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Integrated Backup and Recovery Services Market Size

Report ID: GMI12006
Published Date: Oct 2024
Report Format: PDF

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Integrated Backup and Recovery Services Market Size

The global integrated backup and recovery services market size was valued at USD 20.2 billion in 2023 and is projected to grow at a CAGR of 11% between 2024 and 2032. The rapid adoption of cloud computing is expected to drive the market growth. As businesses increasingly migrate their operations to the cloud for enhanced scalability, flexibility, and cost savings, the demand for cloud-based backup solutions has surged.

integrated backup and recovery services market

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Cloud environments enable organizations to securely store vast amounts of data and access it from anywhere, making effective backup strategies essential. Additionally, these environments provide robust data redundancy, ensuring backups are stored in multiple locations to mitigate risks.

Integrated Backup and Recovery Services Market Report Attributes
Report Attribute	Details
Base Year:	2023
Integrated Backup and Recovery Services Market Size in 2023:	USD 20.2 Billion
Forecast Period:	2024 – 2032
Forecast Period 2024 – 2032 CAGR:	11%
2024 – 2032 Value Projection:	USD 50.5 Billion
Historical Data for:	2021-2023
No. of Pages:	166
Tables, Charts & Figures:	201
Segments covered:	Services, Deployment Model, Organization Size, End-use
Growth Drivers:	Growth in data volume and complexity Rising cybersecurity threats necessitating secure backups Increasing adoption of cloud services Stringent data protection regulations and compliance requirements
Pitfalls & Challenges:	High implementation and maintenance costs Lack of skilled professionals

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To meet growing market demand major players are focusing on enchancing their service offerings. For instnace, in September 2024, Oracle announced significant enhancements to its Distributed Cloud capabilities, aimed at empowering organizations to innovate with Artificial Intelligence (AI). These innovations are designed to meet the increasing global demand for AI and cloud services, allowing businesses to leverage Oracle's technologies across various environments.

As organizations face a rising number of cyberattacks, particularly ransomware, the need for robust data protection solutions has become critical. Ransomware, which encrypts essential data and demands payment for decryption, exposes vulnerabilities in traditional data protection strategies. Consequently, companies are prioritizing comprehensive backup and recovery plans as key components of their cybersecurity posture. Investing in reliable backup services enables organizations to quickly restore systems and data without paying ransoms. This need for effective data backup and rapid recovery solutions is driving growth in the backup and recovery services market.

Authors: Preeti Wadhwani, Aishwarya Ambekar

Frequently Asked Questions (FAQ) :

The market size of integrated backup and recovery services reached USD 20.2 billion in 2023 and is set to grow at an 11% CAGR from 2024 to 2032, driven by the rapid adoption of cloud computing.

The Backup as a Service (BaaS) segment accounted for over 40% of the market share in 2023 and is expected to exceed USD 19 billion by 2032, as organizations prioritize the protection of sensitive information due to increasing cyber threats.

The cloud segment held around 46% of the market share in 2023, led by the rising demand for accessible and reliable data backup solutions as organizations adopt flexible work environments.

The U.S. integrated backup and recovery services market accounted for 75% of the revenue share in 2023 and is projected to reach over USD 10 billion by 2032, fueled by the increasing emphasis on data-driven decision-making across industries.