Data Recovery Services Market Size, Share, Growth and Industry Analysis by Type (Personal, Commercial, Military, And, Other) By Application (SD Card, Hard Disk, USB Drive, Mobile Phone, PC & Tablet, And, Other), Regional Forecast To 2031

Updated On: 29 April 2024

Data Recovery Services Market REPORT OVERVIEW

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The global data recovery services market size is expanded rapidly in 2021 and market is expected to generate substantial revenue by 2031, exhibiting a high compound annual growth rate (CAGR) from 2021 to 2031.

Data recovery services are used for the purpose of retrieving salvaged data from devices that are corrupted. These services also help in recovering data from damaged storage devices like flash drives, HDDs, and SSDs. These services are used by many companies to restore their data in case of emergency.

Most of the cloud-based solutions are a major threat to data. Increasing penetration of data, and network, and rapid digitalization of many sectors is promoting market growth. Cyber threats, hacking, virus, and malwares have increased recently.  All of these factors are propelling the data recovery services market share.

COVID-19 impact: Increased Digitalization During Pandemic Increased Market Growth

The pandemic of COVID-19 created a lot of disruptions in every market. The rapid spread of coronavirus led to the formation of an economic and health crisis. As a result, governments of different countries had to take up precautions to prevent the further spread of coronavirus.

As a measure to prevent the spread of COVID-19 travel bans and strict protocols were imposed, industries were not allowed to work at their full capacity, and social gatherings were completely prohibited. All of these restrictions helped in transforming everything into digital. Education, healthcare, and many other sectors had to undergo a digital transformation to be able to continue their functions. With high dependency on technology, information was also stored in various digital devices. This created the necessity to use data recovery services in case of any misplacement of data. These factors contributed in the growth of the market during pandemic.

LATEST TRENDS

"Growing Popularity of Cloud-Based Services to Increase Market Growth"

Many organizations go for cloud-based solutions due to the various benefits provided by them. However, the increasing adoption of cloud-based solution is posing a threat for the safety of data. Hence, companies who have taken up cloud-based solutions are also implementing data recovery services in order to create a backup for data that may be confidential and important.

Some of the advantages of using cloud-based services include good connectivity, reduction in operational costs, and real-time access to the employees. Increase in popularity of cloud has created many problems like breach or theft of data, and access to confidential data without any consent. This has increased the need to create a backup to retrieve important data in times of need. This is considered as the latest trend in the market.

Data Recovery Services Market SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following segments:

Personal, commercial, military, and, other. The personal segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

SD Card, Hard Disk, USB Drive, Mobile Phone, PC & Tablet, and, Other. The SD card enterprise segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Increasing Dependency on Devices and Smart Gadgets for Storage of Data to Accelerate Market Growth"

Increased scope for digitalization has increased the dependency of organizations and individuals on gadgets and smart devices to store data rather than in physical form. Increasing use of smart phones, laptops, computers and tablets have further increased the risk of data theft. With the growing prevalence of data loss, the demand for data recovery services is increasing gradually.

Data recovery services not only protect the computer data but also duplicate it in order to ensure that the data is not lost once again in case of any problems. Due to hardware or software failure bulk data can disappear from the device all of a sudden. In such cases these services recover, restore, and also transfer the recovered data into a different location. Growing investments of business organizations on a good data recovery service is accelerating market growth and development.

"Increasing Threats to Data Due to Malwares, and Viruses to Propel Market Growth "

Hardware and software failures are not the only reason for loss of data. In certain cases, data can be destroyed or can get misplaced due to the presence of malwares, and virus. The number of hackers has increased recently creating threat to important data. All of these factors have increased the need to install data recovery services.

Data is an important asset for any company and it must be protected at all costs. Misuse of important data can create a bigger problem. Data recovery softwares also help in easily managing the data that is restored. Replication functionality of these services enable the companies to create replicas of data that can be stored in a highly protected place. All of these factors are propelling the data recovery services market growth.

RESTRAINING FACTOR

"Permanent Loss of Data in Case of Physical Damage to Devices to Bring Down Market Growth"

Even though data recovery softwares are efficient in retrieving data they cannot always be trusted. In certain situations, the data that is lost cannot be retrieved at all. This reduces the efficiency and reliance of customers on this service.

In case if physical damage is inflicted upon a device, there would be no way to retrieve the data that is lost even with the help of recovery services. Some recovery services are very weak and are not capable of creating a strong backup. All of these factors can have a negative impact on market growth and development.

Data Recovery Services Market Regional Insights

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"North America to Dominate the Market in Upcoming Years"

North America is the leading player in the market with the highest market share. The reason for this is the increasing number of hacking and fraudulent activities. Information breaches and threat to data has become a very common phenomena in this region.

To protect the data, create a replica of it, and to create a very strong backup many organizations prefer to use data recovery services. Rapid digitalization of most of the sectors, and increasing use of gadgets has further increased the need to adopt these services in this region.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• IBM (U.S.)
• Sims Recycling (U.K.)
• Dell (U.S.)
• Lenovo (Hong Kong)
• HPE (U.S.)
• Minntek (U.S.)
• Atlantix (Georgia)
• Avnet (U.S.)
• NorthStar (U.S.)
• Iqor (U.S.)
• PCM (U.S.)
• Nokia (Finland)

Report Coverage

The report provides an insight into the global and United States talent assessment industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. This report is very useful for forecasting the future of this technology.