The global data recovery software market is expected to witness a 12% CAGR during the forecast period. Market Research Future (MRFR), in their analysis, has stated that the global data recovery software market is estimated to reach an approximate market valuation of USD 13 billion by 2022. There are various factors influencing the global data recovery market including the high dependency of organizations on cloud storage and a rise in the usage of computers and other storage devices. However, a high cost of deployment of such software is posing as a hindrance in market growth.
Data recovery software, a comprehensive solution for back-up as well as retrieval of all vital data which is lost through accidental deletion, drive crash, or a malware attack. Businesses & enterprises, across the globe, are growing and increasing in numbers and so the amount of data they generate is increasing minute by minute. In today’s competitive business world, loss of data is termed as unfortunate and fatal.
Hence, it is crucial for the business to implement data recovery software in their systems that can create duplicate data on various servers to safeguard business continuity in case of natural or man-made disasters. As a result, the uptake of data recovery software is proliferating. Moreover, the proliferation of cloud-based platforms is another key factor escalating the market growth on the global platform.
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Global Data Recovery Software Market- Competitive Analysis
The embryonic data recovery software market appears to be fiercely competitive and fragmented with the presence of several large and small players.
To gain a competitive edge and a substantial share in the market, these players churn the competition adopting strategies such as collaboration, acquisition, product/ technology launch, and expansion.
Players leading the global data recovery software market include IBM Corporation (US), Oracle Corporation (US), Dell Inc. (US), Hewlett Packard Enterprise Development LP (US), CA Technologies (US), Microsoft Corporation (US), Veritas Technologies LLC (US), Commvault (US), NetApp, Inc. (US), Unitrends Inc. (US), Acronis International GmbH (Switzerland, Veeam Software (Switzerland), Altaro (US), Actifio (US), Micro Focus International plc. (UK), Infrascale Inc. (US), StorageCraft Technology Corporation (US), and Carbonite, Inc. (US), among others.
The global data recovery software market is regionally segmented into North America, Asia Pacific, Europe, and Rest of the World. North America has dominated the global data recovery software market in the base year and is anticipated to retain its supremacy over the forecast period. Further, the presence of major players in the market and higher adoption of advanced technologies in recovery solutions are promoting the acceleration of the global data recovery software market over the forecast period. Apart from that, the availability of reliable backup and recovery software in the region is likely to foster growth in the regional data recovery software market.
Asia Pacific is expected to witness fast-paced ascension for data recovery software during the forecast period. Such growth can be attributed to the adoption of recovery software in different end-user industries such as IT and BFSI to backup and protect confidential and important data. Further, the augmentation of the start-up ecosystem in the region is pushing the global data recovery software market exponentially. Rising emergence of digitization has created a higher need for recovery and backup options in cases on inaccessibility and corruption of storage devices. This is contributing to the growth noted by Asia Pacific’s data recovery software market during the review period. Moreover, supportive government initiatives encouraging the adoption of digital solutions and a higher shift towards the same is likely to drive the regional data recovery software market to a great extent.
The data recovery software market has been premeditated for different segments based on component, application, platforms, deployment, industry, and region. Based on components, the data recovery software market into services and software. The software is further segmented into data reduction, data retention, and data replication. The services segment is sub-segmented into managed and professional services.
Based on deployment, the global data recovery software market is segmented into on-cloud and on-premise. By application, the global data recovery software market is segmented into personal and commercial. Based on platform, the global data recovery software market is segmented into Windows, Linux, and Mac. Based on industry, the data recovery software market is segmented into healthcare, BFSI, retail, IT & telecommunications, and media & entertainment.
July 2019: SALVAGEDATA recently introduced a completely free data recovery software which facilitates the recovery of accidentally deleted files. Further, it also supports drives from all makers with NTFS, FAT and exFAT classification system.
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