Data Backup And Recovery Market Forecast 2024-2033: Growth Rate, Drivers, And Trends|Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Asigra Inc.

The Data Backup And Recovery Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Data Backup And Recovery Global Market Report 2024, The data backup and recovery market size has grown rapidly in recent years. It will grow from $13.57 billion in 2023 to $15.28 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%. The growth in the historic period can be attributed to increasing data volume, rise of virtualization, focus on disaster recovery, data security concerns.

The data backup and recovery market size is expected to see rapid growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to ransomware mitigation, regulatory compliance, continuous data protection. Major trends in the forecast period include early digitalization, integration of AI and machine learning in backup processes, focus on cybersecurity in backup strategies, hyper-converged infrastructure (HCI) for backup.

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. For instance, in February 2022, according to Gartner, a US-based management consulting company, In 2025, 51% of enterprise IT spending in key segments will shift to the cloud, surpassing traditional IT spending. Furthermore, global spending on public cloud services is expected to reach $597.3 billion in 2023, reflecting a significant increase from $491 billion in 2022. Therefore, an increase in the adoption of cloud data backup is driving the data backup and recovery market growth.

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The data backup and recovery market covered in this report 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, Other Industry Verticals

Major companies operating in the data backup and recovery market are focusing on product launches, such as new data recovery services, to address the increasing demand for data protection, rising cyber threats, and regulatory compliance requirements. A novel data recovery service encompasses advanced technologies and methodologies to efficiently retrieve and restore lost or compromised digital information. For instance, in September 2021, Salesforce, a US-based cloud-based software company that provides customer relationship management (CRM) software and applications, launched “Backup and Restore” to guard business data against mishaps and mayhem. It offers automated daily backups, data restoration, deletion management, high-level audits, encrypted backups, and user-friendly operations, providing organizations with a comprehensive solution for efficient data backup and recovery. This innovative product is poised to create new opportunities in the data backup and recovery market, emphasizing cloud-based solutions and heightened awareness among organizations regarding the critical importance of safeguarding and restoring business data.

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