According to new market research report "Data Resiliency Market by Component (Solutions (Data Backup & Recovery, Data Archiving & E-Discovery, Disaster Recovery), Services (Professional Services & Managed Services)), Deployment, Organization Size, Vertical, and Region - Global Forecast to 2023", The global data resiliency market is expected to grow from USD 11.69 Billion in 2018 to USD 27.63 Billion by 2023, at a CAGR of 18.8% from 2018 to 2023.
The growth of the data resiliency market is primarily driven by the increasing data privacy concerns and need to ensure data security, growing adoption of cloud-based data backup and recovery solutions, and increasing data generation from various sources.
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Based on deployment, the cloud segment of the data resiliency market is projected to grow at a higher CAGR than the on-premises segment during the forecast period.
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Based on deployment, the cloud segment of the data resiliency market is projected to grow at a higher CAGR than on-premises segment during the forecast period. Cloud data resiliency solutions are cost-effective. They are capable of storing larger volumes of data than on-premises solutions. Moreover, cloud solutions offer reduced downtime in case of any failure and help easily locate the data. Cloud solutions also offer increased scalability as they allow an easy increase in the data storage limit. Majority of the small & medium enterprises are adopting cloud solutions as they help them in avoiding the costs related to hardware, software, storage, and technical staff.
Based on organization size, the small & medium enterprises segment of the data resiliency market is projected to grow at a higher CAGR than the large enterprises segment from 2018 to 2023.
Based on organization size, the small & medium enterprises segment of the data resiliency market is expected to witness higher growth than the large enterprises segment during the forecast period. Cost-effectiveness is important for Small & Medium Enterprises (SMEs) as they have limited budgets. Hence, these enterprises face greater resource crunch than large enterprises and as such, require improved methods to resolve complexities to ensure effective cost optimization of their business processes. The implementation of cloud-based data resiliency solutions is expected to result in increased revenues, desired business outcomes, and improved business efficiency for SMEs.
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The North American region is expected to lead the data resiliency market in 2018.
The North American region is expected to lead the data resiliency market in 2018. The growth of the North America data resiliency market can be attributed to the presence of various key players such as IBM (US), Commvault Systems, Inc. (US), Microsoft (US), and VMware (US) in the region. Moreover, increased investments by various leading market players in R&D activities also contribute to the increased demand for data resiliency solutions in the North American region.
Some of the major vendors of data resiliency solutions are Acronis (Switzerland), Asigra Inc. (Canada), CA Technologies (US), Carbonite, Inc. (US), CenturyLink (US), Commvault Systems, Inc. (US), IBM (US), Micro Focus (UK), Microsoft (US), NetApp (US), Quest Software, Inc. (US), Unitrends (US), Veeam Software (Switzerland), Veritas Technologies LLC (US), and VMware (US).
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