According to marketresearch report "Data Resiliency Market by Component (Solutions (Data Backup & Recovery, DataArchiving & E-Discovery, Disaster Recovery), Services (ProfessionalServices & Managed Services)), Deployment, Organization Size, Vertical, andRegion - Global Forecast to 2023”, The data resiliency market is expected togrow from USD 11.69 Billion in 2018 to USD 27.63 Billion by 2023, at a CAGR of18.8% from 2018 to 2023.
Thegrowth of the data resiliency market is primarily driven by the increasing dataprivacy concerns and need to ensure data security, growing adoption ofcloud-based data backup and recovery solutions, and increasing data generationfrom various sources.
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The North American regionis expected to lead the data resiliency market in 2018.
The North American regionis expected to lead the data resiliency market in 2018. The growth of the NorthAmerica data resiliency market can be attributed to the presence of various keyplayers such as IBM (US), Commvault Systems, Inc. (US), Microsoft (US), andVMware (US) in the region. Moreover, increased investments by various leadingmarket players in R&D activities also contribute to the increased demandfor data resiliency solutions in the North American region.
Based on organizationsize, the small & medium enterprises segment of the dataresiliency market is projected togrow at a higher CAGR than the large enterprises segment from 2018 to 2023.
Based on organizationsize, the small & medium enterprises segment of the data resiliency marketis expected to witness higher growth than the large enterprises segment duringthe forecast period. Cost-effectiveness is important for Small & MediumEnterprises (SMEs) as they have limited budgets. Hence, these enterprises facegreater resource crunch than large enterprises and as such, require improvedmethods to resolve complexities to ensure effective cost optimization of theirbusiness processes. The implementation of cloud-based data resiliency solutionsis expected to result in increased revenues, desired business outcomes, andimproved business efficiency for SMEs.
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Based on deployment, thecloud segment of the data resiliency market is projected to growat a higher CAGR than the on-premises segment during the forecast period.
Based on deployment, thecloud segment of the data resiliency market is projected to grow at a higherCAGR than on-premises segment during the forecast period. Cloud data resiliencysolutions are cost-effective. They are capable of storing larger volumes ofdata than on-premises solutions. Moreover, cloud solutions offer reduceddowntime in case of any failure and help easily locate the data. Cloudsolutions also offer increased scalability as they allow an easy increase inthe data storage limit. Majority of the small & medium enterprises areadopting cloud solutions as they help them in avoiding the costs related tohardware, software, storage, and technical staff.
Some of the major vendorsof data resiliency solutions are Acronis (Switzerland), Asigra Inc. (Canada),CA Technologies (US), Carbonite, Inc. (US), CenturyLink (US), Commvault Systems,Inc. (US), IBM (US), Micro Focus (UK), Microsoft (US), NetApp (US), QuestSoftware, Inc. (US), Unitrends (US), Veeam Software (Switzerland), VeritasTechnologies LLC (US), and VMware (US).
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