Data Recovery Software Market to expand at a CAGR of 11.1% by 2032 to value USD 8.039 billion – Report by Market Research Future (MRFR)
Research Reports
Sep 15, 2023
Market Research Future Insights:
According to MRFR analysis, The Data Recovery Software Market size was estimated at USD 3.1 billion in 2022. According to projections, the market for data recovery software will increase from USD 3.44 billion in 2023 to USD 8.039 billion by 2032, growing at a compound annual growth rate (CAGR) of 11.17% throughout the forecast period (2023-2032). The primary market factor driving the growth of the data recovery software sector is the prevalence of organisations using cloud storage platforms. The global market is expanding more quickly because of the rising usage of computers and other storage devices in offices, homes, and other settings.
As more people begin using cloud data backup, the sector is expected to grow. In the event of equipment failure or other emergencies, cloud backup involves keeping a copy of a physical or virtual file, database, or other data at a secondary, remote location. Information can be saved on the cloud and accessed from anywhere at any time thanks to cloud-based data backup. The data is consequently safer and easier to retrieve as a result. For instance, the US-based management consulting firm Gartner predicted in November 2020 that there would be a rise in IT investment towards the cloud following the COVID-19 crisis. This investment was predicted to account for 14.2% of all global business IT expenditure in 2024 as opposed to 9.1% in 2020.
As a result of an increase in cloud data backup usage, the market for data recovery software is growing.
Furthermore, the exponential growth in data volume is a major factor driving the market CAGR for data recovery software. The rising usage of connected technologies and digital transformation initiatives across a range of industry sectors have led to an exponential increase in data quantities.
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Key Players:
Key Companies in the data recovery software market include:
- Dell Inc. (U.S.)
- NetApp Inc. (U.S.)
- CA Technologies (U.S.)
- Hewlett Packard Enterprise Development LP (U.S.)
- Microsoft Corporation (U.S.)
- Acronis International GmbH (Switzerland)
- Veritas Technologies LLC (U.S.)
- Commvault (U.S.)
- Oracle Corporation (U.S.)
- IBM Corporation (U.S.)
Scope of the Report – Data Recovery Software Market:
|
Report Metrics |
Details |
|
Market Size by 2032 |
USD 8.039 Billion |
|
CAGR during 2023-2032 |
11.17% |
|
Base Year |
2022 |
|
Forecast |
2023-2032 |
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Market Segmentation:
Software and service are two of the market segments for data recovery software used globally. The market was dominated by the software sector.
Based on deployment, the global data recovery software market is divided into On-Premises and On-Cloud segments. The category of on-cloud made the greatest money.
Commercial and Personal are two application-based segments of the worldwide data recovery software market. The most money was made in the personal category.
Platform-based segmentation of the worldwide data recovery software market includes Windows, Linux, and Mac. The biggest money was made in the windows category.
BFSI and healthcare are two of the industries that make up the market segmentation for data recovery software globally.
Browse In-depth Market Research Report (100 Pages, Charts, Tables, Figures) Data Recovery Software Market – https://www.marketresearchfuture.com/reports/data-recovery-software-market-5739
The analysis offers market insights for North America, Europe, Asia-Pacific, and the rest of the world, by region. This industry will be dominated by the North American data recovery software market due to the region’s high volume of data loss, large number of essential actors, failing database systems, and operational delays.
Strict data security rules, hybrid IT strategies adopted by enterprises, and the exponential expansion in enterprise data brought on by the IoT’s swift adoption across a variety of industrial verticals are further reasons driving the demand for data recovery software in North America.
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