Data Backup and Recovery Software Market Size, Share, Growth, and Industry Analysis, By Type (On-Premises, Cloud-Based), By Application (Enterprise, Personal), Regional Insights, and Forecast To 2031

Updated On: 22 April 2024

Data Backup and Recovery Software Market REPORT OVERVIEW

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global data backup and recovery software market size was USD 5074.5 million in 2020 and market is projected to touch 14191.2 Million by 2031, exhibiting a CAGR of 9.8% during the forecast period.

Data backup software is a program that makes a copy of your data so you can protect it and recover it if it gets lost, corrupted, or infected by virus. In the event of hard drive crashes, corrupted data, or unintentional deletion of crucial files, data recovery software offers access to restart programmers and protect digital property. The practice of making and keeping copies of data that can be used to safeguard organizations against data loss is referred to as backup and recovery. Further strengthening the industry is anticipated from new trends including the usage of big data and artificial intelligence (AI). Technology developments are also a major factor in the developed countries' market expansion.

COVID-19 Impact: Imposed Restrictions in the Economy Resulted in Decline in the Market

The COVID-19 outbreak caused temporary business closures as well as supply chain and manufacturing disruptions, which in turn reduced the development of telecom infrastructure and had a negative effect on the sales and marketing efforts of rugged phone companies competing in the market. The effects were severe, particularly for startups and small- to medium-sized businesses operating in this industry. Companies did, however, make a lot of restructuring efforts to address the supply chain difficulties and improve collaboration with suppliers and partners to lessen the negative market impact.

LATEST TRENDS

"Growth of the market in recent years"

Businesses spend a lot of time and resources creating proprietary data and information. Gaining an edge in the market frequently requires having that expertise. Customers' dissatisfaction, lost revenue, and even insolvency may arise from data loss caused by threats or disasters; for instance, more than 90% of organizations without a disaster recovery plan that encounter a big disaster shut down within a year. When it comes to storing up data, backup software has several benefits that could help you save time and keep your competitive edge. Security is one of the most important aspects of data backup and recovery. As IT systems advance and link, the number of potential threats to a company's information increases.

Data Backup and Recovery Software Market SEGMENTATION

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• By Type

Based on type the global data backup and recovery software market is classified as on-premises, cloud-based.

• By Application

Based on application the global data backup and recovery software market is classified as enterprise, personal.

DRIVING FACTORS

"The Utilization as a Catalyst to Boost the Market Growth "

The demand for cloud-based services is constantly increasing across a wide range of businesses because they provide a few advantages, such as lower hosting costs, more capacity, lower labour and equipment expenses, improved collaboration, more efficient operations, and higher productivity. The demand for cloud backup and recovery software is also rising in MSEs since the cloud serves as an ideal alternative for MSEs that cannot afford to deploy backup and recovery systems internally.

"Extensive Application in Laundering Process to Multiply the Production and Market Growth"

Enterprises can sustain their application and infrastructure at a lesser cost than they would with on-premises solutions thanks to the utilisation of cloud backup and recovery. These technologies assist businesses in reserving and paying for the volume of data that they need and actively use. With the use of cloud backup & recovery services, businesses are reducing their operating and capital spending on IT infrastructure, which is anticipated to fuel growth of the worldwide cloud backup & recovery software market over the forecast period. Over the course of the forecast period, the global market for cloud backup & recovery software is anticipated to witness a rise in the usage of cloud backup & recovery solutions among small and medium-sized businesses.

RESTRAINING FACTORS

"Several Challenges Associated with the Local Irritation to Restrain the Market"

Over the course of the projection period, it is also anticipated that an increase in the implementation of government requirements for data protection would provide several business possibilities in the worldwide cloud backup & recovery software market. For instance, the Health Insurance Portability and Accountability Act (HIPAA) established guidelines for the protection and privacy of patient information. The healthcare organization must make sure that all of its electronic data systems abide by HIPAA guidelines. The market's players now have prospects for growth thanks to this reason.

Data Backup and Recovery Software Market REGIONAL INSIGHTS

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"North American Region to Dominate the Market with Extensive Utilization and Multiplying Manufacturers"

Over the course of the forecast period, North America is anticipated to have a significant share of the worldwide cloud backup & recovery software market. Numerous businesses in the area have made significant investments in research and development, which has aided in the development of innovative technology. Additionally, businesses in the area are making investments in cutting-edge technology to strengthen their market positions and improve their operational efficiency, which is anticipated to present a number of opportunities for vendors in the data backup and recovery market. Therefore, it is anticipated that these factors will spur the expansion of the regional market for global cloud backup & recovery software.

KEY INDUSTRY PLAYERS

"Financial Players to Contribute Towards Expansion of Market"

This market is extremely competitive and consists of various global and regional players. Major players are involved in strategizing various plans such as mergers and acquisitions, partnerships, introduction of new and enhanced products, along with joint ventures. The report is extensive research of a list of market players who contribute towards the expansion of the market. The information is a collusion of latest technological developments, trends, production lines mergers and acquisitions, market study and others. Other factors such as regional wise analysis and segment wise analysis are also considered to understand the market share, product growth, revenue growth and others during the forecasted period.

List of Market Players Profiled

• Veritas Technologies (US)
• Veeam (US)
• Acronis (Singapore)
• StorageCraft (Poland)
• Netapp (US)
• Code42(US)
• Commvault (US)
• Kaseya (Unitrends) (US)
• Datto(US)
• Zoolz (Genie9) (US)
• Wondershare (US)
• Softland Romania (Rome)
• NTI Corporation (US)
• EasyUS (China)
• Strengthsoft (US)

REPORT COVERAGE

The SWOT analysis and information on future developments are covered in the study. The research report includes a study of a number of factors that promote market growth. This section also covers the range of numerous market categories and applications that could potentially affect the market in the future. The specifics are based on current trends and historical turning points. The state of the market's components and its potential growth areas over the following years. The paper discusses market segmentation information, including subjective and quantitative research, as well as the impact of financial and strategy opinions. Additionally, the research disseminates data on national and regional assessments that take into account the dominant forces of supply and demand that are influencing market growth. The competitive environment, including market shares of significant competitors, is detailed in the report along with fresh research methodology and player strategies for the anticipated time.