterprise Company (US), Quantum Corporation (US), Barracuda Networks, Inc. (US), Hitachi Vantara Corporation (US), and Arcserve LLC (US) among many others.
- This global purpose-built backup appliance market has been segmented based on component, system, enterprise, vertical, and geography.
- The purpose-built backup appliance market based on component has been segmented into hardware and software.
- The purpose-built backup appliance market based on the system has been segmented further into mainframe and open.
- The purpose-built backup appliance market by the enterprise is segmented into large enterprise and small and mid-level enterprise.
- The vertical segment of the purpose-built backup appliance consists of telecom & IT, BFSI, manufacturing, retail, healthcare, media and entertainment, government, and others.
- The purpose-built backup appliance market, by geography, has been segmented into four regions?North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).
Reasons To Buy the Report:
• Illustrative segmentation, analysis, and forecast for markets based on component, system, enterprise, vertical, and region have been included to give an overall view of the purpose-built backup appliance market.
• Major drivers, restraints, opportunities, and challenges for the purpose-built backup appliance market have been detailed in this report.
• The report includes detailed information on the competitive landscape, along with key players, in-depth analysis, and revenue of key players.