Storage And Backup Software Global Market Report 2024

The storage and backup software market size has grown strongly in recent years. It will grow from $19.13 billion in 2023 to $20.49 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The expansion observed during the historical period can be attributed to factors such as the adoption of virtualization and cloud computing technologies, enterprise IT modernization initiatives, the emphasis on disaster recovery solutions, the rapid growth of data volume, and the increasing focus on data security and compliance measures.

The storage and backup software market size is expected to see strong growth in the next few years. It will grow to $28.79 billion in 2028 at a compound annual growth rate (CAGR) of 8.9%. The anticipated growth in the forecast period can be attributed to the increasing adoption of hybrid and multi-cloud solutions, the rising concerns regarding ransomware and cybersecurity threats, the growth of edge computing, and the expanding applications of data analytics and artificial intelligence. Notable trends expected during the forecast period encompass the continued implementation of hybrid and multi-cloud strategies, the integration of artificial intelligence and machine learning, the utilization of software-defined storage (SDS), and the uptake of backup as a service (BaaS) and disaster recovery as a service (DRaaS) solutions.

The storage and backup software market is expected to benefit from the increasing volume of data and heightened awareness among organizations regarding the need to back up and safeguard their data. Furthermore, the growing adoption of cloud-based technologies and the demand for storage and data protection across enterprises are driving the market's growth. It is estimated that over 72% of global enterprises will transition from on-premise data centers to cloud storage by 2022.

The primary categories of storage and backup software include storage software and backup software. Backup software is specifically designed for creating copies of files, folders, documents, and various data types present on computers or servers. This software can be deployed using both cloud-based and on-premise methods and is utilized by a diverse range of end-users, including those in the banking, financial services and insurance (BFSI) sector, telecommunications, consumer goods and retail, media and entertainment, healthcare and life sciences, as well as government organizations.

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

The rising adoption of cloud-based technologies is anticipated to propel the storage and backup software market in the foreseeable future. Cloud-based technologies provide computing resources and services over the internet, typically on a subscription or pay-as-you-go basis. Efficient data management, data protection, and disaster recovery solutions are essential in the context of cloud-based technologies. Cloud services offer scalability, cost-effectiveness, and automation, addressing the increasing need for data security and regulatory compliance. For example, in December 2021, Eurostat reported that 41% of EU enterprises utilized cloud computing, with a focus on hosting e-mail systems and storing electronic files, representing a 5-percentage point increase from 2020. Large EU businesses adopted cloud computing at a rate of 72% in 2021, marking a 7-percentage point increase from 2020.

Concerns about data privacy and governance are expected to restrain the growth of the storage and backup software market. Security issues, such as data protection and governance, stemming from threats like hacking and espionage, hinder the widespread deployment of cloud storage and related software for storage and backup. Industries like BFSI, healthcare, and retail exhibit reluctance to invest in the market due to these security concerns, limiting its growth potential.

An emerging trend in the storage and backup software market is the adoption of artificial intelligence (AI) applications that can generate, store, and protect data. AI-based applications possess the capability to independently create and verify the source of information before adding knowledge to a database. They also help refine database management policies, align data with database capabilities, and assess metadata across organizational storage infrastructure. For instance, a major vendor in the storage and backup software field, Commvault, introduced new backup and recovery software integrated with AI. This software enhances the efficiency and effectiveness of data backup and recovery by analyzing patterns and performance.

Leading companies in the storage and backup software market are developing hybrid and multi-cloud solutions for storage to gain a competitive advantage. Hybrid and multi-cloud strategies involve utilizing multiple cloud environments to meet an organization's computing and data storage requirements. For example, in November 2022, NetApp, Inc. launched BlueXP, a unified control plane designed for data storage and services in hybrid and multi-cloud environments. BlueXP streamlines operations and addresses the complexities of distributed IT and data management by offering unified storage management, integrated intelligence, and centralized management of flexible consumption models.

In September 2021, Hewlett Packard Enterprise acquired Zerto for $374 million, enhancing its data protection and management capabilities. This acquisition expanded Hewlett Packard Enterprise's portfolio and positioned the company to better serve evolving data-centric needs while driving recurring revenue. Zerto specializes in cloud data management and protection solutions, including disaster recovery and data mobility services for diverse cloud environments.

Major companies operating in the storage and backup software market include Dell Inc., Hewlett Packard Enterprise Company, Netapp Inc., Hitachi ltd., Huawei Technologies Co Ltd., International Business Machines Corporation, Toshiba Corporation, Pure Storage Inc., Nutanix Inc., Micron Technology Inc., Tintri Inc., Quest Software Inc., Cloudian Inc., Vembu Technologies Pvt Ltd., Quantum Corporation, OwnBackup, Samsung Electronics Co Ltd., Fujitsu Ltd., Vmware Inc., Cohesity Inc., Nexenta, Netgear Inc., Inspur Group, Oracle Corporation, Acronis International GmbH, Commvault, CA Technologies Inc., Syspro Technologies, Brightpearl Limited, CloudAlly

Asia-Pacific was the largest region in the storage and backup software market in 2023. North America was the second largest region if the storage and backup software market. The regions covered in the storage and backup software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the storage and backup software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The storage and backup software market includes revenues earned by entities by developing and distributing software, which provides users and programmers with a systematic way to create, retrieve, update and manage data. This software allows users to read, update and delete data, which can then be fetched directly and/or through programmatic access. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

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.


This product will be delivered within 3-5 business days.