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Soaring Demand Set to Propel Data Backup And Recovery Market to $29.31 Billion by 2029
Data Backup And Recovery
What Is the Expected CAGR for the Data Backup And Recovery Market Through 2025?
The market for data backup and recovery has expanded quickly in the recent past. It is projected to rise from a value of $14.95 billion in 2024 to approximately $16.66 billion in 2025, reflecting a compound annual growth rate (CAGR) of 11.5%. The notable growth in the historical period is owed to a surge in data volumes, the prominence of virtualization, an emphasis on disaster recovery, and increased concern about data security.
What's the Projected Size of the Global Data Backup And Recovery Market by 2029?
The market for data backup and recovery is predicted to witness substantial expansion in the upcoming years, reaching a size of $29.31 billion in 2029, with a compound annual growth rate (CAGR) of 15.2%. This growth spurt predicted over the forecast period is likely due to factors such as measures taken against ransomware, regulatory compliance, and ongoing data protection. Noteworthy trends during the forecast period consist of advanced digitalization, incorporating AI and machine learning into backup procedures, prioritizing cybersecurity in backup plans, and the use of hyper-converged infrastructure (HCI) for backup.
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Top Growth Drivers in the Data Backup And Recovery Industry: What's Accelerating the Market?
The growth of the data backup and recovery market is anticipated to be driven by the rising adoption of cloud data backup. The process involves making a copy of either a physical or virtual file, database, or any other form of data and storing it at a remote location to be secured against equipment failure or similar emergencies. Utilizing cloud-based data backup can enable data storage in the cloud, which is retrievable at any time and from any location, ensuring easy recoverability and safety of the data. For example, Gartner, a management consulting firm based in the US, stated in February 2022 that by 2025, cloud computing would account for 51% of enterprise IT spending in major sectors, exceeding traditional IT spending. In addition, by 2023, worldwide public cloud services expenditure is projected to grow to $597.3 billion from $491 billion in 2022. Consequently, the data backup and recovery market is being boosted by the growing acceptance of cloud data backup.
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What Trends Will Shape the Data Backup And Recovery Market Through 2029 and Beyond?
The trend of technological development is gaining traction in the field of data backup and recovery. Key industry players in data backup and recovery are improving their technologies and focusing their research and development efforts towards more effective options such as multi-cloud data backup and recovery. Multi-cloud systems allow data to be replicated across multiple cloud services from a variety of providers. Such systems often create copies of backups from one service to another for use in disaster recovery. This ideally allows recovery from multiple sources. For instance, in June 2022, Backblaze, Inc., a cloud storage and data backup company based in the US, collaborated with Veritas Technologies LLC., aiming to provide multi-cloud data backup and recovery. Customers who utilize Backup Exec for their data backup and recovery processes can easily benefit from their joint solution's affordable and S3-compatible object storage. Veritas's Backup Exec service empowers businesses to protect almost any data on any storage medium, including tape, servers, and cloud. Veritas Technologies LLC is a data management company based in the US.
What Are the Main Segments in the Data Backup And Recovery Market?
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
Subsegments:
1) By Service Backup: Cloud Backup, SaaS Backup, Disaster Recovery As A Service (DRaaS)
2) By Media Storage Backup: Tape Backup, Disk-Based Backup, Optical Backup
3) By Email Backup: Microsoft 365 Backup, G Suite (Google Workspace) Backup, On-Premise Email Backup Solutions
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Which Top Companies are Driving Growth in the Data Backup And Recovery Market?
Major companies operating in the data backup and recovery market include Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Asigra Inc., NetApp Inc., Micro Focus International plc, Veritas Technologies LLC, Nutanix Inc., Rubrik Inc., Veeam Software AG, Quest Software LLC, Commvault Systems Inc., Barracuda Networks Inc., Acronis International GmbH, Carbonite Inc., Cohesity Inc., Zerto Corporation, Arcserve LLC, Druva Inc., Actifio Inc., StorageCraft Technology Corporation, HYCU Inc., Atempo Inc., Unitrends, Altaro Software Limited, Infrascale Inc., Vembu Technologies Pvt. Ltd., Bacula Systems SA, BackupAssist Software, Axcient
Which Regions Will Dominate the Data Backup And Recovery Market Through 2029?
North America was the largest region in the data backup and recovery market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the data backup and recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
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