New York, US, April 06, 2023 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Data Resiliency Market By Component, Deployment, Organization Size, Vertical — Forecast till 2030. The global data resiliency market will touch USD 44.5 billion at a 13.90% CAGR by 2030, as per the current Market Research Future report.
Drivers
Increasing Cyber Attacks to Boost Market Growth
Data resilience solutions are in more demand in businesses as a result of the rising incidence of cyberattacks, such as ransomware, which block access to computer systems and data. These solutions assist businesses in recovering or protecting data from threats or system crashes. During the projection period, such factors are anticipated to accelerate market expansion.
Opportunities
Growing Demand for Data Security to offer Robust Opportunities
The necessity for high security and prompt backup for the data held on cloud-based systems, such as debit or credit card information, account numbers, and transaction passwords, among others, is further increasing the need for data resilience solutions in the business world. Moreover, data resilience solutions safeguard the data by spotting unsafe websites where submitting data poses a risk. These important aspects are anticipated to aid in the market's expansion in the years to come.
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Data Resiliency Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 44.5 Billion |
| Growth Rate | CAGR of 13.90 % from 2022 to 2030 |
| Base Year | 2021 |
| Study Period | 2022-2030 |
| Key Market Drivers | The procurement of Data resiliency solutions includes data backup and recovery, archiving, e-discovery, and disaster recovery. |
Restraints and Challenges
Availability of Alternatives to act as Market Restraint
The availability of open-source alternatives and higher amount of unstructured data management may act as market restraints over the forecast period.
Market Segmentation
The global data resiliency market is bifurcated based on vertical, organization size, deployment, and component.
By component, solution will lead the market in the forecast period.
By deployment, on-premise will domineer the market over the forecast period.
By organization size, large enterprise will spearhead the market in the forecast period.
By vertical, BFSI will hold the lions share in the market in the forecast period.
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COVID-19 Analysis
Since the worldwide coronavirus pandemic began at the end of 2019 and spread to other countries in 2017, one of the markets that has been most impacted is the data resiliency industry. Both the local and the global markets that are promoting the travel & tourism industries are dealing with major functional problems that are expected to limit the market's ability to overcome the difficulties that have been posing themselves since the pandemic's beginning. Investors in the market are looking for market dynamics that would assist the industry make up for losses made during the forecast period, which will finish in 2023. The market share for data resilience is decreasing, which creates a serious problem with money, technology, & investments that support meeting the market's evolving needs as well as the demands of the target audience, which is dispersed around the globe.
Regional Analysis
North America to Head Data Resiliency Market
All the major global organizations have their main hubs in the North American continent. The demand for resilience solutions in the area is being driven by the rise of numerous sectors and the quick development of connected devices. Individuals, corporations, and governments are all at increased danger from these attacks that could have an influence on the market. As a result, protecting important data has become extremely important in the area. All major global organizations have historically had their primary hubs in North America.
The need for flexible solutions within the area is being driven by the expansion of numerous sectors and the quick development of linked devices. The likelihood that such attacks will have an impact on the market is increasing, whether it be for individuals, businesses, or governments. As a result, it is now crucial in this area to preserve crucial data. The White House Council of Economic Advisors estimates that detrimental internet activities cost the American economy between 57 billion and 109 billion dollars annually. The expansion of the market in this area is being driven by solution providers like IBM, HPE, Commvault, Actifio, and others who are investing more money in research & development.
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APAC to Have Admirable Growth in Data Resiliency Market
The regional data resiliency market in APAC is developing as more industries, including BFSI, retail, IT and telecom, and healthcare, are becoming conscious of the importance of protecting and backing up their critical company data. Due to the increase in cyberattacks and ransomware assaults in this area, there is also a surge in the use of data resilience solutions.
The APAC region's market trends for data resilience solutions are highly concentrated and are anticipated to have considerable growth over the forecast period, which ends in 2023. Major firms including IBM, Microsoft, Commvault, & Veeam Software dominate the global market. Most market competitors are using a combination of organic & inorganic expansion tactics. They are probably focusing on expanding their service offerings for the market using cutting-edge technology innovations. They are putting more and more emphasis on working together to complement their current product portfolio & offerings and grow their consumer base.
Key Players
Eminent industry players profiled in the data resiliency market report include:
- Acronis (Switzerland)
- Veeam Software (Switzerland)
- Asigra Inc. (Canada)
- Unitrends (US)
- Quest Software Inc. (US)
- CA Technologies (US)
- Carbonite Inc. (US)
- Micro Focus (UK)
- NetApp (US)
- CenturyLink (US)
- Microsoft (US)
- Commvault Systems Inc. (US),
- IBM (US).
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Industry Updates
March 2023- IBM and Cohesity announced a new partnership to help enterprises with their urgent need for greater data security and resilience in hybrid cloud settings. Cohesity's data protection will be a key component of IBM's new IBM Storage Defender solution, which the company will introduce and which combines the cyber resilience, data protection, and data management capacities from both firms. For mission-critical enterprise applications, the solution will manage data resilience over the whole data lifecycle.
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