Data Protection Software Market to Increase at 31.5% CAGR Between 2022 and 2032

The global data protection software market is expected to increase at a CAGR of 31.5% between 2022 and 2032, from $1,195 million in 2022 to $18,500 million in 2032, according to Fact.MR.

Prominent players in the data protection software market teamed up with a variety of vendors in this hub. This increased global demand for business-adaptable data security software, as well as the adoption rate of tap-based backup features that are highly secure vs. regular cyber-attacks. During the projection period of 2022-2032, the aforementioned collaborative approach is expected to bring a gain of 840 BPS to the backup and recovery sub-segment in this market.

For a big number of small to large-scale enterprises, runtime settings necessitate the use of a specific management tool to manage and safeguard their data. As a result, data security software firms supply a pool of programmed libraries that provide extra capabilities such as data security, data analytics, data abstraction, and reformed data management.

USA, which has been the largest user of data management solutions for the past half-decade, is likely to continue on this path for the next 10 years. A market driver is the growing awareness of data privacy and management among US commercial organizations. Furthermore, strict data-protection legislation, such as the California Consumer Privacy Act, boosted demand for such software. By the end of 2032, the market for data protection software in the United States is expected to have grown by 27x.

Report Attributes Details

Market size value in 2021A: $1,130 million
Market estimated value in 2022E: $1,195 million
Market forecast value in 2032F: $18,500 million
Global growth rate (2022-2032): CAGR 31.5%

Analyzing the current market trend helps to understand why banks and financial services firms are aiming to include data protection software as an integral component of their operations. Recognizing the significance of data privacy and management by a bank, demand for such specialized software that may assist it in reducing the risk of hacking.

Storage technologies for data protection via backup tapes and disks have been a strong market alternative for the previous half-decade. With ongoing technological improvements in this field, tape-based backup, which was a slow procedure, gradually depreciated on a global scale, and demand for virtual backup software increased.

Key Takeaways:

North America is expected to generate 382 million revenue in the global data protection software market.
Data protection software for BFSI is expected to grow at a 33.6% CAGR by 2032.
Small and midsize business to generate absolute dollar opportunity of $10,500 million.

Growth Drivers:

Rapid technological advancements are expected to propel the demand for data protection software.
Use of data protection software for safeguarding from cyberattacks and malware is expected to drive market growth

Competitive Landscape
Market players in the data protection software industry have primarily pursued growth-oriented tactics, which include increasing the rate at which data privacy solutions are implemented. Collaborations, mergers, digital marketing, and constant technical developments in the aforementioned software also rank high on their priority list. By providing a highly secure system, these tactics assist global firms in expanding their geographical footprint and gaining maximum market share.

In 2020, Commvault, a global pioneer in data protection software, will release metallic SaaS-based data protection software for enterprise-ready data management systems in the European region, with core backup and recovery functionalities.
In the beginning of 2019, IBM Corporation paid around $33 billion for Red Hat, an open source software provider, with the goal of gaining experience in cloud computing.

Key players in the data protection software market Include: