Data Backup and Recovery Market Size, Share, Growth, and Industry Analysis, By Type (Data Replication, Data Reduction, Data Retention), By Application (Banking, Financial Services and Insurance, Telecom, IT and Ites, Government and Defense, Ecommerce, Healthcare, Energy and Power, Others), Regional Forecast By 2031

Data Backup and Recovery Market Report Overview

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The global data backup and recovery market size was USD 5074.5 million in 2022 & the market is expected to reach USD 11771.07 million in 2031, exhibiting a CAGR of 9.8% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with data backup and recovery market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over. 

In the field of data management, the processes of protecting and restoring data in the event of an unexpected loss are known as data backup and recovery. In contrast to data recovery, which involves restoring data from backup storage following a data loss event, data backup refers to the creation of a duplicate copy of data files and their storage in a separate location.

Establishing a backup schedule, regularly testing backups to ensure their integrity, and training staff on proper backup and recovery procedures are all essential for the efficient backup and recovery of data. Moreover, associations ought to consider carrying out information encryption and access controls to safeguard information from unapproved access. The data backup and recovery market is driven by growing data volumes, cybersecurity threats, growing need for secure and reliable data management and technological advancements

COVID-19 Impact: Pandemic Hampered the Demand for Market

The market has been significantly affected by the COVID-19 pandemic. The pandemic has constrained organizations to take on remote work approaches, which has prompted an expanded dependence on cloud-based reinforcement and recuperation arrangements. As a result, there has been an increase in demand for cloud-based backup and recovery services, which has accelerated their adoption. As a result of the pandemic's unanticipated disruptions and the need to quickly recover critical data, the significance of data backup and recovery solutions has been brought to light. Subsequently, organizations have expanded their interest in reinforcement and recuperation answers for guarantee business congruity despite future disturbances. The significance of information reinforcement and recuperation arrangements has been featured by the pandemic, and this is supposed to drive long haul development on the lookout.

Latest Trends

"Rising Demand for Cloud-Based Backup Solutions to Fuel Market Growth"

Numerous organizations are settling on cloud-based reinforcement arrangements as they offer a financially savvy and secure method for putting away information. Businesses can easily access their data at any time and from any location with cloud backup. Man-made intelligence and ML innovations are being coordinated into information reinforcement and recuperation answers for work on the productivity and speed of information reinforcement and recuperation processes. Businesses can take proactive measures to protect their data thanks to AI and ML's ability to identify potential issues before they arise. With the rising recurrence and complexity of digital assaults, network protection has turned into a main concern for organizations. To guard against data breaches and other cyber threats, numerous backup and recovery solutions now include advanced security features. Crossover reinforcement arrangements, which join on-reason and cloud-based reinforcement, are turning out to be progressively famous. As a result, businesses can take advantage of the advantages of both cloud-based and on premise backup solutions.

Data Backup and Recovery Market Segmentation

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• By Type Analysis

According to type, the market can be segmented into data replication, data reduction, data retention.

Data replication is expected to be the top part of type segmentation.

• By Application Analysis

Based on application, the market can be divided into banking, financial services and insurance, telecom, IT and ITes, government and defense, ecommerce, healthcare, energy and power, others.

Financial services and insurance is expected to be the top part of application segmentation.

Driving Factors

"Rising Occurrence of Cybersecurity Threats to Stimulate Market Growth"

Due to the increasing sophistication and frequency of cyberattacks, businesses are making investments in backup and recovery solutions to guarantee business continuity in the event of one. In order to safeguard their essential information assets, businesses are increasingly turning to backup and recovery solutions in response to the exponential growth of data. The adoption of backup and recovery solutions is being driven by compliance with privacy and data protection regulations. In order to safeguard data and make it simple to restore in the event of a disaster, backup and recovery solutions are becoming increasingly important as more businesses move their IT infrastructure to the cloud. Propels in innovation have made reinforcement and recuperation arrangements more reasonable, permitting associations, everything being equal, to execute these arrangements. Employees are accessing data from multiple devices and locations as a result of the rise of remote work, making data backup more complicated and crucial. All these benefits has boosted data backup and recovery market growth.

Restraining Factors

"High Cost of Data Backup to Restrict Market Growth"

Cost is a major obstacle for businesses looking for data backup solutions. Implementing a comprehensive data backup and recovery plan can be costly, particularly for smaller businesses, given the limited budgets of many organizations. The complexity of the available solutions is another significant constraint for the market. It's possible that many businesses lack the technical expertise necessary to effectively implement and manage these solutions.

Data Backup and Recovery Market Regional Insights

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"Adoption of Cloud-Based Solutions in North America Anticipated to Drive Market Expansion "

North America holds the leading position in data backup and recovery market share due to the widespread adoption of cloud-based solutions, big data analytics, and the presence of leading technology providers in the region, the region has a high demand for data backup and recovery solutions. In addition, the market is expanding due to the rising demand for data backup in sectors like healthcare, banking, and financial services.

Key Industry Players

"Adoption Innovative Strategies by Key Players Influencing Market Growth"

Prominent market players are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio.

The top key players in the market are IBM, Microsoft, Oracle, HPE, Broadcom, Dell, Veritas Technologies, Commvault, Acronis, Netapp, Veeam, Unitrends. The strategies to develop new technologies, capital investment in R&D, improve product quality, acquisitions, mergers, and compete for the market competition help them to perpetuate their position and value in the market. Besides, collaboration with other companies & extensive possession over market shares by the key players stimulates market demand.

LIST OF TOP DATA BACKUP AND RECOVERY COMPANIES

• IBM (U.S.)
• Microsoft (U.S.)
• Oracle (U.S.)
• HPE (U.S.)
• Broadcom (U.S.)
• Dell (U.S.)
• Veritas Technologies (U.S.)
• Commvault (U.S.)
• Acronis (Switzerland)
• Netapp (U.S.)
• Veeam (U.S.)
• Unitrends (U.S.)

Report Coverage

This report examines an understanding of the data backup and recovery market’s size, share, and growth rate, segmentation by type, application, key players, and previous and current market scenarios. The report also collects the market’s precise data and forecasts by market experts. Also, it describes the study of this industry’s financial performance, investments, growth, innovation marks, and new product launches by the top companies and offers deep insights into the current market structure, competitive analysis based on key players, key driving forces, and restraints that affect the demand for growth, opportunities, and risks.

Furthermore, the post-COVID-19 pandemic’s effects on international market restrictions and a deep understanding of how the industry will recover, and strategies are also stated in the report. The competitive landscape has also been examined in detail to provide clarification of the competitive landscape.

This report also discloses the research based on methodologies that define price trend analysis of target companies, collection of data, statistics, target competitors, import-export, information, and previous years’ records based on market sales. Moreover, all the significant factors which influence the market such as small or medium business industry, macro-economic indicators, value chain analysis, and demand-side dynamics, with all the major business players have been explained in detail. This analysis is subject to modification if the key players and feasible analysis of market dynamics change.