The Data Backup and Recovery Market is to Touch $22 billion by 2030; Rising Demand of Backup-as-a-Service (BaaS) and Increasing Frequency of Cybersecurity Breaches propels market growth.

The Data Backup and Recovery Market size is estimated to reach $22 billion by 2030, growing at a CAGR of 10.2% during the forecast period 2023-2030, according to a recent report published by IndustryARC, titled, “Data Backup and Recovery Market – By Component (Software and Services), By Deployment Type (On-Premise and Cloud), By Organization Size (Large enterprise, Small and Medium Enterprise), By Vertical (BFSI, Manufacturing, IT & Telecommunication, Media and Entertainment,  Healthcare, Retail, Education, and Other. Industries), By Geography - Global Opportunity Analysis & Industry Forecast, 2023-2030” Rising Demand of Backup-as-a-Service (BaaS) and Increasing Frequency of Cybersecurity Breaches are fueling the growth of the Data Backup and Recovery industry during the forecast period.

North America is anticipated to dominate the data backup and recovery market, holding a 35% market share. This growth is driven by government initiatives and regulatory frameworks such as the Payment Card Industry Data Security Standard (PCI DSS) and the Sarbanes-Oxley Act (SOX), which encourage the adoption of data backup and recovery software and services. The region is also experiencing a surge in cloud computing and IoT adoption to manage the vast data generated by smart devices, further fueling the demand for backup and recovery solutions. Additionally, the steady growth of the data center market, driven by the rising number of SMEs, is contributing to the market's expansion. The exponential increase in data generation has prompted a shift from private servers to cloud networks, creating a critical need for robust and reliable backup and recovery solutions. This is essential, as service disruptions can lead to significant losses for providers.

Data backup and recovery solutions are offered in various customized software formats and as a service, commonly known as Backup-as-a-Service (BaaS). The demand for reliable data backup and recovery solutions plays a significant role in driving digital transformation and ensuring robust data protection across industries. BaaS connects systems to a third-party provider of private, public, or hybrid cloud services, eliminating the need for centralized, on-premise backup solutions. Organizations often opt for BaaS when legacy storage systems become insufficient or when they lack the resources to maintain on-premise backups. This approach streamlines file and data retrieval for IT teams, enabling quick restoration of critical information in the event of system failures. BaaS also offers a centralized solution for recovering lost files, enhancing convenience and efficiency for companies

As the internet becomes increasingly accessible, security concerns and cyberattacks are on the rise, making data backup and recovery more crucial than ever. CyberSecurity Ventures projects that by 2025, cybercrime will cost the global economy $10.5 trillion annually. Similarly, the 2023 Data Breach Investigations Report by Verizon reveals that ransomware—a type of cyberattack where data is maliciously encrypted and a ransom demanded—accounts for 24% of all breaches. For small and medium-sized enterprises (SMEs), the financial toll of cyberattacks can be devastating. According to the U.S. Securities and Exchange Commission (SEC), approximately 60% of SMEs shut down within six months following a data breach or cyberattack. This underscores the importance of robust data backup systems to mitigate such risks. Consequently, the increasing frequency of cybersecurity breaches is a significant driver for the growth of the data backup and recovery market.

• In October 2023, Veeam Software introduced two new BaaS offerings that combine the reliability of its backup and recovery capabilities with the user-friendliness of cloud-based solutions. Cirrus by Veeam, tailored for Microsoft 365 and Microsoft Azure users, delivers a simple, flexible, and powerful backup-as-a-service experience.

Key companies profiled in the Data Backup and Recovery Market are Veritas Technologies,  Veeam, Acronis, Arcserve, NetApp, Inc., Code42, Commvault,Kaseya,  Rubrik, Barracuda Networks and others.