Data Backup and Recovery Market: Current Analysis and Forecast (2022-2028)
Emphasis On Component (Software and Service); Deployment Type (Cloud, Hybrid And Local); End User Industry (Banking and Financial Services, Manufacturing, IT and Telecommunication, Media and Entertainment, and Others); And Region/Country
The data backup and recovery Market is expected to grow at a strong CAGR of around 11% during the forecast period owing to the rising adoption of digitalization and data generation among businesses. Businesses are using digital technologies for changing their business model and providing new revenue streams and value-producing opportunities from automating their marketing activities to processing their orders Digitalization in business is helping to increase the efficiency of their operations, making automation possible. There will be fewer human errors hence reducing operational costs, due to the decreased need for human resources. For instance, according to Fujitsu Key drivers of digital transformation in retail are strengthened competitiveness with 70% reporting high or very high importance, 69% improved efficiency and reduced cost, 69% strengthened customer relationships and 67% increased revenue according.
Some of the major players operating in the market are Commvault; NetApp; NinjaOne; Ontech systems, Inc.; Aureon; Datto, Inc.; Dell, Inc.; Amazon web services, Inc.; Nexstor ltd; and Veritas. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, the service held a prominent share of the market in 2020”
Based on the component, the market is segmented into software and services. Amongst these, the services held the major share of the market in 2020. The market dominance of the services is due to faster and simplified deployment of the cloud-based services, use of autoscaling, and scalability to meet the peak demand of businesses without the need for extra capacity, hence the increasing operating leverage of the business and the growth is also driven by increasing operational efficiency with the use of services based data backup and recovery and it is achieved by removing human error and also when organizations opt for backup as service companies don’t have to do initial capex on building heavy IT infrastructure hence driving the dominance of services over software among businesses
“Amongst deployment types, cloud deployment held a dominating share of the market in 2020”
By deployment type, the market is divided into cloud, local, and hybrid. Among these, cloud deployment captured a commendable share of the data backup and recovery market in 2021 and is expected to grow at a strong CAGR during the forecasted period owing to reasons like enabling businesses to scale resources up or down without making large upfront investments in hardware, other benefits include they can help to make organizations more agile and responsive to change, helps reduce capital expenditure by providing on-demand scalability and lowering the downtime. For instance, Karl Perkins, chief innovation officer, bandwidth, announced to extend partnership with amazon web services to accelerate innovation and streamline the development of new use cases for global 2000 enterprises to capture all benefits of moving to the cloud.
“North America, to lead the growth during the forecasted period”
North America is expected to grow at a substantial CAGR during the forecast period owing to the rising demand for AI-based data backup and the large amount of data generated by the big technology conglomerates. 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 region. Additionally, the growing number of products launched in the market also contributed to the growth of the market. For instance, on Nov 2022, Nvidia announced its partnership with Microsoft to create a massive computer for AI applications based on cloud computing technology this new AI system will use Microsoft’s Azure cloud. According to initial plans, it will contain tens of thousands of graphics processing units (GPUs), most likely those based on Nvidia’s latest and most powerful H100 and A100 chips.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global data backup and recovery market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the Data Backup and Recovery Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global data backup and recovery market were the three major steps undertaken to create and analyze the adoption of data backup and recovery in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global data backup and recovery market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the data backup and recovery market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the data backup and recovery market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as a component, deployment, end-user industry, and region. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the data backup and recovery market. Further, we conducted factor analysis using dependent and independent variables such as component, deployment, end-user industry, and region of the data backup and recovery market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the data backup and recovery market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global data backup and recovery market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the data backup and recovery market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global data backup and recovery market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global data backup and recovery market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, deployment, end-user industry, and region in the global data backup and recovery market.
The Main Objective of the Global data backup and recovery Market Study
The current & future market trends of the global data backup and recovery market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the data backup and recovery market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, deployment, end-user industry, and region.
- Define and analysis of the regulatory framework for the data backup and recovery industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the data backup and recovery market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the data backup and recovery market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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