Automated Backup Most Lucrative Segment in Data Backup And Recovery Software Market

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Adroit Market Research has published an industry report on the global data backup and recovery software market. Based on the report, the market will reach $23.1 billion at a CAGR of 9.6% from 2022 to 2030.

The widespread use of cloud-based services and technology is the main factor driving the market growth. As more businesses adopt cloud-based apps and technologies, they also drive the demand for data backup and security solutions.

The boom of data analytics is also one of the reasons why the market will continue its expansion. Data analytics enterprises need to maintain and store huge amounts of data. At the same time, they require cutting-edge technology and solutions to secure this data; thus impacting the data backup and recovery software market.

Data failure is another reason why data backup solutions are important. More specifically, data backups to the cloud are the most in demand. Data failure can have multiple origins such as software and hardware issues, corrupted data, and human-caused events like accidental data deletion and malware.

Meanwhile, the end-user segment of the market is varied. From major IT companies to government agencies and finance companies, businesses across industries are implementing data backup and recovery software. Governments, for instance, need regular backup and state-of-the-art security protocols for tax processing and collection.

The Cybercrime Backdrop

Advancements in technology have also been fueling the instances of cyberattacks. Cybercrime is among the fastest rising crime in the United States and the world. Cybercrime statistics show that global cybercrime damage in 2021 amounted to $16.4 billion a day, $684.9 million an hour, $11 million per minute, and $190,000 per second. Cybercrimes cost the world nearly $600 billion each year. This is equivalent to 0.8% of the global GDP.

Moreover, network security group WatchGuard, found that the number of ransomware attacks in 2022 increased by 80%. Also, cyber threats are becoming smarter. More than 50% of malware can evade signature detection.

The alarming increase in cybercrimes and data hacking has increased the awareness of organizations about the importance of securing IT systems. As a result, this has also been boosting the sales of data backup and recovery software. In fact, global spending on security products and services is slated to reach $174.7 billion by 2024, according to the International Data Corporation (IDC).

Automated Backup and Recovery

Labor shortages can be found across sectors and IT positions are definitely among the ones that are hardest to fill. This is why businesses are relying on artificial intelligence and automation to accomplish many of their business processes. The same goes for the data backup and recovery software market.

Based on the report, software that includes automated backup capabilities is becoming the most lucrative segment in the market. With IT teams overwhelmed and understaffed, automated backup and security monitoring enable businesses to address the problem of skills shortage.

For example, SaaS misconfigurations are a serious security threat. But IT teams are falling behind in ensuring the security of their SaaS apps. One survey revealed that the lack of time and resources, pressure from the C-Suite to prioritize other issues, and staffing shortages were the top reasons why IT teams couldn’t keep up with security monitoring.

Software with automated backups and security monitoring can help secure SaaS apps and IT endpoints 24/7 and relieve the burden off IT staff. Unlike manual backups, automated solutions don’t require any human resources to do the job. Thus, even with time and staff limitations, companies can still back up their data and effectively address vulnerable parts of their IT systems.