Data Recovery Software Market: Assessment Covering Growth Factors and Upcoming Trends by 2023 End

Market Highlights

According to Market Research Future (MRFR), the global data recovery software market is projected to achieve USD 13 billion at a CAGR of 12% from 2017 to 2023 (forecast period). The report offers an analysis of current trends in the global data recovery software market. In addition, the report explains the impacts of the novel COVID-19 pandemic on the global data recovery software market.

Data recovery software helps to retrieve deleted, corrupted, or inaccessible data from a stored device. Software is often used by IT professionals to retrieve data from physical storage devices and cloud storage by referring and accessing file structures. The process of data recovery depends on the type of device in which the data is stored. Files present in hardware devices may be recovered within the device itself, while data from servers requires a series of complex processes. Significant main players in this industry are providing backup as a service model to commercial customers. The recovery process involves the creation of duplicate data on separate servers to safeguard business continuity in the event of natural or human-made disasters.

Market Dynamics

The high dependency of organizations on cloud storage services is a critical factor in the data recovery software industry's growth. At the same time, the high deployment costs of this software hinder the growth of the market. Growing use of computers and other storage devices between enterprises and households, as well as improving technical developments, are boosting the growth of the data recovery software industry.

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Segmentation:

The global market for data recovery software has been segmented into components, deployment, application, platform, and industry.

Based on components, the global data recovery software market has been classified into software and services. The software has been further divided into data replication, data reduction, and data retention. The services segment has been further divided into professional and managed services.

By deployment, the global data recovery software market has been classified into on-cloud and on-premise.

On the basis of applications, the global data recovery software market has been classified into commercial and personal.

Based on the platform, the global data recovery software market has been classified into Windows, Linux, Mac, and others.

On the basis of the industry, the global data recovery software market has been classified into BFSI, healthcare, media & entertainment, IT & Telecommunications, retail, and many others.

Regional Analysis

Regionally, the global data recovery software market has been segmented into Europe, North America, Asia Pacific, and the Rest of the world.

North America has a large market share for the global data recovery software market and is projected to continue through the forecast period. The involvement of key players in the region and the adoption of advanced technologies in recovery solutions help market development. The availability of reliable backup and recovery software in the region promotes market growth. The Asia Pacific is projected to have a high growth rate during the forecast period. Growth is driven primarily by the adoption of recovery software in sectors such as BFSI and IT to back up and secure their essential data. The increase in the number of start-ups in the region results in data addition, thereby requiring backup facilities that are fuelling the market.

Key Players

The industry giants in the global data recovery software market are CA Technologies (U.S.), Oracle Corporation (U.S.), Microsoft Corporation (U.S.), Dell Inc. (U.S.), IBM Corporation (U.S.), NetApp, Inc. (U.S.), Hewlett Packard Enterprise Development LP (U.S.), Acronis International GmbH (Switzerland), Commvault (U.S.), Veritas Technologies LLC (U.S.), and others.

Some of the prominent innovators are Unitrends Inc. (U.S.), Veeam Software (Switzerland), Actifio (U.S.), Micro Focus International plc. (U.K), StorageCraft Technology Corporation (U.S.), Altaro (U.S.), Infrascale Inc. (U.S.), Carbonite, Inc. (U.S.), and others.

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