The Global Data Recovery and Backup Market is expected to foresee significant growth. North America to lead the growth!

The Data Recovery and Backup Market is expected to grow at a strong CAGR of around 11% during the forecast period owing to the rising data generation among all sectors and the importance of this data for their business operations. Furthermore, the increasing focus of companies on data security, reliability, speed, portability, and enhanced programmability is contributing to market growth. The rising adoption of AI/ML, analytics, and cloud-based services across enterprises is also driving the market. For instance, In April 2018, the government and the UK’s AI ecosystem agreed to near £1 billion AI Sector Deal for boosting the global position of the U.K. as a leader in developing AI technologies.
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Based on the deployment method, the market is segmented into the cloud, hybrid, and local. Amongst these, the cloud held the major share of the market in 2021. The market dominance of the cloud deployment segment is going to grow at the fastest pace because of the reasons such as faster and simplified deployment, cost saving, a platform for growth, agility, scalability, geographic reach, etc. are some of the reasons

By end-user industry, the market is divided into banking and financial services, manufacturing, and others. Among these, banking and financial services generated the most revenue for the data recovery and backup market in 2021 and is expected to grow at a strong CAGR during the forecasted period owing to the rising digital banking and financial services all across the globe. Also, the generation of a large data pool by the banking and financial services sector is very important for the business and also the data that is very susceptible to cyber-attack hence rising the demand among BFSIs.

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For a better understanding of the market adoption of the data backup and recovery industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. North America is expected to grow at a substantial CAGR during the forecast period owing to the rising demand for AI-based data recovery and backup services for businesses generating large amounts of data. Moreover, Cloud technology migration brings lots of advantages to businesses such as providing scalability, cost savings, and better security compared to on-premise solutions, it allows companies to have an access to real-time data and analytics for better and faster decision-making hence driving the growth of the sector in the North American region.

Some of the major players operating in the market include Commvault; NetApp; NinjaOne; Ontech Systems, inc.; Aureon; Datto, inc.; Dell, inc.; amazon web services, inc.; Nexstor ltd; and Veritas.

Global Data Recovery and Backup Market Segmentation

Market Insight, by Component

• Software
• Service

Market Insights, by Deployment

• Cloud
• Hybrid
• Local
  

Market Insights, by End-User Industry

• Banking and Financial Services
• Manufacturing
• IT and Telecommunication
• Media and Entertainment
• Others

Market Insight, by Region

• North America
  • U.S.
  • Canada
  • Rest of North America
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • Rest of Asia-Pacific
• Rest of the World
  

Top Company Profiles
• Commvault• NetApp• Ninjs One• Ontech Systems, Inc.• Aureon• Datto, Inc.• Dell, inc.• Amazon Web Services, inc.• Nexstor Ltd• Veritas