A new report by Reports and Data predicts that the global Data Backup and Recovery Market will reach USD 22.22 billion by 2030 due to the increasing risks of security breaches and the rising trend towards digitalization. The extensive adoption of smartphones and the internet will also positively impact the market’s growth.

The need for appropriate data backup and recovery has been increasing with the evolution of technologies and digitalization, particularly due to the increased risks of security breaches. The banking sector is particularly vulnerable to these breaches since the database contains personal data of all the customers, making it the industry expected to generate the highest revenue in the near future.

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However, only a few small and medium-sized enterprises are confident that their data is being backed up properly, and many lack the technical expertise or equipment to do so correctly. To recover lost data, enterprises must use database backups in cases where one or more data files are lost due to disk failure. Excellent backup-and-recovery strategies are essential for controlling these types of faults.

Driving factors of Data Backup and Recovery Market

1. Increasing risks of security breaches due to the evolution of technologies and digitalization
2. Rising trend towards digitalization
3. Extensive adoption of smartphones and the internet
4. Growing amount of data generated
5. Need for appropriate data backup and recovery
6. Lack of technical expertise or equipment to back up critical data correctly
7. Prevalence of redundant or secured disk storage
8. Loss of data due to disk failure
9. Implementation of excellent backup-and-recovery strategies
10. Increasing investments in backup and recovery software by large-sized organizations
11. Advanced scalability, intensified security, better compliance, and lower costs offered by cloud deployment types
12. Rising number of educational institutions and statutory bodies, leading to an increase in the data generated by the education industry
13. Technological advancements in big data analytics using artificial intelligence and machine learning
14. Merger, acquisition, and partnership strategies adopted by key participants in the market, including Oracle Corporation, Dell, IBM, CA Technologies, Acronis, Microsoft, HPE, and Commvault, among others.

Some of the notable innovations in the Data Backup and Recovery Market

1. Cloud-based backup and recovery solutions: Cloud-based solutions offer enhanced scalability, security, compliance, and cost-effectiveness compared to traditional backup methods.
2. Backup-as-a-Service (BaaS): BaaS provides a cloud-based backup solution, where the provider manages the backup process, and the customer only pays for the amount of storage used.
3. Disaster recovery-as-a-service (DRaaS): DRaaS provides a cloud-based disaster recovery solution, where the provider manages the recovery process, and the customer only pays for the amount of recovery used.
4. Artificial intelligence (AI) and machine learning (ML): AI and ML can be used to automate backup and recovery processes, detect anomalies, and predict potential failures.
5. Hybrid backup solutions: Hybrid backup solutions offer a combination of on-premise and cloud-based backup and recovery solutions, providing the best of both worlds.
6. Blockchain-based backup solutions: Blockchain can be used to ensure the integrity and security of backup data, as well as provide a tamper-proof audit trail.
7. Data deduplication: Data deduplication eliminates redundant data, reducing storage costs and backup time.
8. Continuous data protection (CDP): CDP provides near-instantaneous backup and recovery, ensuring minimal data loss in the event of a failure.
9. Hyper-converged infrastructure (HCI): HCI integrates compute, storage, and networking into a single system, simplifying backup and recovery management.

Top 10 Companies Operating in the Global Data Backup and Recovery Market:

International Business Machines Corporation, Oracle Corporation, Dell Inc., CA Technologies, Commvault Systems, Inc., Microsoft Corporation, Veritas Technologies LLC, Acronis International GmbH, Unitrends Corporation, Hewlett Packard Enterprise, Veeam Software Group GmbH, and NetApp, Inc.

To know more about the report @ https://www.reportsanddata.com/report-detail/data-backup-and-recovery-market 

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