Data Backup and Recovery Global Market Report 2024

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 expansion observed in the historical period can be attributed to factors such as the escalating volume of data, the proliferation of virtualization, heightened emphasis on disaster recovery, and growing concerns regarding data security.

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 anticipated growth in the forecast period can be ascribed to factors such as ransomware mitigation, adherence to regulatory compliance, and the implementation of continuous data protection. Notable trends expected in the forecast period encompass early digitalization, the integration of AI and machine learning into backup processes, an increased focus on cybersecurity within backup strategies, and the adoption of hyper-converged infrastructure (HCI) for backup.

The growth of the data backup and recovery market is anticipated to be propelled by an increased adoption of cloud data backup. Cloud backup involves storing a duplicate copy of physical or virtual files, databases, or other data in a secondary, off-site location to address potential equipment failures or emergencies. Cloud-based data backup facilitates the storage of data in the cloud, providing accessibility from anywhere at any time, ensuring data safety and easy recoverability. As an illustration, in February 2022, Gartner, a US-based management consulting company, projected that by 2025, 51% of enterprise IT spending in key segments would shift to the cloud, surpassing traditional IT spending. Moreover, global spending on public cloud services is expected to experience substantial growth, reaching $597.3 billion in 2023, a significant increase from $491 billion in 2022. Consequently, the surge in the adoption of cloud data backup serves as a key driver for the growth of the data backup and recovery market.

The growth of the data backup and recovery market is expected to be propelled by an increasing concern about security and privacy. Security and privacy involve the implementation of measures and safeguards to protect information, ensuring its confidentiality, integrity, and availability. In addressing the mounting concerns about security and privacy, the expanding data backup and recovery market plays a crucial role by offering robust solutions that ensure the protection and swift retrieval of critical information. For example, in December 2023, as reported by PurpleSec, a US-based veteran-owned and operated cybersecurity company, there was a significant rise in ransomware attacks targeting software supply chain entities, with supply chain attacks becoming more targeted and prominent. Insider threats also gained heightened attention, prompting companies to assess the risk of data theft from trusted business partners. Consequently, the growing apprehension about security and privacy is steering the growth of the data backup and recovery market.

Technological advancement stands out as a prominent trend gaining traction in the data backup and recovery market. Leading companies in the data backup and recovery sector are actively pursuing innovation through new technologies and research and development efforts, particularly focusing on the adoption of efficient alternatives such as multi-cloud data backup and recovery. This approach involves backing up data across various cloud services from different providers, facilitated by systems designed for multi-cloud data backup and recovery. Such systems routinely duplicate backups from one service to another, storing them for disaster recovery purposes. Ideally, these solutions should enable recovery from multiple sources. For instance, in June 2022, Backblaze, Inc., a US-based cloud storage and data backup company, collaborated with Veritas Technologies LLC to provide multi-cloud data backup and recovery solutions. Users leveraging Backup Exec for synchronizing their data backup and recovery processes can benefit from the combined solution's simplicity, cost-effectiveness, and S3-compatible object storage. Veritas Technologies LLC, a US-based data management company, offers the Backup Exec service, allowing companies to safeguard nearly any data across various storage media, including tape, servers, and the cloud.

Prominent companies in the data backup and recovery market are directing their efforts towards product launches, specifically introducing new data recovery services. This strategic focus aims to meet the growing demand for data protection, counter the increasing cyber threats, and address regulatory compliance requirements. A cutting-edge data recovery service incorporates advanced technologies and methodologies to efficiently retrieve and restore lost or compromised digital information. For instance, in September 2021, Salesforce, a US-based cloud-based software company specializing in customer relationship management (CRM) software and applications, introduced "Backup and Restore" to fortify business data against unforeseen mishaps and disruptions. This service features automated daily backups, data restoration capabilities, deletion management, high-level audits, encrypted backups, and user-friendly operations. It provides organizations with a comprehensive solution for effective data backup and recovery. This innovative product is poised to open new opportunities in the data backup and recovery market, highlighting the significance of cloud-based solutions and increasing organizational awareness regarding the critical importance of safeguarding and restoring business data.

In September 2021, HPE, a US-based information technology company, completed the acquisition of Zerto for $374 million. This strategic move by HPE is aimed at advancing its storage business, evolving it into a cloud-native, software-defined data services company. The acquisition also positions the HPE GreenLake edge-to-cloud platform as a key player in the rapidly expanding data protection sector, bolstered by the inclusion of Zerto's proven solution. Zerto, a US-based company specializing in software for on-premises and cloud data migration, backup, and disaster recovery, brings its expertise to HPE's portfolio through this acquisition. This collaboration enhances HPE's capabilities in delivering comprehensive and effective solutions in the dynamic landscape of data management and protection.

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.

North America was the largest region in the digital agriculture 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, Middle East, Africa. The countries covered in the data backup and recovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Data backup and recovery encompass several types, including service backup, media storage backup, and email backup. Services backup involves connecting systems to a private, public, or hybrid cloud managed by an external provider instead of conducting backups through a centralized, on-premises IT department. This method entails contracting an online data backup provider for backup and recovery services. The key components of data backup and recovery include software and services deployed both in the cloud and on-premises. Various industry verticals make use of backup and recovery solutions, including IT and telecommunications, retail, banking, financial services, and insurance, government and the public sector, healthcare, media and entertainment, manufacturing, education, as well as other industry verticals.

The digital agriculture market research report is one of a series of new reports that provides digital agriculture market statistics, including digital agriculture industry global market size, regional shares, competitors with a digital agriculture market share, detailed digital agriculture market segments, market trends and opportunities, and any further data you may need to thrive in the digital agriculture industry. This digital agriculture 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 digital agriculture market consists of revenues earned by entities by providing core and peripheral technology for agriculture. 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.


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