According to a new market research report "Data Backup and Recovery Market by Software (Data Replication, Data Reduction, and Data Retention), Application (Email, Application, and Media Storage Backup), Service, Deployment Type, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the data backup and recovery market size expected to grow from $7.13 Billion in 2017 to $11.59 Billion by 2023, at a Compound Annual Growth Rate (CAGR) of 10.2% during the forecast period.

Major drivers of the data backup and recovery market include rapidly growing data and an increasing focus on operational excellence and data quality management. The increasing adoption of cloud data backup solutions is also a major factor driving the market.

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Data retention software segment is expected to grow at a CAGR in the data backup and recovery market during the forecast period.

Data retention is the continuous storage of enterprise data for compliance. Data retention is carried out using 2 tiers of storage. Active storage tier is a group of storage shelves used for backup and recovery, and retention storage tier, where backup data is internally migrated. Backup data is stored to the active tier, and it automatically moves to the retention tier. It incorporates improved manageability and compression to provide long-term data backup. Moreover, data retention helps in managing and retrieval of increasing amount of data that enterprises retain for strict records.

Media storage backup application segment is expected to hold the largest market share in the data backup and recovery market during the forecast period.

The media storage backup leverages reliable data backup and recovery software to backup various media storage types such as server, tape, disk, flash storage, and Solid State Drive (SSD). Media storage backup includes the backup of application and user information. Media storage backup is done on the centrally located centers to ensure that data is stored in optimum conditions, and is a part of the business continuity plan. Data on these storage devices is stored on the barcoded system using high encryption algorithms so that enterprises can manage, protect, and track their confidential data efficiently.

North America is expected to hold the largest market share in the data backup and recovery market during the forecast period.

North America is expected to have the largest market share and dominate the data backup and recovery market during the forecast period. Enterprises in North America continue to invest substantially in Research and Development (R&D) activities, thereby contributing to the development of new technologies. Organizations in this region invest heavily in advanced technologies to gain a competitive advantage and improve their business operations. This has brought significant opportunities for data backup and recovery vendors to provide various software and services over cloud and on-premises. North America is also witnessing various government initiatives and regulatory policies, thereby mandating the data backup and recovery software vendors to provide reliable data protection and management software and associated solutions to their commercial clients in this region. In addition, the US and Canada are witnessing the increasing adoption of cloud with IoT technology to handle the massive amount of data generated by smart devices. This is significantly boosting the growth of data backup and recovery market in North America.

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Major vendors in the data backup and recovery market include Oracle (US), IBM (US), Dell (US), Acronis (US), CA Technologies (US), HPE (US), Microsoft (US), and Commvault (US).

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