Data Backup and Recovery Market: Current Analysis and Forecast (2022-2028)
Data Backup and Recovery is described for the process of creating and storing copies of data that can be used to protect organizations against data loss. This can also be referred to as operational recovery. Recovery from a backup involves restoring the data to the original location, or to an alternate location where it can be used in place of the lost or damaged data. A proper backup copy is stored in a separate system or medium, such as tape, from the primary data to protect against the possibility of data loss due to primary hardware or software failure. The function of the backup is to create a copy of data that can be recovered in an event caused primary data failure. Primary data failures can happen because of reasons like hardware or software failure, data corruption, or a human-caused event, such as a malicious attack (virus or malware), or accidental deletion of data. Backup copies enable data to be recovered in time hence helping businesses from potential data loss that can be a disaster for any organization.
The Data Backup and Recovery Market is expected to grow at a steady rate of around 11% owing to a large amount of data generation, increasing risks of security breaches, and fast pace digitization happening globally. A major reason for this growth is that data backup is a cost-effective method for companies to secure important data. It works with pre-installed systems and doesn’t require any additional systems. This whole process uses advanced technologies without imposing any extra expenses. Businesses invest a very large amount of time and effort in developing proprietary data and information. That data is often the key to gaining a competitive advantage in the market. Data loss as a result of threats or disasters can result in unhappy consumers, lost income, and even bankruptcy within 6 months of data loss. For instance, According to National Archives & Records Administration in Washington DC, more than 93% of companies that lost their data for 10 days or more filed for bankruptcy within one year of the disaster, and 50% filed for bankruptcy immediately as a result Various organizations are now widely adopting data backup and recovery services which increases demand and is expected to drive revenue growth in the market during the forecast period.
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