Storage And Backup Software Global Market Report 2021: COVID 19 Impact and Recovery to 2030

Storage And Backup Software Global Market Report 2021: COVID 19 Impact and Recovery to 2030

  • April 2021 •
  • 175 pages •
  • Report ID: 6067922 •
  • Format: PDF
Major players in the storage and backup software market are Dell Inc., HPE, Netapp, Hitachi and IBM.

The global storage and backup software market is expected to grow from $11.42 billion in 2020 to $11.89 billion in 2021 at a compound annual growth rate (CAGR) of 4.1%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $17.25 billion in 2025 at a CAGR of 9.7%.

The storage and backup software market consists of sales of storage and backup software.The software provides users and programmers with a systematic way to create, retrieve, update and manage data.

This software allows users to read, update and delete data, which can then be fetched directly and/or through programmatic access.

Rising concerns about data privacy and governance are expected to restrain market growth.Security concerns over protecting information regarding stakeholders and private data caused due to hacking, espionage and other security threats restrict the deployment of cloud storage and other software for storage and backup.

These factors invariably limit the storage and backup software market. For example, industries such as BFSI, healthcare, retail, and others are unwilling to invest in the market due to security issues, thus restraining it to grow at its full potential.

The European Parliament and Council’s General Data Protection Regulation (GDPR) break the split of regulations for the security of transactions in the European Union (EU). GDPR will replace the Data Protection Directive 95/46/etc. in spring 2018 as the primary law to protect the personal data of EU citizens. The legislation reshape the way in which the data is handled across every sector and also gives customers the right to be removed from the records of companies even if they have previously agreed to the collection and storage of their data which is called the ‘right to be forgotten’. For instance, IBM, as a primary system integrator, helped a European telecom company to update its applications to comply with GDPR by modernizing data infrastructure and governance.

In January 2019, Amazon Web Services Corporation acquired Dell-Backed Cloud Endure in a deal valued in the range of $200 million to $250 million.The transaction is expected to enhance Amazon’s ability to deliver innovative and flexible migration, backup, and disaster recovery solutions.

Cloud Endure is a provider of continuous backup and enterprise-grade business continuity solutions for businesses. The company was established in 2012 and is headquartered in Ramat Gan, Israel.

One of the latest trends in the storage and backup software market is the adoption of artificial intelligence (AI) based applications which can create, store and protect data.Artificial intelligence is an area of computer science which simulates human intelligence.

AI based applications create information on their own and verify the source of information before composing bits of knowledge to a database.These applications can also refine database management policies, align data to database capabilities and assess metadata across organization storage infrastructure.

For instance, Commvault, one of the major vendors in the field of storage and backup software, introduced a new kind of backup and recovery software, which works with AI. This software helps users to keep data backup and recovery more efficient and effective by analyzing their patterns and performance.

Growing volume of data and the awareness among organizations to backup and protect their data are expected to benefit the storage and backup software market in the forecast period.In addition, the growing adoption of cloud-based technologies, and the need for storage and protection across all enterprises are also driving the growth of storage and backup software market.

For example, it is estimated that more than 72% of global enterprises will shift to cloud storage from on-premise data centers, by 2022.