Data Backup and Recovery Market size is analyzed to grow at a CAGR of 10.2% during the forecast 2022-2027 to reach $14.95 billion by 2027. Data backup and recovery is the process of backing up data in case of loss and establishing secure systems that allow to recover data as a result. Data backup is copying and preserving computer data in order to keep it available in the event of data corruption or deletion. Data backup is one type of disaster recovery, and it is an essential component of any sensible disaster recovery plan. Data backup is a feeble against ransomware protection. The cloud backup method copies data and then saves it on various media or a separate storage system for quick access in the event of a recovery crisis. Organizations should strive to make backup management as simple as possible in order to ensure that recovery is a reliable process. A database management system (DBMS) is a software that allows users to conveniently manage databases. It enables users to view and interact with the database’s underlying data. Backup and recovery refers to the process of creating and storing data copies that can be used to safeguard organisations against data loss. The increased threat of security breaches, combined with the growing trend toward digitization, will drive market expansion. Furthermore, widespread adoption of smartphones and the internet will have a beneficial impact on market growth.
Report Coverage :
The report: “Data Backup and Recovery Industry Outlook – Forecast (2022-2027)”, by IndustryARC covers an in-depth analysis of the following segments of the Data Backup and Recovery industry.
By Component: Software, Services.
By Deployment Type: On-Premise and Cloud.
By Organization Size: Large enterprise, Small and Medium Enterprise.
By Vertical: BFSI, Manufacturing, IT & Telecommunication, Media and Entertainment, Healthcare, Retail, Education, and Other. Industries.
By Geography: North America, South America, Europe, APAC, and RoW.
Key Takeaways
The Cloud segment is expected to grow at the fastest CAGR during the forecast period. Cloud solutions help to reduce downtime in the event of a data loss and make it easier to locate data. It also provides enhanced scalability by making it simple to increase the storage limit.
During the projected period, North America is expected to account for the largest market share of 35% in the data backup and recovery market. Government initiatives and regulatory rules, such as the Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley (SOX), are promoting the usage of data backup and recovery software and related services in the region.
The growing usage of cloud technology among small and medium-sized businesses opens up a wide variety of potential for the global Data Backup and Recovery Market.
Data backup and recovery solutions are available in a variety of customised software formats as well as as a service, which is commonly referred to as Backup-as-a-Services (BaaS). The requirement for dependable data backup and recovery software solutions will have an impact on digital transformation and data protection across industries.
Data Backup and Recovery Market Segment Analysis – By Deployment Type :
By Deployment, Data Backup and Recovery Market has been segmented into On-premises, Cloud. The Cloud segment is expected to grow at a fastest CAGR during the forecast period. Cloud solutions help to reduce downtime in the event of a data loss and make it easier to locate data. It also provides enhanced scalability by making it simple to increase the storage limit. The pay-as-you-go concept aids in the cost-effectiveness of companies of all sizes. Cloud-based deployment is preferred by SMEs since it is cost effective and simple to use. Small businesses can secure their data and improve customer service by implementing these solutions. In recent years, cloud services have seen a fast increase in their expansion across a variety of businesses. Companies can save money by using data backup. It connects smoothly with existing infrastructure and does not necessitate the purchase of new equipment. When the backup is finished, the encrypted files are sent to an offshore data centre. This entire procedure makes use of cloud technologies without incurring any additional costs. To safeguard the data from further security breaches, each piece of data is encrypted before being transported to the offsite data centre. In April 2020, Hitachi Vantara released the Hitachi Virtual Storage Platform (VSP) E990. This is the provider’s new storage platform for midsize enterprise customers. The E990’s low latency supercharge business applications, and data deduplication ensures storage cost reductions. In 2019, Hitachi Vantara also introduced Data Protection as a Service (DPaaS) as well as expanded capabilities for Storage as a Service (STaaS). The as-a-service offerings are pre-engineered and provided as fully managed services to deliver rapid deployment, transparent consumption-based pricing, and guaranteed service levels.
Data Backup and Recovery Market Segment Analysis – By Vertical :
By End-Use Industry, Data Backup and Recovery Market has been segmented into BFSI, Manufacturing, IT & telecommunications, Education, Healthcare, Retail, and Other Industries. The Education segment is expected to grow at the fastest CAGR during the forecast period. Education is a unique industry. Educational institutions have a unique mix of data security and business continuity requirements, owing to limited finances and the need to secure a high number of devices and users. With the introduction of e-learning and online exam preparation, the amount of data created is massive and critical. With such vast amounts of data, there is a need to back it up in order for educational institutions to function smoothly. For commercial operations, the education vertical relies on on-demand applications, which include everything from student and office staff records to research and content, administrative information, and other critical data. Furthermore, it recognises the special needs of the education sector and has created a platform that offers the greatest combination of local, virtual, and cloud solutions. In July 2021, ConnectWise launched a complete backup data recovery offering to assist partners in monitoring and managing all of their solutions.
