Data Backup Software Market to Reach USD 25.9 Bn by 2032, Says Market.us Research Study

Market Overview

the global Data Backup Software Market was experiencing steady expansion over the course of 2011, and was projected to do so even further over time. Rising needs for data protection, rising cloud computing usage and growing digital information all played major roles in its expansion.

Global Data Backup Software Market was projected to experience compound annual compound annual growth rate of 12.4 from 2022-2032, reaching USD 8 Bn at the time of forecast.

The data backup market is highly competitive, featuring prominent vendors like IBM Corporation, Dell EMC, Commvault Systems and Veritas Technologies as well as several newcomers that strive to innovate their offerings and remain ahead of competition. Vendors aim to develop data protection solutions which are simple for their customers to use while being efficient and cost effective.

This market can be divided by deployment type (cloud-based and on-premises), organization size, end-use industry (IT&T, BFSI, healthcare retail etc) as well as end-use service provider / organisation size ratios (SMEs to large). Of all of these industries the IT & T sector dominated the market due to their higher data production output levels.

North America remains the market for data backup software, followed by Europe and Asia Pacific regions; with Asia Pacific projected to experience the fastest compound annual compound annual growth due to increasing adoption of cloud-based backup solutions within this region.

Drivers, trends, and challenges have an impact on market dynamics, which can impact businesses. Request for PDF sample report

Key Takeaways

• The global data backup software market is expanding steadily due to data protection needs that continue to evolve alongside digitalization and cloud computing adoption.
• Established players as well as new entrants to the market are competing to develop advanced and cost-effective backup solutions, while segmentation includes deployment type, organization size and end user industry with IT/telecommunications sectors dominating.
• North America currently leads in terms of data backup software sales, followed by Europe and Asia-Pacific regions. Asia Pacific should experience the greatest rate of growth over the coming years as more users adopt cloud storage and digital transformation initiatives there.

Regional Snapshot

• North America leads in data backup software due to high adoption of advanced technologies and cloud-based backup solutions; Europe follows with stringent data protection regulations like GDPR driving adoption there.
• Asia Pacific region is projected to experience the fastest compound annual growth due to increasing cloud adoption, digitization efforts and data protection requirements in countries like China and India.
• Other regions like Latin America, the Middle East and Africa should contribute to market expansion with rising awareness and adoption rates of cloud-based backup solutions.

Drivers

Data Protection: With an explosion of digital data and increasing risk from cyber attacks and data breaches, organizations are investing more and more in data backup software to safeguard their vital files.

Cloud Computing: Cloud-based backup solutions have gained in popularity due to their scalability, flexibility and cost-efficiency, which has contributed to their increase within the data backup software market.

Increase of Digital Data: With digitization becoming the norm across businesses and an explosion in use of digital devices, the amount of data created is rapidly expanding, prompting an upsurge in demand for backup solutions.

Restraints

High Cost of Implementation: Data backup software implementation costs can be prohibitively high for small and midsized enterprises with tight budgets, making the purchase a difficult choice.

Security Issues: Storing sensitive data in the cloud may raise security concerns for certain organizations, prompting them to prefer on-premises backup solutions instead. This may inhibit adoption of cloud-based backup solutions and slow their market expansion.

Lack of Trained Professionals: Due to the complex nature of data backup software and its need for specialized expertise to administer it, managing it may prove challenging for some organizations and result in a shortage of trained individuals, thus restricting market expansion.

Opportunities

Increased Adoption of Hybrid Cloud Solutions: With increasing adoption of hybrid cloud solutions that combine public and private cloud options, data backup software vendors now have the chance to offer hybrid backup solutions as a potential revenue generator.

Growth of IoT: With an ever-increasing adoption of Internet of Things devices across various industries, the amount of data generated has skyrocketed - necessitating backup solutions.

Edge computing: With edge computing's growing popularity, and its need for backup solutions to manage edge data processing closer to source locations rather than in the cloud, backup solutions must also support edge data processing.

Challenges

Tight Competition: The data backup software market is highly competitive, with established players and new entrants continually working to innovate their offerings and gain market share, making it challenging for vendors to stand out and win over customers.

Complexity and Integration Challenges: Data backup solutions are often complex systems that must integrate with multiple other systems, which may prove a difficult undertaking for some organizations and hinder adoption.

Compliance requirements: As data privacy and security become ever-more crucial for organizations, compliance regulations such as GDPR and HIPAA require organizations to implement backup solutions that adhere to them - which may add further complexity and expense when doing so.

Recent Developments

• In September 2021, Veritas Technologies, a leading provider of data protection solutions, announced the launch of a new backup and recovery solution for AWS Outposts, which enables organizations to protect their critical workloads running on AWS Outposts.
• In August 2021, Dell EMC announced the launch of a new cloud disaster recovery solution that provides backup and disaster recovery capabilities for cloud-native applications running on Google Cloud Platform.
• In July 2021, Commvault Systems, a global leader in enterprise backup and recovery, announced the acquisition of Hedvig, a software-defined storage company, to enhance its backup and recovery offerings for hybrid and multi-cloud environments.

Key Market Segments

Type

• Off-site Data Backup Software
• On-premises Data Backup Software

Application

• Personal
• Enterprise

Key Market Players

• Veritas Technologies
• Veeam
• Acronis
• StorageCraft
• Netapp
• Code42
• Commvault
• Unitrends
• Datto
• Genie9 Corporation
• Softland
• Strengthsoft
• NTI Corporation

Report Scope

FAQs    

Q: What is data backup software?

A: Data backup software is a type of software that enables organizations to protect and recover their valuable data in the event of a disaster or data loss.

Q: What are the benefits of using data backup software?

A: Data backup software enables organizations to protect their critical data, recover it in the event of a disaster or data loss, and comply with data protection regulations.

Q: What are the different types of data backup software?

A: Data backup software can be classified into two types: on-premises and cloud-based. On-premises backup software is installed and managed on-site, while cloud-based backup software is managed and hosted by a third-party provider.

Q: What are the factors driving the growth of the data backup software market?

A: The growth of the data backup software market is driven by the increasing need for data protection, the rise of cloud computing, and the growth of digital data.

Q: Which region is expected to experience the highest growth rate in the data backup software market?

A: The Asia Pacific region is expected to experience the highest growth rate in the data backup software market, due to increasing cloud adoption, the rise of digitalization efforts, and the growing need for data protection.