Market Highlights
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.
Data resiliency makes sure of the continuous availability of business applications and data, even during adverse events such as server overload, cyberattacks, and power outage. Data resiliency is achieved in many ways. These ways include logical replication hardware replication, as well as storage of data in several locations. If the data from any location is compromised via any cyberattack, power outage, equipment failure, or is corrupted, the user can access data from other locations which will ensure uninterrupted business operations. The global data resiliency market is projected to expand at 15% CAGR over the forecast period.
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.
Competitive Analysis
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).
Regional Analysis
The global data resiliency market is segmented into the regions of North America, Europe, Asia-Pacific, and the rest of the world. North America is expected to dictate the global data resiliency market owing to the presence of major data resiliency solution providers in the region. Further, owing to the massive investments in research and development of data resiliency solutions is also fueling the regional market growth.
Asia Pacific is assessed to exhibit the highest CAGR over the forecast period. This can be owed to the increasing implementation of data resiliency solutions in several end-user industries residing in the region. Further, increasing cyberattacks have created a rising need for data backup, in turn, fostering the data resiliency market growth over the conjecture period. Primarily banking and financial services are adopting data resiliency solutions owing to the presence of critical consumer data such as transaction history, account details, account passwords, debit & credit card details. If such data is compromised, it can be difficult for organizations to recover losses in the market. Therefore, proper disaster management solutions are necessary for countermeasure data theft and other data-related threats. Such need is propelling the growth of data resiliency solutions in the regional market.
Segmentation:
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).
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