Data Backup and Recovery Market: Global Overview and Forecast (2022-2029)

Data Backup and Recovery Market size was valued at US$ 10.61 Bn. in 2021 and the total Data Backup and Recovery revenue is expected to grow by 10.3% from 2022 to 2029, reaching nearly US$ 23.24 Bn.
Data Backup and Recovery Market Overview:
Backup and recovery refer to the act of producing and keeping data copies that may be used to safeguard businesses from data loss. This is known as system restoration at times. Recovery from a backup usually entails returning the data to its previous spot or to another destination where it may be utilized instead of the damaged or missing data. To safeguard against the loss of data due to main hardware or software failure, a good backup duplicate is kept in a different system or media, such as tape, away from the source data.To know about the Research Methodology:- Request Free Sample Report

The report explores the Data Backup and Recovery market's segments (Component, Service, Vertical, and Region). Data has been provided by market participants, and regions (North America, Asia Pacific, Europe, Middle East & Africa, and South America). It provides a thorough analysis of the rapid advances that are currently taking place across all industry sectors. Facts and figures, illustrations, and presentations are used to provide key data analysis for the historical period from 2017 to 2021. The report investigates the Data Backup and Recovery market's drivers, limitations, prospects, and barriers. This MMR report includes investor recommendations based on a thorough examination of the Data Backup and Recovery market's contemporary competitive scenario.
Data Backup and Recovery Market Dynamics:
The competitive advantages associated with data backup and recovery are expected to be a major driver of market growth.

Businesses invest a significant amount of effort in developing exclusive data and information. That knowledge is frequently the key to gaining a competitive position in the industry. Data loss due to threats or catastrophes can result in dissatisfied customers, lost income, and perhaps insolvency; for example, more than 90% of organizations without a disaster recovery strategy that experience a significant disaster go out of operation within one year. Backup software has several advantages for backing up data that may save time and help maintain a competitive edge when faced with a data loss or problem. One of the most critical components of data backup and recovery is security. The amount of possible dangers to a company's information grows as IT systems develop and connect. When trying to safeguard and save data, it is critical to maintaining a backup and recovery solution with solid security.

The limitations of cloud backup technology are expected to be a major challenge in the market growth.

It's no surprise that contingency planning is becoming an increasingly important component of any company's business continuity plan. Data and operational availability are mission-critical, with the median cost of downtime varying from USD 70,000 for mid-size businesses to USD 750,000 for large corporations. While businesses see the business benefit, they cannot afford the extra cost and complexity of typical DR alternatives. Newer backup and disaster recovery technologies are hitting the market, which is redefining the DR discourse.
Cloud backup technology, for example, entails transmitting a copy of the data to an off-site vendor. In exchange for a nominal price, cloud services keep that information protected and accessible. However, the technology has certain drawbacks. The following are the major disadvantages of cloud data backup:

• Companies cannot obtain the data unless they have robust Internet connectivity.

• Bandwidth problems - Organizations require adequate bandwidth to backup significant amounts of data.

• Full data recovery may take some time — recovering tiny amounts of data is quick and simple. However, complete recoveries may take some time and place strain on local systems.

Concerns about data security and severe data security regulations are expected to be a major restraint in the market growth.

On big data platforms, users save sensitive information about their business transactions. However, there are several potential risks and weaknesses in document management and storage. As the technology grows in prominence, so do security worries regarding data theft, unanticipated situations, software bugs, and information loss. Concerns about data privacy and security can limit income in various businesses, including academics and research, government agencies, and banking sectors. This may significantly harm a company's reputation and eventually undermine the confidence of those in charge of the organization. This, in turn, may result in criminal sanctions and possibly legal culpability. Vital information and data are frequently kept in systems and on the cloud, allowing hackers to steal important corporate information and engage in illegal activity. As a result, security and privacy concerns are anticipated to hamper market growth throughout the forecast period.
Data Backup and Recovery Market Segment Analysis:
By Vertical, the BFSI segment is expected to grow at a CAGR of 7.3% in the forecast period.
Data crises occur, and maintaining consistent practices during and after the occurrence is critical for bank performance. These companies will lose not just money but also the faith and confidence of their customers for every minute their network is down. Consequently, many impacted businesses will be forced to close permanently as a result of the costly harm caused by intrusions, lost data, and customer walkouts. To avoid this, banks must establish a BCP (Business Continuity Plan) that describes the systems and processes that the organization must follow during an environmental, digital, or low-profile crisis.

