As the population throughout the world is increasing the usage of technology is also increasing throughout the world. This has led to increased data production per second, therefore, making the management of data nearly impossible. Therefore, if the user data is lost it can lead to much bigger problems nowadays. Hence, to prevent this kind of loss there is a need for Data Backup and Recovery Software Market and it would increase gradually in the upcoming years.
Driving factors of the Data Backup and Recovery Software Market
There are several driving factors in the Data Backup and Recovery Software Market some of them are :
1. Growing need for data security: With the digitalization of businesses, companies are facing a greater risk of cyber-attacks and data breaches, leading to the rising demand for data backup and recovery solutions. This is driving the growth of the market.
2. Increasing adoption of cloud-based solutions: The increasing adoption of cloud technology is one of the major factors driving the growth of the Data Backup and Recovery Software Market. Cloud-based solutions offer cost-effective storage options, improved scalability, and enhanced security features, making them attractive to organizations.
3. Growth in unstructured data volume: Unstructured data such as images, audio files, videos, etc., are growing exponentially due to increased usage of mobile devices and internet services by consumers across different industries, resulting in an increased need for effective backup and recovery solutions for these files. This factor is expected to drive market growth over the forecast period.
4. Technological advancements: Continuous advances in technology are enabling organizations to store more data efficiently. These advancements have led to a surge in demand for advanced backup & recovery software that can offer improved capabilities such as faster recovery times and better storage capacity utilization.
Advantages of the Data Backup and Recovery Software Market
There are various advantages in the Data Backup and Recovery Software Market some of them are as follows:
1. Cost Savings: Data backup and recovery software allow organizations to save money in the long run by reducing hardware costs required for the system and avoiding the need for expensive proprietary hardware.
2. Security and Reliability: Data backup and recovery software ensures that data is secure, reliable, and efficiently stored. This helps in preventing data loss due to accidental deletion or system failures.
3. Automation: Automated backup processes such as scheduled backups can be configured and monitored easily with these applications, saving time and energy for IT staff.
4. Disaster Recovery: Backup solutions enable organizations to quickly recover from disasters such as server failure or natural disasters while minimizing downtime.
5. Scalability: Data backup and recovery software can be scaled up to accommodate larger volumes of data storage which is important for businesses that are growing rapidly and require additional storage space regularly.
Market Size and value of the Data Backup and Recovery Software Market from 2021 to 2031
The global Data Backup and Recovery Software Market are predicted to grow with a CAGR of 10.8% over the forecast period of 2021-2031. The market size is estimated to reach US$ 26,400 million by 2031 from US$ 11,078 million in 2021.
The major factors driving the growth of the Data Backup and Recovery Software Market are increasing data security concerns & rising need for cost-effective disaster recovery solutions. Additionally, organizations are increasingly investing in data backup & recovery software to ensure business continuity amid pandemic situations. Growing demand for cloud-based services and the growing usage of IoT devices are further expected to fuel the market growth over the forecast period.
Challenges faced by the Data Backup and Recovery Software Market/ Restraining factors of the Data Backup and Recovery Software Market
Some restraining factors of the Data Backup and Recovery Software Market are the lack of awareness about the importance of data backup and recovery software, limited budgets for purchasing such solutions, complexity in deployment, and the need for technical expertise for proper operations. Additionally, the market is witnessing a shift from on-premise to cloud-based data backup and recovery solutions due to their scalability and cost savings. This is resulting in increased competition with cloud-based vendors offering increasingly sophisticated solutions at competitive prices. Furthermore, the market is facing challenges due to cyber-attacks that have made backups vulnerable to malicious activities such as ransomware. As a result, organizations are investing heavily in advanced security measures for data backup and recovery solutions.
The key market player in the Data Backup and Recovery Software Market
Some of the key players/manufacturers/vendors of the market are :
IBM Corporation,Oracle Corporation ,EMC Corporation ,HP Development Company, L.P. ,Symantec Corporation ,Carbonite, Inc.,Acronis International GmbH ,CommVault Systems, Inc. ,Dell, Inc. , Microsoft Corporation
Based on type the Data Backup and Recovery Software Market are divided into two parts:
On-Premise Data Backup and Recovery Software: This type of software is installed on the user’s server/computer and allows them to back up their data locally. This type of software is typically used by organizations that have large amounts of data and do not want to rely on an external service provider.
