ID: MRFR/ICT/4925-HCR | February 2021 | Region: Global | 100 pages
Data resiliency market is expected to generate a market value of USD 21 billion by 2023 growing at a 15% CAGR during the forecast period 2018–2023.
Data resiliency ensures the continuous availability of business applications and data, even in case of any adverse events such as server overload, power outage and cyber-attacks. Data resiliency is achieved in many ways such as logical replication, hardware replication, and storing data in multiple locations. If data from any location is compromised by any cyber-attack, equipment failure, power outage or becomes corrupted, the user can access data from another location which ensures uninterrupted business operations.
Key factors driving the adoption of various solutions and services to achieve data resilience include continuous generation of high volume of data from business operations and increasing cyber-attacks such as ransomware. Moreover, increasing concerns of privacy associated with sharing of data with third-party applications and need for data security is fueling the data resiliency market growth. However, availability of data resiliency solutions substitutes such as open source data resiliency alternatives is restraining the market growth.
A crucial aspect of data resiliency is the recovery of data. Irrespective of the security system a company uses, there are some loopholes and vulnerabilities. Companies are always prone to cyber-attacks, even if they respond quickly to countermeasure the attack, there are some losses until they respond. Hence, it is essential for the companies to recover lost data, processes, and compromised systems which can be done by using data resiliency solutions. Many organizations are already equipped with disaster recovery and business continuity plans such as backup and recovery and multiple data centers located at different geographical regions which gives them the advantage of fast recovery and continuity of their business processes.
Companies like IBM, Actifio, Acronis, HPE, Veeam Software are among the key players providing data resiliency solutions in the market. Acronis provides scaled disaster recovery-as-a-service (DRaaS) which provides data integrity assurance, application resilience, and multi-cloud orchestration management to organizations. Whenever there is a need to recover a single file, a database or an entire server, it is possible with just a push-of-a-button using DRaaS.
Recent trends in data resiliency market include the use of resiliency orchestration as it automates the process of disaster recovery using simplified, predictable data resiliency, which helps to reduce risk, time, and cost of data recovery. IBM provides resiliency orchestration to simplify disaster recovery management. It has its advantages such as provision of heterogeneous support for multi-vendor and hybrid environment, automation and acceleration of the disaster recovery process which improves the recovery time and ensures business continuity.
Data resiliency market study aims at different segments on the basis of component, deployment, organization size, vertical, and region.
By component, the data resiliency market is segmented into solutions and services. The solutions are further segmented into data backup & recovery, data archiving & e-discovery, disaster recovery and the services are further segmented into professional services and managed services
By deployment, the data resiliency market is segmented into on-cloud, and on-premise, hybrid.
By organization size, the data resiliency market is segmented into small medium-sized enterprise and large enterprise.
By vertical, the data resiliency market is segmented into banking and financial services and insurances, IT & telecommunication, government, healthcare, media and entertainment and others (education, transportation, logistics, law firms, hospitality).
Global Data Resiliency Market, 2018-2023 (USD Billion)
Source: MRFR Analysis
The data resiliency market is estimated to grow at a significant rate during the forecast period from 2018 to 2023. The geographical analysis of data resiliency market is studied for North America, Europe, Asia-Pacific, and the rest of the world.
North America is expected to dominate the market due to the presence of major data resiliency solution providers such as IBM, CommVault, HPE, Actifio, Veritas Technologies, due to which the investments in research and development of data resiliency solutions are increasing which is fueling the market growth. Asia-Pacific is expected to grow at a higher rate due to increasing adoption of data resiliency solutions in various industries. Also, the increasing cyber attacks such as ransomware in companies located in Asia-Pacific has increased adoption of data resiliency solutions which is expected to fuel the market in the region.
The key players in the data resiliency market are CommVault (US), Veritas Technologies (US), IBM (US), Actifio (US), HPE (US), Veeam Software (Switzerland), Acronis (Switzerland), Asigra (Canada), Carbonite (US), Quest Software (US), Microsoft (US), Century Link (US), NetApp (US), Unitrend (US), VMware (US).
Frequently Asked Questions (FAQ) :
The data resiliency market is expected to reach a signficant market value of USD 11 billion by 2023.
The global data resiliency market is maturing at a whopping 15% CAGR over the review period of 2017 to 2023.
A few significant players of the global data resiliency market are ommVault (US), IBM (US), Veritas Technologies (US), Actifio (US), HPE (US), among others.
The North American region is expected to witness the substantive growth
The SME segment is slated to witness higher growth over the assessment period.