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Data Backup and Recovery Market size is analyzed to grow at a CAGR of 10.2% during the forecast 2022-2027 to reach $14.95 billion by 2027.
HYDERABAD, TELANGANA, INDIA, September 28, 2022 / / -- size is analyzed to grow at a CAGR of 10.2% during the forecast 2022-2027 to reach $14.95 billion by 2027. Data backup and recovery is the process of backing up data in case of loss and establishing secure systems that allow to recover data as a result. Data backup is copying and preserving computer data in order to keep it available in the event of data corruption or deletion. Data backup is one type of disaster recovery, and it is an essential component of any sensible disaster recovery plan. Data backup is a feeble against ransomware protection. A database management system (DBMS) is a software that allows users to conveniently manage databases. It enables users to view and interact with the database's underlying data. Backup and recovery refers to the process of creating and storing data copies that can be used to safeguard organisations against data loss. The increased threat of security breaches, combined with the growing trend toward digitization, will drive market expansion. Furthermore, widespread adoption of smartphones and the internet will have a beneficial impact on market growth.
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Key takeaways:
This IndustryARC report on the Data Backup and Recovery market highlights the following areas -
1. The Cloud segment is expected to grow at the fastest CAGR during the forecast period. Cloud solutions help to reduce downtime in the event of a data loss and make it easier to locate data. It also provides enhanced scalability by making it simple to increase the storage limit.
2. During the projected period, North America is expected to account for the largest market share of 35% in the data backup and recovery market.
3. Government initiatives and regulatory rules, such as the Payment Card Industry Data Security Standard (PCI DSS) and Sarbanes-Oxley (SOX), are promoting the usage of data backup and recovery software and related services in the region.
4. The growing usage of cloud technology among small and medium-sized businesses opens up a wide variety of potential for the global Data Backup and Recovery Market.
5. Data backup and recovery solutions are available in a variety of customised software formats as well as as a service, which is commonly referred to as Backup-as-a-Services (BaaS). The requirement for dependable data backup and recovery software solutions will have an impact on digital transformation and data protection across industries.
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Segmental Analysis:
1. By Deployment, Data Backup and Recovery Market has been segmented into On-premises, Cloud. The Cloud segment is expected to grow at a fastest CAGR during the forecast period. Cloud solutions help to reduce downtime in the event of a data loss and make it easier to locate data. It also provides enhanced scalability by making it simple to increase the storage limit.
2. By Geography, Data Backup and Recovery Market has been segmented under North America, Europe, APAC, South America, and RoW. During the projected period, North America is expected to account for the largest market share of 35% in the data backup and recovery market.
3. By End-Use Industry, Data Backup and Recovery Market has been segmented into BFSI, Manufacturing, IT & telecommunications, Education, Healthcare, Retail, and Other Industries. The Education segment is expected to grow at the fastest CAGR during the forecast period.
Competitive landscape:
The top 5 players in the Data Backup and Recovery industry are:
1. Veritas Technologies
2. Veeam
3. Acronis
4. StorageCraft
5. Netapp
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