Global Data Backup and Recovery Market Predictions for 2023

The Global Cloud Backup and Recovery Market is projected to grow from USD 10.93 billion in 2021 to USD 34.75 billion by 2030 at a CAGR of 24.2% during the forecast period.

~ Global Cloud Backup and Recovery Market 2022-2028 research report

With the increasing amount of data being generated and stored by organizations, the need for reliable and efficient backup and recovery solutions will become more pressing. The importance of this solution has only grown in recent years as businesses have become increasingly dependent on digital data. As a result, the data backup and recovery solutions market is expected to expand in the coming years.

Today, we have designed this blog to provide you with insights into the latest trends and developments in the backup industry. You can expect to learn about new technologies, market trends, and predictions for the future of the backup and recovery industry, which will help businesses understand the direction of the market and plan accordingly. With this information, readers can make informed investments in the backup industry, stay ahead of the curve, and grow their businesses with confidence.

Let’s dig deep into the predictions and potentials of the data backup and recovery market.

1. Increased Demand for Cloud-Based Backup and Recovery Solutions:

In 2023, the cloud-based backup and recovery business is expected to continue its steady growth. According to a report by MarketsandMarkets, the global data backup and recovery market is expected to grow from $5.5 billion to $13.5 billion in 2023, at a compound annual growth rate [CAGR] of 19.3% during the forecast period.

As more businesses move their operations to the cloud, the demand for cloud-based backup and recovery solutions will continue to grow by 19.3% in 2023. This can provide several benefits, such as increased flexibility, scalability, and disaster recovery capabilities. To leverage these opportunities, Zmanda has been tailored to meet the needs of enterprises while protecting enterprise data for customers in 40+ countries. Additionally, using Zmanda’s enterprise backup solution can help reduce the costs associated with maintaining your cloud data backup infrastructure.

2. Greater Focus on Data Security:

More data attacks, greater sophistication, and bigger monetary losses. According to Statista, during the third quarter of 2022, approximately 15 million data records were exposed worldwide through data breaches. This figure had increased by 37% compared to the previous quarter.

With the growing number of cyber threats and data breaches, businesses will place a greater emphasis on securing their data. This will lead to increased adoption of data encryption and multi-factor authentication methods in backup and recovery solutions.

Another major concern is ransomware attacks. According to the Microsoft Digital Defense Report 2022, Ransomware attacks have become even more impactful as the adoption of a double extortion monetization strategy has become standard practice. However, this threat will continue to grow rapidly in 2023.

As cybercriminals become more experienced and savvy, they will likely begin to focus on all kinds of businesses to seek higher monetary benefits. To stay safe from all kinds of ransomware, Zmanda helps with the early identification of a ransomware attack, so you can take immediate action to prevent further damage. In addition, feature such as immutable backups makes your valuable data stay untouched no matter what.

3. Growth of Edge Computing and IoT:

Edge computing is a technology that allows data processing and storage to occur at or near the source of data, rather than in a central location. This is because edge computing allows for real-time analysis of the data generated by IoT devices, which is important for applications such as industrial automation, smart cities, and connected cars. Additionally, as more devices are connected to the internet, the amount of data transmitted over networks is also increasing, which can strain network infrastructure. As edge computing and the Internet of Things (IoT) become more prevalent, the data backup and recovery market will have to adapt to these new technologies. This will include the development of backup and recovery solutions that can handle large amounts of data generated by IoT devices.

4. The Use of Blockchain Technology in Backup and Recovery Solutions:

Blockchain technology will be used in backup and recovery solutions shortly. Its decentralized and immutable nature makes it well-suited for storing and safeguarding critical data and ensuring data integrity. Having said that, blockchain-based backup and recovery solutions can provide enhanced security, reduced costs, and privacy by 40% in 2023. However, it is important to note that blockchain technology is still relatively new.

Freedom and flexibility will become the mantra of virtually every data management professional in 2023. In particular, data management professionals will seek cloud-enabled data mobility solutions and support data migration, replication, and data synchronization across mixed storage environments including disk, tape, and cloud to maximize ROI. However, we are soaking ourselves in the futuristic overview of Zmanda. This year, you handle large amounts of data and scale to meet the growing needs of your organization with our improved versions. With advanced features, automated scheduling, and an easy recovery process, Zmanda gives you peace of mind knowing that your data is protected and secure. This means that you can keep up with the data backup predictions without worrying about running out of storage or processing power.

Pavan Raj, Director, Zmanda
  • Deployment Model:

The market can be segmented into on-premises and cloud-based deployment models. Cloud-based deployment models are expected to dominate the market due to large enterprises’ high adoption of data backup and recovery solutions. We are fortunate to claim that Zmanda not just provides on-premises, but a reliable cloud-based data backup solution to leverage your business to the truest of potentials.

  • Organization Size:

The market can be segmented into small and medium-sized enterprises [SMEs] and large enterprises. Large enterprises are expected to dominate the market due to the high adoption of data backup and recovery solutions in these organizations. On the other hand, the SME segment is expected to grow at the highest CAGR during the forecast period by 37% this year. The SME segment is not widely spoken about in the market due to which it has been side-cornered, enabling the increase in the need for a data backup and recovery solution. Whatever the case, the versatile Zmanda supports both enterprise and small and mid-size businesses with solutions you can trust.

  • Vertical:

The market can be segmented into banking, financial services, and insurance [BFSI], healthcare, IT and telecom, government, retail, and others. The BFSI vertical is expected to dominate the market. Additionally, the healthcare segment is expected to grow at the highest CAGR during the forecast period. Do you know that healthcare data breaches of 500 or more records were being reported at a rate of around 1 per day in 2022? Due to this, the growing demand for data protection solutions in the healthcare sector has to be recognized.

  • Region:

The market can be segmented into Europe, South America, North America, Southeast Asia- Malaysia, Indonesia, and Thailand. North America is expected to dominate the market due to the high adoption of data backup and recovery solutions in this region. Having said that, Zmanda has already protected over 1 million servers across 45+ nations worldwide which is a record in itself. Our industry experts suggest you be ready with Zmanda’s revolutionary solution if you belong to any of these regions.

Get Ready to Roll With Us!

Zmanda reached out to backup industry experts to grow with the global needs and provide the best market services to its users. With increased trust, data transparency, and decentralization, Zmanda is on its way to making your life easier in 2023, keeping all the predictions in mind.

In summary, the data backup and recovery market is expected to grow in the coming years, driven by trends such as the increasing use of cloud-based solutions and the adoption of artificial intelligence and machine learning technologies. Businesses that can capitalize on these trends with Zmanda will be well-positioned to succeed in this competitive market. With growing pressure to improve security and increase compliance efforts, 2023 will see organizations investing in automated storage and backup security validation, reporting, and compliance evidence generation. That, in turn, will lead to security professionals becoming more educated in data storage, data security, and an efficient data backup strategy in general. To learn if Zmanda would be a perfect solution for your backup requirements, you can reach out to our Solution Architects or get a free trial to become acquainted with it.

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