Global Data Backup and Recovery Market is growing at a significant CAGR of 10.1% during forecast (2021-2027) and is anticipated to reach around $22.5 billion in 2027.According to the organization in 2017, more than 3 billion people are connected to the internet compared to just 2.3 million in 1990. These 3 billion people are generating data in every second, which has led to the growth of big data. Several researchers have discovered a potential connection between robust data management strategy and companies’ financial performance. This enables businesses to reach the market faster with products and services that are efficiently associated with customer needs. Higher recovery time of lost data is leading to lost revenue and customer relation problems as well as can reduce the possibility of reaching the lost data. It is difficult to retrieve data from harsh physical damages in the data storage devices. In addition, damages on the magnetic area of storage devices complicate the process of data loss recovery. It is required not to make any blunders while retrieving the data which can complicate the process of data recovery. Therefore, technological professionals are employed by some organizations to perform the task and avoid such complications in data recovery.
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Growing Demand for Data Backup and Recovery Market
Blockchain is an emerging technology that is anticipated to strengthen data integration, security, and authenticity. The technology can advance the way data is stored and managed by making it tamper-proof. It can offer various advantages in data protection, including transparency, reliability, and tamper-proof data security. Blockchain network is visible to all participants and ensures trust and easy auditing. It is a reliable source as and when one node fails, the user can still access the data as it is saved on all other nodes. Tampering or deleting data is highly difficult and will leave a trace. Blockchain platform ensures that data is encrypted which signifies that alterations in data are a difficult task. It allows users to save cryptographic signature of a file or document on the blockchain. This would provide users with a way to ensure a file is un-tampered without the need to save the entire file on the blockchain. Therefore, integration of blockchain technology may significantly improve data security and efficiently backup the files and documents.
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Scope of the Global Data Backup and Recovery Market
Market Coverage
- Market number available – 2020-2027
- Base year- 2020
- Forecast period- 2021-2027
- Segment Covered- By Deployment and By Application
- Regions Covered- North America (US and Canada), Europe (UK, Germany, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and Rest of World
- Competitive Landscape- Amazon Web Services, Inc., Hewlett Packard Enterprise Co., IBM Corp., Microsoft Corp., Oracle Corp.
Recent Strategic Initiatives in the Global Data Backup and Recovery Market
- In July 2019, the company announced that it has been named a Visionary in the 2019 Gartner Magic Quadrant for Security Awareness Computer-Based Training for PhishLine. In its independent analysis of security-awareness training vendors, Gartner recognized Barracuda for completeness of vision and ability to execute.
- In August 2018, Amazon Web Services and DXC Technology, an American multinational company offering IT solution, announced a multi-year global agreement to build a new multi-billion-dollar DXC – AWS Integrated Practice that will deliver IT migration, application transformation, and business innovation to global Fortune 1000 clients.
Global Data Backup and Recovery Market -Segmentation
By Deployment
- On-Premises
- Cloud-Based
By Application
- Media Storage
- Email Storage
- Application Storage
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
