Data Recovery Services Global Market Report 2024

The data recovery services market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.5 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to growing adoption of cloud computing, increasing data breaches, rising demand for data storage, expansion of digitalization and stringent data protection regulations.

The data recovery services market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The anticipated expansion in the forecast period can be linked to the escalating cyber risks, the proliferation of IoT devices, the upsurge in ransomware incidents, the advancement of big data analytics, the integration of AI and machine learning in data restoration, and the global expansion of businesses. Key trends during this period encompass a surge in remote data recovery services, the incorporation of blockchain technology into data retrieval processes, an increase in demand for hybrid cloud data recovery solutions, the broadening of data recovery services catering to mobile devices, and a focus on environmentally sustainable data recovery approaches.

The surge in data breaches is anticipated to drive the expansion of the data recovery services market in the foreseeable future. A data breach involves unauthorized access, disclosure, or acquisition of sensitive data, posing risks to its confidentiality, integrity, and availability. The escalation in data breaches can be attributed to factors such as the advancing sophistication of cyberattacks, insufficient cybersecurity measures, and the expanding digitization of sensitive data. Data recovery services address data breaches by offering proactive data backup solutions, ensuring swift data restoration in breach scenarios, thus minimizing impacts and potential losses for organizations. For instance, in January 2024, the Identity Theft Resource Center (ITRC), a US-based non-profit organization focused on mitigating identity compromise risks, reported 3,205 recorded data breaches in 2023, marking a 78% increase from 2022 and a 72% surge from the previous peak in 2021 in the United States. Hence, the upsurge in data breaches propels the expansion of the data recovery services market.

Major companies in the data recovery services sector are embracing a strategic partnership approach to deliver crucial data security solutions to individuals, enterprises, and governmental entities. Strategic partnerships involve companies leveraging each other's strengths and resources to achieve shared benefits and success. For example, in July 2022, Mindtree Ltd., a global technology consulting and services firm based in India, collaborated with Rubrik Inc., a US-based company specializing in cloud data management and security. Through this collaboration, they aim to introduce Mindtree Vault, a unified cyber-recovery platform. This platform combines Mindtree's proficiency in program management, cloud computing, data, and cybersecurity with Rubrik's expertise in data resilience, observability, and recovery. It facilitates comprehensive recovery processes, encompassing assessment, discovery, migration, ongoing management, and proof-of-concept pilots.

In November 2023, New State Capital Partners, an entrepreneurial-minded private equity firm based in the United States, acquired Agility Recovery Services for an undisclosed sum. The acquisition is expected to bolster Agility Recovery's commitment to providing reliable business continuity solutions by leveraging synergies and enhancing capabilities. Agility Recovery Services, headquartered in the US, offers business continuity and disaster recovery solutions, including data backup and recovery services.

Major companies operating in the data recovery services market are Dell Technologies Inc., Lenovo Group Limited, International Business Machines Corporation, Western Digital Corporation, Seagate Technology Holdings plc, Stellar Information Technology Pvt. Ltd., Atlantix, DriveSavers Data Recovery Inc., WeRecoverData Inc., CBL Data Recovery Technologies Inc., Datlabs, Disk Doctors Labs Inc., Gillware Inc., Secure Data Recovery Services LLC, R3 Data Recovery Ltd, ACE Data Recovery, DataNumen Inc., LC Technology International Inc., Cleverfiles, Fields Data Recovery Ltd, iBoysoft, Ontrack, SalvageData Recovery LLC, TTR Data Recovery Inc, UFS Explorer.

North America was the largest region in the data recovery services market in 2023. The regions covered in the data recovery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the data recovery services market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data recovery services encompass specialized professional assistance aimed at retrieving data lost due to a range of issues such as corruption, deletion, or inaccessibility across diverse storage mediums. Utilizing advanced methodologies and tools, these services are proficient in recovering data affected by both logical (software-related) and physical (hardware-related) failures.

The primary categories of data recovery services include in-lab recovery, data recovery software, remote data recovery, and cloud data recovery. In-lab data recovery involves the retrieval of lost or corrupted data through specialized procedures carried out within a controlled laboratory setting. These services cater to various applications such as secure digital (SD) cards, hard disks, universal serial bus (USB) drives, mobile phones, personal computers (PCs), tablets, and more, serving end-users across personal and commercial sectors, government and public agencies, as well as educational institutions.

The data recovery services research report is one of a series of new reports that provides data recovery services market statistics, including the data recovery services industry's global market size, regional shares, competitors with a data recovery services market share, detailed data recovery services market segments, market trends and opportunities, and any further data you may need to thrive in the data recovery services industry. This data recovery services market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The data recovery services market includes revenues earned by entities by providing services such as raid recovery, hard drive recovery, corrupted file recovery, deleted file recovery, database recovery, email recovery, mobile device recovery, and forensic data recovery. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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