Dublin, March 26, 2024 (GLOBE NEWSWIRE) -- The "Data Resiliency - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029" report has been added to ResearchAndMarkets.com's offering.
Growth Projections and Market Dynamics
The global market for data resiliency is poised for rapid expansion, with projections showing a possible doubling from USD 18.65 billion in 2024 to an impressive USD 38.12 billion by 2029. A significant compound annual growth rate (CAGR) of 15.38% during the forecast period underscores the critical nature of robust data protection strategies. As businesses and organizations worldwide face increasing cyber threats, the demand for data resiliency solutions is escalating.
Drivers of Data Resiliency Adoption
One of the key drivers of this growth is the escalating number of cyberattacks, which instill urgency among companies to adopt security measures that ensure data integrity and availability. These trends highlight a shift in organizational culture, with a focus on the ability to effectively withstand and quickly recover from data-related incidents. The expansion of cloud-based services, alongside the adoption of IoT and big data analytics, also contributes to the increasing market demand, given the heightened pressure on data centers to manage and protect vast amounts of information.
Disaster Recovery and Ransomware Concerns
With more than half of organizations reportedly experiencing a disaster recovery event in the recent years, and an alarming percentage of IT leaders citing ransomware as a significant threat, effective data resiliency strategies are no longer optional but a necessity. Concerns extend beyond data loss itself, with productivity and business continuity standing as top priorities for IT management across industries.
Moving Toward a Multi-Cloud Environment
The shift toward multi-cloud architectures has been recognized by half of the IT professionals, with adoption rates showing a clear inclination towards complex and distributed cloud environments. The need for data resiliency transcends on-premise solutions, encompassing public, private, and hybrid models to meet the unwavering requirement for marketplace agility and continuity of operations.
Financial Sector and Data Resiliency
The pressures of financial motivations behind cyberattacks have made the BFSI sector notably susceptible, urging financial institutions to prioritize data security to safeguard customer data and adhere to regulatory standards. The ongoing COVID-19 pandemic has further underscored the need for robust contingency plans, accelerating the demand for resilient data infrastructures amongst financial service providers.
North America at the Forefront
North America continues to secure a significant share of the data resiliency market, with the presence of major organizations that fuel the demand for data protection services. Cybersecurity risks have become a prominent issue, compelling businesses across various domains in the region to incorporate data resiliency into their operational frameworks.
Competitive Landscape and Strategic Initiatives
The competitive landscape of the data resiliency market is characterized by a mix of strategies employed by various vendors to maintain their foothold. Companies are diving into product innovations, mergers, acquisitions, and entering strategic partnerships to enhance their offerings and service capabilities. These alliances seek to leverage cloud platforms and advance data protection technologies that support the increasingly complex digital ecosystem. The continued collaboration between enterprises and technology providers aims at creating a secure and resilient infrastructure to confront the evolving challenges of data security and ensure the continuation of business operations amidst potential disruptions.
A selection of companies mentioned in this report includes
- Acronis International GmbH
- Asigra Inc.
- Carbonite, Inc. (OpenText Corporation)
- CenturyLink, Inc.
- Commvault Systems, Inc.
- IBM Corporation
- Microsoft Corporation
- NetApp, Inc.
- Veritas Technologies LLC
- VMware, Inc. (Dell Technologies Inc.)
- Micro Focus International plc
For more information about this report visit https://www.researchandmarkets.com/r/emylru
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