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New York, April 06, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Data Backup And Recovery Global Market Report 2023" - https://www.reportlinker.com/p06443941/?utm_source=GNW , Cohesity, Broadcom Inc., Carbonite Inc., Actifio Technologies and Redstor Limited.

The global data backup and recovery market grew from $12.18 billion in 2022 to $14.15 billion in 2023 at a compound annual growth rate (CAGR) of 16.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The data backup and recovery market is expected to grow to $23.64 billion in 2027 at a CAGR of 13.7%.

The data backup and recovery market includes revenues earned by entities by providing disks/tape backup, hybrid cloud backup, and direct-to-cloud backup, recovery from local device, recovery from cloud and recovery right in the cloud.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Data backup and recovery refer to the area of onshore and cloud-based technology solutions that allow enterprises to secure and maintain their data for legal and business requirements. The data backup and recovery are used in the process of making a backup copy of data, keeping it somewhere safe in case it becomes lost or damaged, and then restoring the data to the original location or a secure backup so it can be used once more in operations.

North America was the largest region in the data backup and recovery market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the data backup and recovery market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of data backup and recovery are service backup, media storage backup, and email backup.The services backup are used to connect systems to a private, public, or hybrid cloud managed by the outside provider in place of doing backup with a centralized, on-premises IT department.

The services backup is a method of backing up data that entails paying an online data backup provider for backup and recovery services.The various components of data backup and recovery are software and services which are deployed on cloud and on-premises.

The various industry verticals that use backup and recovery are IT and telecommunications, retail, banking, financial services, and insurance, government and public sector, healthcare, media and entertainment, manufacturing, education, and other industry verticals.

An increase in the adoption of cloud data backup is expected to propel the growth of the data backup and recovery market.Cloud backup is storing a copy of a physical or virtual file, database, or other data in a secondary, off-site location in case of equipment failure or other emergencies.

Cloud-based data backup helps to store data in the cloud which is accessible anywhere and anytime.This helps the data to be safe and easily recoverable.

For instance, in November 2020, according to Gartner, a US-based management consulting company, following the COVID-19 crisis, there will an increase in IT investment toward the cloud, which is predicted to account for 14.2% of all worldwide enterprise IT spending in 2024 as opposed to the 9.1% in 2020. Therefore, an increase in the adoption of cloud data backup is driving the growth of the data backup and recovery market.

Technological advancement is a key trend gaining popularity in the data backup and recovery market.Major data backup and recovery companies are advancing in their new technologies and research and development to adopt efficient alternatives such as multi-cloud data backup and recovery.

Data can be backed up across many cloud services from different providers using multi-cloud data backup and recovery systems.These systems frequently copy backups from one service to another and store them there for disaster recovery.

These solutions ought to allow recovery from many sources, ideally. For instance, in June 2022, Backblaze, Inc., a US-based cloud storage and data backup company, partnered with Veritas Technologies LLC. to offer multi-cloud data backup and recovery. Customers who use Backup Exec to synchronize their data backup and recovery procedures can use their combined solutions simple, inexpensive, and S3-compatible object storage. The Backup Exec service from Veritas enables companies to safeguard almost any data on any storage medium, including tape, servers, and the cloud. Veritas Technologies LLC is a US-based data management company.

In September 2021, HPE, a US-based information technology company, acquired Zerto for $374 million.Through this acquisition, HPE further transforms its storage business into a cloud-native, software-defined data services company and positions the HPE GreenLake edge-to-cloud platform in the fast-growing data protection sector with a tested solution.

Zerto is a US-based company specializing in software for on-premises and cloud data migration, backup, and disaster recovery.

The countries covered in the data backup and recovery market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK and USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The data backup and recovery market research report is one of a series of new reports that provides data backup and recovery market statistics, including data backup and recovery industry global market size, regional shares, competitors with a data backup and recovery market share, detailed data backup and recovery market segments, market trends and opportunities, and any further data you may need to thrive in the data backup and recovery industry. This data backup and recovery market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.Read the full report: https://www.reportlinker.com/p06443941/?utm_source=GNW

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Data Backup And Recovery Global Market Report 2023 - GlobeNewswire