Global Storage And Backup Software Market Report 2024: Size, Drivers, And Top Segments

January 8, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

The storage and backup software market has experienced robust growth, evolving from $19.13 billion in 2023 to an estimated $20.49 billion in 2024, showcasing a commendable Compound Annual Growth Rate (CAGR) of 7.1%. This growth in the historic period is attributed to key factors such as virtualization and cloud computing, enterprise IT modernization, disaster recovery, data explosion, and the paramount focus on data security and compliance.

Future Projections: A Thriving Landscape

The storage and backup software market is poised for continued strong growth, projecting a remarkable expansion to $28.79 billion in 2028, with a CAGR of 8.9%. The forecasted growth in the coming years is fueled by emerging trends like hybrid and multi-cloud adoption, rising cybersecurity threats, the advent of edge computing, and the growing significance of data analytics and AI.

Cloud-Based Technologies: A Driving Force

The rising adoption of cloud-based technologies stands out as a major driver for the growth of the storage and backup software market. Cloud computing, with its subscription or pay-as-you-go model, demands efficient data management, protection, and disaster recovery solutions. The scalability, cost-effectiveness, and automation offered by cloud services, coupled with the increasing emphasis on data security and regulatory compliance, make storage and backup software indispensable.

Cloud Adoption Trends: 41% of EU enterprises used cloud computing in 2021.
Large Business Adoption: EU large businesses embraced cloud computing at a rate of 72% in 2021.
Diverse Applications: Cloud computing utilized for hosting e-mail systems and storing electronic files.

Industry Giants Driving Market Dynamics

Major companies shaping the storage and backup software market landscape include Dell Inc., Hewlett Packard Enterprise Company, Netapp Inc., Huawei Technologies Co Ltd., International Business Machines Corporation, and many more. These industry giants play a pivotal role in the innovation and evolution of storage and backup software, ensuring they stay ahead in a dynamic market.

Key Players: Dell, HPE, Netapp, Huawei, IBM, Toshiba, Pure Storage, Nutanix, Micron Technology, and more.
Innovation Catalysts: Driving advancements in storage and backup software technology.

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Hybrid and Multi-Cloud Transformations

Innovative solutions in the form of hybrid and multi-cloud strategies are reshaping the storage and backup software market. Companies such as NetApp, Inc. are leading the charge with the introduction of BlueXP, a unified control plane designed for data storage and services in hybrid and multi-cloud environments. This solution aims to simplify and automate operations in the complex world of distributed IT and data management.

Hybrid and Multi-Cloud Solutions: Developed to meet diverse computing and data storage needs.
NetApp’s BlueXP: Unified storage management, health monitoring, ransomware dashboard, data mobility capabilities.

Strategic Acquisition for Enhanced Capabilities

In a strategic move, Hewlett Packard Enterprise acquired Zerto for $374 million in September 2021. This acquisition reinforced HPE’s data protection and management capabilities, broadened its portfolio, and positioned the company to better address the evolving data-centric needs of customers. Zerto’s expertise in cloud data management and protection, including disaster recovery and data mobility services, complemented HPE’s vision for enhanced data-centric solutions.

Strategic Acquisition: HPE acquires Zerto for $374 million.
Enhanced Capabilities: Strengthened data protection and management offerings.
Portfolio Expansion: Better addressing evolving customer needs.

Market Segmentation: Understanding the Dynamics

The storage and backup software market is segmented based on various parameters:

Type: Storage Software, Backup Software
Deployment: Cloud, On-premise
End User: BFSI, Telecommunication, Consumer goods & retail, Media & entertainment, Healthcare & life sciences, Government

Regional Dominance and Growth Prospects

Asia-Pacific emerged as the largest region in the storage and backup software market in 2023. Additionally, the forecast indicates that Africa is set to be the fastest-growing region in the smart speakers market during the upcoming years, showcasing the global and diverse nature of the industry.

Regional Dominance: Asia-Pacific leads the storage and backup software market in 2023.
Fastest-Growing Region: Africa poised for rapid growth in the forecast period.

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The Storage And Backup Software Global Market Report 2024 provides comprehensive insights on the storage and backup software market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the storage and backup software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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