A business continuity plan (BCP) frequently includes a DRP which specifies the procedures that the company must take to both avoid and recover from a data disaster. The faster a company can recover from a crisis, the better. A banking firm that does not have a BCP or DRP puts the society's well-being at stake, but fortunately, banks are held to a high enough standard and are obliged to have a DRP—if they do not, they can be penalized and have their FDIC (Federal Deposit Insurance Corporation) premiums raised.

Attackers and data breaches, as well as natural catastrophes and climate problems, are all examples of digital hazards. Banks should be equipped for both direct and indirect weather-related harm. Physical dangers such as earthquakes, flooding, fires, storms, and tornadoes should all be considered while creating a DRP at a banking institution. A complete threat analysis may help a bank determine what degree of security they may need to safeguard and protect their data.
Data Backup and Recovery Market Regional Insights:
At the conclusion of the forecast period, North America is estimated to lead the Data Backup and Recovery Market. North American corporations use data recovery software widely across their varied operations. The Federal Financial Institutions Examinations Council of the United States released new cyber security standards in 2015, requiring banking institutions to have DRPs (Data Recovery Policies) and BCPs (Business Continuity Plans) in place to avert large losses after a disaster or data breach. Because financial organizations, such as banks, rely on electronic data regularly, a thorough disaster recovery plan is required to assist them to safeguard critical information and return to normal operations.

The objective of the report is to present a comprehensive analysis of the Data Backup and Recovery market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.
PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Data Backup and Recovery market dynamics, and structure by analyzing the market segments and projecting the Data Backup and Recovery market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Data Backup and Recovery market make the report investor’s guide.
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Global Data Backup and Recovery Market


Report Coverage
Details


Base Year:
2021
Forecast Period:
2022-2029


Historical Data:
2017 to 2021
Market Size in 2021:
US $ 10.61 Bn.


Forecast Period 2022 to 2029 CAGR:
10.3%
Market Size in 2029:
US $ 23.24 Bn.


 Segments Covered:
by Component
• Software
• Services


by Service
• Professional Services
• Managed Services


by Vertical
• BFSI
• IT and Telecommunications
• Retail
• Government and Public Sector
• Healthcare
• Media and Entertainment
• Manufacturing
• Others



Data Backup and Recovery Market, by Region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
Data Backup and Recovery Market Key Players are:
• NetApp, Inc.
• Rackspace, Inc.
• Veritas Technologies LLC
• CommVault Systems Inc.
• Acronis International GmbH
• Carbonite Inc.
• Actifio
• Unitrends
• Asigra
• Redstor Limited
• Veeam
• Rubrik
• Dell Technologies
• Cohesity
• IBM

FAQs:

1. Which is the potential market for the Data Backup and Recovery in terms of the region?
Ans. North America is the potential market for the Data Backup and Recovery in terms of the region.

2. What are the restraints for new market entrants?
Ans. The limitations of cloud backup technology are expected to be a major challenge in the market growth.

3. What is expected to drive the growth of the Data Backup and Recovery market in the forecast period?
Ans. The competitive advantages associated with data backup and recovery are expected to be a major driver of market growth.

4. What is the projected market size & growth rate of the Data Backup and Recovery Market?
Ans. Data Backup and Recovery Market size was valued at US$ 10.61 Bn. in 2021 and the total Data Backup and Recovery revenue is expected to grow by 10.3% from 2022 to 2029, reaching nearly US$ 23.24 Bn.

5. What segments are covered in the Data Backup and Recovery Market report?
Ans. The segments covered are Component, Service, Vertical, and Region.