Cloud-based Data Backup and Recovery Software: This type of software is hosted in the cloud and provides the user with a secure way to store their data offsite. It can be accessed from any device with an internet connection, giving users more flexibility in accessing their data. This type of software is typically used by organizations that are looking for a cost-effective way to back up their data without having to maintain their infrastructure.
Based on the application Data Backup and Recovery Software Market is divided into two parts:
Enterprises: Companies of all sizes are increasingly turning to data recovery and backup software to protect their valuable assets. The software can help organizations protect against data loss due to hardware failure, malicious attacks, or natural disasters. It can also provide an easy way for businesses to recover lost or corrupted files and restore systems after a disaster.
Personal: Personal users are increasingly turning to data recovery and backup software as a convenient way to protect their documents, photos, music, and other important files. The software provides users with an easy way to back up their data on an external hard drive or in the cloud, so they can access it from any device with an internet connection.
Based on the region and end-user of the Data Backup and Recovery Software Market is divided into four parts:
4)Rest of the World
North America: The North American market for data backup and recovery software is expected to grow at a steady rate due to the high adoption rate of cloud technologies in the region. The presence of large IT companies such as Amazon, Microsoft, and IBM, as well as many small and mid-sized businesses, have boosted the demand for these solutions in the region.
Europe: Europe is one of the largest markets for data backup and recovery software, due to the high level of digitalization across countries in the region. The increasing demand for cloud services, the growing need for data security, and the increasing number of cyber threats are driving the growth of this market in Europe.
Asia Pacific: Asia Pacific is a rapidly growing market for data backup and recovery software due to increasing digitalization across nations in this region. This growth can be attributed to government initiatives such as ‘Make in India’, which have encouraged companies to invest in new technologies and adopt advanced solutions. Moreover, countries like China are investing heavily in IT infrastructure, which is providing a further boost to this market.
COVID-19 impact and market status of the Data Backup and Recovery Software Market
COVID-19 had a great impact on the Data Backup and Recovery Software Market.
The market was affected by several factors such as the lockdown imposed in many countries, disruption in the supply chain, and decrease in demand for data backup and recovery services due to organizations focusing on maintaining operations with limited resources.
However, the market is expected to recover quickly post-pandemic. This is because organizations are now more aware of the need to protect their data from cyber threats. As businesses across industries rely on remote work, they have increased their investments in data backup and recovery solutions. Moreover, organizations have also started investing heavily in cloud-based solutions as they are more reliable and secure than traditional methods of data storage.
Thus, despite having been affected by the pandemic, the global Data Backup and Recovery Software Market are anticipated to grow at a CAGR of over 6% during 2020–2025.
The recent development in the Data Backup and Recovery Software Market from 2019 to 2022
In 2019 January, Veritas Technologies, a leader in enterprise data protection and software-defined storage, announced the launch of Veritas SaaS Backup and Recovery, a cloud-based solution that provides customers with the ability to back up and restore data from their public cloud applications. The solution is designed to protect data in Microsoft Office 365, Google G Suite, Salesforce, Box, Dropbox, Zendesk, and ServiceNow.
In April 2020, Datto Inc., a leading provider of backup solutions for small businesses, announced the launch of its new Datto Autotask Endpoint Backup product. The product is designed to provide automated endpoint backup for organizations using Autotask Workplace. It offers continuous incremental backups to ensure all versions of files are backed up, as well as file recovery options such as selective restores or full system restores.
In September 2020, Acronis launched the Acronis Cyber Cloud platform which provides a comprehensive suite of cyber protection solutions including backup & recovery, secure file sync & share (FSS), ransomware protection, and disaster recovery. This platform will enable service providers to deliver cost-effective solutions that meet customer demands for hybrid cloud deployment models while protecting their data across multiple platforms including physical servers and workstations; virtual
Data Backup and Recovery Software Market Scope
|Revenue forecast in 2031
|US$ 26,400 million
|CAGR of 10.8 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|IBM Corporation,Oracle Corporation ,EMC Corporation ,HP Development Company, L.P. ,Symantec Corporation ,Carbonite, Inc.,Acronis International GmbH ,CommVault Systems, Inc. ,Dell, Inc. , Microsoft Corporation
Key Segments of the Data Backup and Recovery Software Market
Type Overview, 2021-2031 (USD million)
Application Overview, 2021-2031 (USD million)
Regional Overview, 2021-2031 (USD million)
• Rest of Europe
• Rest of Asia Pacific
• Rest of South America
• Middle East and South Africa