WW Backup and Recovery Market to Reach $20 Billion by 2028

The global backup and recovery market is forecast to reach $19.96 billion by 2028, according to a new report, Data Backup and Recovery Market By Type (Media Storage, Application Storage, and Email Storage), By Deployment Type, By Organization Size, By Component, By Industry Vertical, And Segment Forecasts, 2020-2028 ($4,590), by Reports and Data.

The increasing risks of security breaches, coupled with the rising trend towards digitalization, will drive the growth of the market. Moreover, extensive adoption of smartphones and the Internet will also have a positive impact on this growth.

With the evolution of technologies and digitalization, the need for appropriate backup and recovery has been increasing. The increasing amount of data generated has led to increased risks of security breaches. The banking sector is more prone to these breaches since the database of the industry contains personal data of all the customers. Thus the sector is forecasted to generate the highest revenue in the near future.

When it comes to vital information, it is essential for enterprises to make sure that their data is secured and backed up in the situation of an emergency. Unfortunately, only a few small and medium-sized enterprises are confident that their data is being backed up properly. Many enterprises lack the technical expertise or equipment to backup their critical data correctly. Despite the prevalence of redundant or secured disk storage, data is prone to get lost. In cases where one or more data files are lost due to disk failure, enterprises must use database backups to recover the lost data. The solution for controlling these type of faults is implementing excellent backup-and-recovery strategies.

Further key findings from the report suggest:
• Among the types, media storage segment accounted for the largest market share of ~39% in 2020. Media storage includes storage options such as magnetic tape, server, flash storage, HDD, optical storage, and SSD. These media storage backups are primarily used to recover data after its loss due to data deletion or corruption, and secondarily to recover the data whenever needed.
• The large-sized organizations account for a larger market share of ~64% in 2020, owing to the increasing investments on backup and recovery software.
• The cloud deployment type accounts for a larger market share of ~60% in 2020. The cloud deployment services offer advanced scalability, intensified security, better compliance, and lower costs.
• The solution component accounts for a larger market share of ~55% in 2020. The solution segment is further segregated into software and hardware solution. backup software includes data replication, data reduction, and data retention. The increasing demand for data retention software will be the major factor contributing to the growth of the solutions segment.
• The education industry is anticipated to witness the highest CAGR of 11.4% during the forecast period. With the rising number of the establishment of educational institutions and statutory bodies, there has been an increase in the data generated by the industry. The data includes student/staff personal and academic data, as well as data related to e-learning and online exam practices. This has led to the need for excellent backup and recovery solutions by the industry.
• North America held the largest market share of ~31% in 2020, owing to the presence of some of the leading players of the market in the region. Moreover, the region is one of the technologically advanced regions. With the rising trend of big data analytics using AI and ML, a massive amount of data is generated. This data is needed to be stored, backed up, as well as recovered whenever needed.

Key participants include Oracle Corporation, Dell, IBM, CA Technologies, Acronis, Microsoft, HPE, and Commvault. The companies have adopted various strategies, including mergers, acquisitions, and partnerships to hold ongoing trials and come up with new developments in the market.