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The global data resiliency market size is expected to reach USD 90.05 Billion in 2030 and register a revenue CAGR of 18.5%
NEW YORK, NY, UNITED STATES, June 20, 2023/EINPresswire.com/ — The projected size of the global Data Resiliency Market is expected to reach USD 90.05 billion by 2030, with a forecasted compound annual growth rate (CAGR) of 18.5% during the specified period. The revenue growth in the global data resiliency market is primarily driven by increasing concerns regarding data security and the adoption of cloud-based data backup and recovery solutions. Additionally, businesses are focusing more on operational efficiency, data quality management solutions, and extensive data collection from various sources, which contribute to the growth of market revenue. Data resilience plays a crucial role in ensuring that businesses have access to their data for various purposes, such as making critical decisions and maintaining smooth operations, even in the face of unexpected events like cyber-attacks and power outages.
Data resilience refers to the ability to access data within a manufacturing context. According to IBM, there are two approaches to meet data resilience requirements: disk replication and software replication. Organizations are increasingly utilizing data resilience services to address issues and optimize their business operations cost-effectively. Data resilience can also be achieved through redundant components, systems, and subsystems. It ensures the protection of sensitive information such as account numbers, debit/credit cards, and transaction passwords.
Participants in the data resilience industry provide data backup and recovery solutions to BFSI (Banking, Financial Services, and Insurance) enterprises to ensure continuous business operations. By implementing data resilience, businesses can ensure the availability of critical applications and data even in situations like server overload, power outages, or cyber-attacks. Various methods, including logical replication, hardware replication, and data storage in multiple locations, can be employed to achieve data resilience. In case of data loss or damage at one site due to a cyber-attack, equipment failure, or power loss, users can access data from another location, thereby minimizing disruptions to business activities.
Data breaches result in significant costs and the loss of valuable customer data. According to Verizon’s 2019 Data Breach Investigations Report, approximately 88% of cyber-attacks in the financial services and insurance industries were financially motivated. Cybercriminals target the financial services industry in search of quick monetary gains.
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Segments Covered in the Report
The global data resiliency market can be categorized based on several factors. Firstly, in terms of components, the market consists of solutions and services. Under solutions, there are three subcategories: data backup and recovery, data archiving and e-discovery, and disaster recovery. On the other hand, services include professional services and managed services.
The deployment type of data resiliency solutions can be divided into two main categories: on-premises and cloud-based. Organizations can choose to implement data resiliency solutions either within their own premises or utilize cloud-based services.
When it comes to organization types, the market encompasses both large enterprises and small to medium-sized enterprises (SMEs). Data resiliency solutions are applicable and beneficial for organizations of all sizes.
Furthermore, the end-use outlook of the market includes various sectors. Some of the prominent sectors utilizing data resiliency solutions are IT and Telecom, BFSI (Banking, Financial Services, and Insurance), Retail and Consumer Goods, Healthcare, Government, Manufacturing, Media and Entertainment, Public Sector, and others.
In summary, the global data resiliency market is segmented based on components (solutions and services), deployment type (on-premises and cloud), organization type (large enterprises and SMEs), and end-use sectors (including IT and Telecom, BFSI, Retail and Consumer Goods, Healthcare, Government, Manufacturing, Media and Entertainment, Public Sector, and others).
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Strategic development:
The data resiliency market is experiencing strategic developments to meet the evolving needs of businesses and enhance the resilience of their data infrastructure. Several key trends and initiatives are shaping the market landscape.
One of the significant strategic developments in the data resiliency market is the increasing adoption of cloud-based solutions. Organizations are recognizing the benefits of cloud technology, such as scalability, flexibility, and cost-efficiency, in ensuring data resilience. Cloud-based data backup and recovery solutions offer secure storage, easy accessibility, and streamlined disaster recovery processes. As a result, businesses are leveraging cloud deployments to enhance their data resilience capabilities.
Another strategic development in the market is the focus on comprehensive data protection. With the growing volume and complexity of data, organizations are implementing holistic approaches to safeguard their critical information. This includes not only backup and recovery solutions but also data archiving and e-discovery capabilities. By integrating these functionalities, businesses can ensure long-term data retention, legal compliance, and efficient data retrieval for various purposes. The market is also witnessing the emergence of managed services as a strategic solution for data resiliency. Managed service providers offer specialized expertise, round-the-clock monitoring, and proactive management of data resilience processes. This allows organizations to offload the burden of maintaining and optimizing their data infrastructure while ensuring high levels of data availability and protection. Managed services are particularly beneficial for small and medium-sized enterprises that may lack in-house resources and expertise in data resilience.
Furthermore, strategic partnerships and collaborations are shaping the data resiliency market. Vendors are forming alliances with technology providers, cloud service providers, and industry experts to create integrated solutions and leverage complementary capabilities. These partnerships enable organizations to benefit from a broader range of data resilience offerings and enhance their overall data protection strategies.
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Competitive Landscape:
Acronis International GmbH, Asigra Inc., Broadcom Inc., Carbonite, Inc., IBM Corporation, Microsoft, NetApp, CenturyLink, Micro Focus, and Commvault.
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