Market Research Future (MRFR), in its recently published research report, asserts that the global Data Resiliency Market 2020 is expected to grow exponentially over the review period, recording a substantial market valuation of USD 21 billion, and a healthy 15% CAGR in the forecast period.
Drivers and Restraints
Every organization is seeing massive growth in data generated from various sources. Such data need to be protected and controlled, which pushes data resiliency solutions to develop. In addition, the adoption of cloud-based data backup and recovery solutions is growing suddenly due to its varied versatility, scalability, and protection features, which contribute significantly to the growth of the data resilience industry. Cloud storage management incorporates on-line backup services and disaster recovery planning. Furthermore, companies emphasize the adoption of operational excellence and solutions for managing the data quality. Enterprises are facing privacy issues and there is a growing need for data protection, due to which the implementation of data resilience solutions is growing tremendously. And all of these factors are anticipated during the forecast period to drive the data resilience market.
But storing unstructured data and extracting data from data storage towers (silos) poses obstacles in the development of the demand for data resilience. Lack of understanding among growing small enterprises about unique data resilience solutions is restricting market development. In addition, the availability of open- alternatives is expected to hinder market growth over the forecast period.
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Based on the component, the market is divided into solutions and services. The solutions are further segmented into data archiving e-discovery, data backup recovery, disaster recovery and the services are further bifurcated into professional services and managed services.
By deployment, the market is divided into on-cloud, and on-premise, hybrid.
By the organization size, the market is bifurcated into small, medium-sized enterprises and large enterprises.
By vertical, the market is segmented into IT telecommunication, banking and financial services and insurances, media and entertainment, government, healthcare, and others (education, transportation, logistics, law firms, hospitality).
The geographical overview of the global market has been analyzed in four major regions, including the Asia Pacific, North America, Europe, and the rest of the world.
Due to the early adoption of data resilience solutions and the presence of key players such as Veritas Technologies, IBM, CommVault, which provide disaster recovery and business continuity solutions for the numerous large companies in this area, North America is expected to dominate the data resilience market. In addition, North America is among the first to implement a hybrid-based data resiliency delivery model, which is less costly than on-site and offers quicker and effective response time, disaster prevention, and business continuity. Hence, North America is expected to show growth in data resilience solutions based on hybrid clouds, which further drives the growth of the data resiliency market in the North-American region.
Asia-Pacific is expected to show a higher growth rate in the data resiliency market due to the growing businesses adopting data protection strategies to protect their business processes from escalating cyber-attacks such as ransomware. Because of the existence of sensitive consumer data such as account information, transaction history, account passwords, credit, and debit card information, banking and financial services primarily follow data resiliency approaches. If these data are compromised, companies may have trouble returning on the market. Consequently, effective disaster management tools are required to combat data-related threats. MRFR predicts that this region is expected to see higher growth in the data resiliency market.
Europe is poised to show growth in the adoption of cloud-based data resiliency solutions as cyber-attacks is increasing in the region. Cloud-based data resilience solutions are cost-efficient and accurate, which impacts its adoption in this region.
The major market players operating in the global market as identified by MRFR are CommVault (US), IBM (US), Actifio (US), NetApp (US), Veritas Technologies (US), HPE (US), Veeam Software (Switzerland), Acronis (Switzerland), Asigra (Canada), Quest Software (US), Microsoft (US), Carbonite (US), Century Link (US), Unitrend (US), VMware (US).
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