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Integrated Backup and Recovery Services Market Trends

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

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Integrated Backup and Recovery Services Market Trends

As global data protection laws becomes more stringent, organizations must adopt robust data management practices, including routine backups and secure storage. These regulations mandate businesses to retain data for specific periods and ensure its recoverability in case of loss. Non-compliance can lead to penalties, legal challenges, and reputational damage. Additionally, compliance complexities vary by industry, necessitating customized backup solutions that align with specific legal requirements. This demand for specialized services drives the growth of the backup and recovery services market.

To meet regulatory requirements major players are particpating in startgies initaitves. For instance, in July 2024, Optus and Cisco announced a new multi-year partnership that will offer strengthened network security and data security services for Optus Enterprise and Business customers tackling complexities associated with hybrid workforces.

A major pitfall in the backup and recovery services market is the over-reliance on a single solution. Many organizations choose one backup method, assuming it will comprehensively address their data protection needs. This singular approach can have consequences if that chosen method fails or gets compromised.

Furthermore, organizations frequently overlook the critical nature of regular testing and updates to their backup systems. Rarely testing these systems can lead to unpleasant surprises, such as data corruption or incomplete backups, only surfacing during a disaster. This oversight can result in extended downtimes and potential data loss. To counter these vulnerabilities, businesses should embrace a diversified strategy, incorporating multiple backup solutions to bolster their resilience against unexpected challenges.

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.