According to a new report published by UnivDatos Markets Insights, the Data Backup and Recovery Market is expected to grow at a CAGR of around 11% from 2022-2028. The analysis has been segmented into Component (Software and Service); Deployment (Cloud, Hybrid, and Local); End-User Industry (Banking and Financial Services, Manufacturing, IT and Telecommunication, Media and Entertainment, and Others); Region/Country.
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The data backup and recovery market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the data backup and recovery market. The data backup and recovery market report offer a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the data backup and recovery market at the global and regional levels.
Market Overview
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 in increasing the efficiency of their operations, making automation possible. There will be fewer human errors, reducing operational costs, due to the decreased need for human resources leading to a large amount of data generation creating a huge demand for data backup and recovery services or software among the businesses. Additionally, 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 accordingly.
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COVID-19 Impact
On the contrary, though the COVID-19 pandemic adversely affected several sectors it has positively impacted the data backup and recovery market and helped in scaling the business growth. The market was severely affected in the first few months. government-imposed lockdowns around the world but it has not stopped the companies from operating but surely change the way they operate. Measures taken by governments to curb the epidemic have reduced economic activity, restricted the movement of goods and services, and put countries on lockdown and lots of companies employees were working from home and the biggest risk it posed was peoples were working on consumer grade security hence, increased risks pf cybercrime like ransomware that can corrupt the important data of the firms, data theft and disruptions to IT systems through malware and these factors have actually helped increasing the business of data backup and recovery industry during and after the lockdown.
The Global Data Backup and Recovery Market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.
· Based on the component, the market is segmented into software and services. Amongst these, the services held the major share of the market in 2021. The market dominance of the services is due to faster and simplified deployment, use of autoscaling, and scalability to meet the peak demand of businesses without the need for extra capacity hence increasing the operating leverage of the business increases operational efficiency by removing human error and also while opting 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.
· Based on the end user industry type, the market is segmented into banking and financial services, manufacturing, it and telecommunication, media and entertainment, and others. Among these, the banking and financial services segment is the largest contributor to the revenues of service providers of data backup and recovery owing to the reasons like large data pool that the banking and financial services segments have generated that are critical for their business operations as well as the susceptibility to cyber threats that the data of banking and financial services industry faces. For instance, according to export data of the Indian IT (information technology) services sector In terms of industry-wise revenue break up, out of the total USD 149.1 billion in exports of the IT-BPM sector in 2020-21, Banking, Financial Services, and Insurance (BFSI) contributed USD 61.4 billion, accounting for over 41 percent of the exports
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Data Backup and Recovery Market Geographical Segmentation Include:
· North America (U.S., Canada, and the Rest of North America)
· Europe (Germany, U.K., France, Italy, Spain, and the Rest of Europe)
· Asia-Pacific (China, India, Japan, and the Rest of Asia-Pacific)
· Rest of the World
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. Moreover, developments in AI-based applications based on clouds are happening everywhere in order to automate the process and make the system safer and more reliable. 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
The major players targeting the market include:
· Commvault
· NetApp
· Ninja One
· Ontech Systems, Inc.
· Aureon
· Datto, Inc.
· Dell, inc.
· Amazon Web Services, inc.
· Nexstor Ltd
· Veritas
Competitive Landscape
The degree of competition among prominent global companies has been elaborated by analyzing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the data backup and recovery market. The major players have been analyzed by using research methodologies to get insight views on global competition.
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Key questions resolved through this analytical market research report include:
• What are the latest trends, new patterns, and technological advancements in the data backup and recovery market?
• Which factors are influencing the data backup and recovery market over the forecast period?
• What are the global challenges, threats, and risks in the data backup and recovery market?
• Which factors are propelling and restraining the data backup and recovery market?
• What are the demanding global regions of the data backup and recovery market?
• What will be the global market size in the upcoming years?
• What are the crucial market acquisition strategies and policies applied by global companies?
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