Global Data Backup And Recovery Market Report 2024: Market Size, CAGR, Lucrative Segments And Top Regions

Overview and Scope
Data backup and recovery refer to the area of onshore and cloud-based technology solutions that allow enterprises to secure and maintain their data for legal and business requirements. Data backup and recovery are used in the process of making a backup copy of data, keeping it somewhere safe in case it becomes lost or damaged, and then restoring the data to its original location or a secure backup so it can be used once again in operations.

Sizing and Forecast
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.

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Segmentation & Regional Insights
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

North America was the largest region in the data backup and recovery market in 2023. 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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Major Driver Impacting Market Growth
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.

Key Industry Players
Major companies operating in the data backup and recovery market report are 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

The data backup and recovery market report table of contents includes:
1. Executive Summary
2. Data Backup And Recovery Market Characteristics
3. Data Backup And Recovery Market Trends And Strategies
4. Data Backup And Recovery Market - Macro Economic Scenario
5. Global Data Backup And Recovery Market Size and Growth
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32. Global Data Backup And Recovery Market Competitive Benchmarking
33. Global Data Backup And Recovery Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Backup And Recovery Market
35. Data Backup And Recovery Market Future Outlook and Potential Analysis
36. Appendix