Data Backup and Recovery Market Share Segment Analysis – Geography :
By Geography, Data Backup and Recovery Market has been segmented under North America, Europe, APAC, South America, and RoW. During the projected period, North America is expected to account for the largest market share of 35% in the data backup and recovery market. Government initiatives and regulatory rules, such as the Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley (SOX), are promoting the usage of data backup and recovery software and related services in the region. Furthermore, North America is seeing an increase in the use of cloud computing in conjunction with IoT to handle the vast amount of data generated by smart devices. These innovations are increasing the use of data backup and recovery solutions in North America. The data centre market in the region has grown steadily as the number of SMEs has increased. Furthermore, due to the exponential development in data generation volume, a data shift from private servers to cloud networks has been noticed. This growth necessitates durable and dependable backup and recovery solutions, as service disruptions result in substantial losses for service providers. In December 2019, Canada proposed revamping the country’s data privacy rules, including more powers for the country’s information regulator. The ability to withdraw consent for data collection and remove some personal information, in particular, is outlined, along with other initiatives focused on data practises of both government and business that could increase the use of Data Protection by various businesses in the country.
Data Backup and Recovery Market Drivers :
Data backup and recovery solutions are available in a variety of customised software forms as well as as a service known as Backup-as-a-Services (BaaS). The requirement for dependable data backup and recovery software solutions will have an impact on digital transformation and data protection across industries:
Data backup and recovery solutions are available in a variety of customised software formats as well as as a service, which is commonly referred to as Backup-as-a-Services (BaaS). The requirement for dependable data backup and recovery software solutions will have an impact on digital transformation and data protection across industries. Backup as a Service (BaaS) links systems to a third-party supplier of private, public, or hybrid cloud services. Instead of using a centralised, on-premise solution, this is how backups are done. Organizations may decide to employ a BaaS solution over a costly upgrade if they have outgrown their legacy storage backup, or if they lack the resources for an on-premise backup. This makes it easier for IT to obtain files and information for end users. It also allows for rapid data restoration when operating systems fail. Companies desire a solution that gives a single location to retrieve data if employees lose files from operating systems. In April 2020, OwnBackup, a leading cloud-to-cloud business continuity platform, announced the introduction of its OwnBackup Gratitude initiative, via which it is providing complete data backup and security services to healthcare businesses for free during the COVID-19 issue.
Growing demand of data backup and recovery in Education industry will drive market growth:
Education is a one-of-a-kind industry. Due to limited resources and the need to secure a large number of devices and users, educational institutions have a unique mix of data security and business continuity requirements. The amount of data generated by the adoption of e-learning and online exam preparation is huge and crucial. There is a necessity to back up such large volumes of data in order for educational institutions to run efficiently. The education vertical relies on on-demand applications for commercial operations, which comprise anything from student and office staff records to research and content, administrative information, and other vital data. These characteristics have a substantial favorable impact on the market. The expansion in the number of educational institutions and statutory organisations has resulted in an increase in the amount of data generated by the sector. The data set includes personal and academic information about students and staff, as well as information about e-learning and online exam activities. This has resulted in the industry’s demand for excellent backup and recovery solutions.
Data Backup and Recovery Market Challenges :
Intense competition from open-source alternatives, as well as a lack of technical skills, are expected to be market restraints for data backup and recovery market.
Intense competition from open-source alternatives and lack of technical expertise is anticipated to be one of the market restraints for data backup and recovery. Furthermore, Data Backup and Recovery cannot be used across multiple industrial segments because it demands strong development teams and a significant amount of time to produce a solution, limiting the growth of the Data Backup and Recovery Market. It is fast and easy to recover small quantities of data. But full recoveries could eat up some time and stress the local systems. The amount of data that can be backed up into cloud storage each day is determined by the client’s available bandwidth. Some data may not be backed up if the client attempts to backup huge amounts of data with limited bandwidth. In the event of a calamity, this can result in data loss. This is expected to hamper to market growth.
Data Backup and Recovery Industry Outlook :
Technology launches, acquisitions, Partnerships and R&D activities are key strategies adopted by players in the Data Backup and Recovery market. In 2021, the market of Data Backup and Recovery Market share has been fragmented by several companies. Data Backup and Recovery top 10 companies include
Veritas Technologies
Veeam
Acronis
StorageCraft
Netapp
Code42
Commvault
Kaseya (Unitrends)
Datto
Zoolz (Genie9)
Recent Developments :
In October 2021, In India, Commvault introduces SaaS backup and recovery solutions.
In September 2021, Salesforce introduced Backup and Restore, a new low-code data protection and recovery service. The CRM behemoth is releasing the service in response to client requests for a native Salesforce platform data backup alternative.
In April 2020, Hitachi Vantara released the Hitachi Virtual Storage Platform (VSP) E990. This is the provider’s new storage platform for midsize enterprise customers. The E990’s low latency supercharge business applications, and data deduplication ensures storage cost reductions. In 2019, Hitachi Vantara also introduced Data Protection as a Service (DPaaS) as well as expanded capabilities for Storage as a Service (STaaS). The as-a-service offerings are pre-engineered and provided as fully managed services to deliver rapid deployment, transparent consumption-based pricing, and guaranteed service levels.