Data Backup And Recovery Market Size, Share, Trends, Outlook Report To 2032

The Data Backup And Recovery Global Market Report 2023 by The Business Research Company, provides data backup and recovery market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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According to The Business Research Company’s Data Backup And Recovery Global Market Report 2023, the global data backup and recovery market size will grow from $12.18 billion in 2022 to $14.15 billion in 2023 at a compound annual growth rate (CAGR) of 16.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the data backup and recovery is expected to grow to $23.64 billion in 2027 at a CAGR of 13.7%.

An increase in the adoption of cloud data backup is expected to propel the growth of the data backup and recovery market. Cloud backup is storing a copy of a physical or virtual file, database, or other data in a secondary, off-site location in case of equipment failure or other emergencies. Cloud-based data backup helps store data in the cloud, which is accessible anywhere and anytime. This helps make the data safe and easily recoverable.

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The data backup and recovery market is segmented:

1) By Backup Type: Service Backup, Media Storage Backup, Email Backup

2) By Component: Software, Services

3) By Deployment Type: Cloud, On-Premises

4) By Industry Vertical: IT and Telecommunications, Retail, Banking, Financial Services, and Insurance, Government and Public Sector, Healthcare, Media and Entertainment, Manufacturing, Education, and Other Industry Verticals

Technological advancement is a key trend gaining popularity in the data backup and recovery market. Major data backup and recovery companies are advancing in their new technologies and research and development to adopt efficient alternatives such as multi-cloud data backup and recovery. Data can be backed up across many cloud services from different providers using multi-cloud data backup and recovery systems. These systems frequently copy backups from one service to another and store them there for disaster recovery. These solutions ought to allow recovery from many sources, ideally. For instance, in June 2022, Backblaze, Inc., a US-based cloud storage and data backup company, partnered with Veritas Technologies LLC. to offer multi-cloud data backup and recovery. Customers who use Backup Exec to synchronise their data backup and recovery procedures can use their combined solution’s simple, inexpensive, and S3-compatible object storage. The Backup Exec service from Veritas enables companies to safeguard almost any data on any storage medium, including tape, servers, and the cloud. Veritas Technologies LLC is a US-based data management company.

The data backup and recovery market report table of contents includes: