PUBLISHER: The Business Research Company | PRODUCT CODE: 1484774
PUBLISHER: The Business Research Company | PRODUCT CODE: 1484774
Disaster recovery software is a specialized category of software engineered to assist organizations in recovering data, applications, and systems following a disaster or disruptive event. This type of software aims to reduce downtime and prevent data loss by enabling the swift restoration of essential IT infrastructure components.
Disaster recovery software is primarily deployed through two methods: on-premise and cloud-based. On-premise deployment involves installing the software on servers and hardware located within the organization's own facilities or data center. This method is utilized across various organizational sizes, including large enterprises and small to medium-sized enterprises (SMEs), and for a range of applications such as application backup, email backup, and media storage backup. Different industry verticals, including telecommunications and IT-enabled services, banking, financial services and insurance (BFSI), media and entertainment, among others, leverage this software to ensure continuity and data integrity.
The disaster recovery software market research report is one of a series of new reports from The Business Research Company that provides disaster recovery software market statistics, including disaster recovery software industry global market size, regional shares, competitors with a disaster recovery software market share, detailed disaster recovery software market segments, market trends and opportunities, and any further data you may need to thrive in the disaster recovery software industry. This disaster recovery software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The disaster recovery software market size has grown rapidly in recent years. It will grow from $9.32 billion in 2023 to $10.93 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth observed in the historic period can be attributed to several factors, including an increase in data breaches, heightened reliance on digital infrastructure, a rise in the frequency of natural disasters, stringent regulatory compliance requirements, and a greater emphasis on business continuity planning.
The disaster recovery software market size is expected to see rapid growth in the next few years. It will grow to $20.90 billion in 2028 at a compound annual growth rate (CAGR) of 17.6%. The anticipated growth during the forecast period is driven by several factors, including increased cloud adoption, escalating cybersecurity threats, stricter data protection regulations, and enhanced awareness of business continuity. Key trends expected to shape the market include the rising adoption of AI-driven automation, a stronger focus on data resilience and security, increased demand for integrated backup and recovery solutions, and the expansion of Disaster Recovery as a Service (DRaaS) offerings.
Heightened concerns regarding data security among organizations are anticipated to drive the growth of the disaster recovery software market. Data security is crucial for safeguarding digital data against unauthorized access, modifications, disclosures, or destruction throughout its lifecycle. The escalating emphasis on data security is largely driven by an increase in the volume of sensitive data and heightened awareness of the potential financial and reputational risks associated with data breaches. Disaster recovery software plays an essential role by enabling the rapid restoration of essential data during emergencies. For instance, in April 2023, the Department for Science, Innovation, and Technology in the UK reported that cybercrime impacted 11% of businesses and 8% of charities over the previous 12 months, with higher incidence rates among medium-sized businesses (26%), large businesses (37%), and high-income charities (25%). Additionally, there were approximately 2.39 million instances of cybercrime and about 49,000 cases of fraud related to cybercrime across all UK businesses during the last year. This growing concern for data security is catalyzing the expansion of the disaster recovery software market.
Leading companies in the disaster recovery software market are developing advanced technological solutions, such as cloud-based disaster recovery frameworks, to secure a competitive advantage. These cloud-based frameworks enhance scalability, increase data accessibility, and streamline disaster recovery operations. By utilizing cloud computing resources for data storage, replication, and recovery, these frameworks offer numerous benefits over traditional methods, including cost efficiency, scalability, and flexibility. In November 2022, Protera Technologies, a cloud modernization firm based in the US, unveiled its Automated Disaster Recovery Framework. This framework assists companies in evolving from static disaster recovery plans to more dynamic, real-world testing regimes. Protera's solution allows for the efficient scaling of disaster recovery and testing procedures, enabling businesses to continuously assess, validate, and demonstrate the efficacy of their disaster recovery strategies, especially in responding to cyberattacks and quickly resuming operations with minimal interruption.
In April 2022, Kaseya Limited, a leader in IT and security management software based in the US, completed the acquisition of Datto Inc. for $6.2 billion. This strategic move is intended to establish a formidable presence in the managed service provider (MSP) market by integrating Kaseya's expertise in IT security management with Datto's robust disaster recovery solutions. This merger provides a comprehensive array of services tailored to the needs of small and medium-sized enterprises, reinforcing their ability to manage IT security and disaster recovery with enhanced efficiency.
Major companies operating in the disaster recovery software market are International Business Machines Corporation, VMware Inc., Veritas Technologies LLC, Veeam Software, Commvault Systems, Rubrik Inc., Acronis International GmbH, Actifio Inc., Carbonite Inc., Zerto, Arcserve, Druva Inc., StorageCraft Technology Corporation, HYCU Inc., Axcient, iLand Internet Solutions Corporation, Vembu Technologies, Nakivo Inc., Altaro Ltd., Bacula Systems SA, Storix Inc., PhoenixNAP, Asigra Inc., Recovery Point Systems Inc., Bluelock LLC
North America was the largest region in the disaster recovery software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the disaster recovery software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the disaster recovery software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The disaster recovery software market includes revenues earned by entities by providing services such as backup and recovery, real-time replication, data protection, and business continuity planning that are used in safeguarding operations. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Disaster Recovery Software Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on disaster recovery software market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for disaster recovery software ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The disaster recovery software market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.