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The data backup and recovery market size has grown rapidly in recent years. It will grow from $13.57 billion in 2023 to $15.28 billion in 2024 at a compound annual growth rate (CAGR) of 12.6%.  The growth in the historic period can be attributed to increasing data volume, rise of virtualization, focus on disaster recovery, data security concerns. The data backup and recovery market size is expected to see rapid growth in the next few years. It will grow to $25.23 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%.  The growth in the forecast period can be attributed to ransomware mitigation, regulatory compliance, continuous data protection. Major trends in the forecast period include early digitalization, integration of AI and machine learning in backup processes, focus on cybersecurity in backup strategies, hyper-converged infrastructure (HCI) for backup.

The data backup and recovery market are set to experience growth due to the increasing adoption of cloud data backup solutions. Cloud backup involves storing copies of physical or virtual data in secondary, off-site locations to safeguard against equipment failure or emergencies. Cloud-based data backup provides accessibility to data anywhere and anytime, ensuring its safety and easy recoverability. According to Gartner, by 2025, 51% of enterprise IT spending in key segments will shift to the cloud, surpassing traditional IT spending. Additionally, global spending on public cloud services is expected to reach $597.3 billion in 2023, reflecting a significant increase from $491 billion in 2022. This surge in cloud data backup adoption is a key driver for the growth of the data backup and recovery market, with a market size of [2028: Value].

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What Are The Key Trends That Influence Cutlery And Hand Tools Market Share Analysis?

Technological advancements are crucial in the data backup and recovery market. Companies are adopting new technologies like multi-cloud backup and recovery systems for enhanced efficiency. For example, in June 2022, Backblaze, Inc., a US-based cloud storage company, partnered with Veritas Technologies LLC to offer multi-cloud backup and recovery. Their combined solution features simple, cost-effective S3-compatible object storage, enabling comprehensive data protection across various storage mediums.

Which Market Players Are Driving Growth In The Cutlery And Hand Tools Market?

Major companies operating in the data backup and recovery market report are Dell Technologies Inc., International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise Company, Asigra Inc., NetApp Inc., Micro Focus International plc, Veritas Technologies LLC, Nutanix Inc., Rubrik Inc., Veeam Software AG, Quest Software LLC, Commvault Systems Inc., Barracuda Networks Inc., Acronis International GmbH, Carbonite Inc., Cohesity Inc., Zerto Corporation, Arcserve LLC, Druva Inc., Actifio Inc., StorageCraft Technology Corporation, HYCU Inc., Atempo Inc., Unitrends, Altaro Software Limited, Infrascale Inc., Vembu Technologies Pvt. Ltd., Bacula Systems SA, BackupAssist Software, Axcient

How Is The Global Cutlery And Hand Tools Market Segmented?

The data backup and recovery market covered in this report is segmented –

1) By Backup Type: Service Backup, Media Storage Backup, Email Backup
2) By Component: Software, Services
3) By Deployment Type: Cloud, On-Premises
4) By Industry Vertical: IT And Telecommunications, Retail, Banking, Financial Services, And Insurance, Government And Public Sector, Healthcare, Media And Entertainment, Manufacturing, Education, Other Industry Verticals

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The Cutlery And Hand Tools Global Market Report 2024 provides an overview of the cutlery and hand toolsmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The cutlery and hand tools market forecast analyzes cutlery and hand tools market size, cutlery and hand tools market share, leading competitor and their market positions.

The Table Of Content For The Cutlery And Hand Tools Market Include

1. Cutlery And Hand Tools Market Executive Summary
2. Cutlery And Hand Tools Market Segments
3. Cutlery And Hand Tools Market Size And Template Market Growth Rate
4.  Key Cutlery And Hand Tools Market Trends
5. Major Cutlery And Hand Tools Market Drivers
……
25. Key Mergers And Acquisitions In The Cutlery And Hand Tools Market
26. Top Cutlery And Hand Tools Companies
27. Cutlery And Hand Tools Market Opportunities And Strategies
28. Cutlery And Hand Tools Market, Conclusions And Recommendations
29. Appendix

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