Storage and Backup Software Market Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2019-2025

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PUNE, MAHARASTRA, INDIA, November 27, 2019 /EINPresswire.com/ -- Storage and Backup Software Market:

Executive Summary

The storage and backup software market consist of sales of storage and backup software. The software provide users and programmers with a systematic way to create, retrieve, update and manage data. This software allows users to read, update and delete data, which can then be fetched directly and/or through programmatic access.

The global storage and backup software market was valued at about $9.75 billion in 2018 and is expected to grow to $14.23 billion at a CAGR of 9.9% through 2022.

The storage and backup software market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for storage and backup software and is expected to continue to be the largest market during the forecast period.

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Growing volume of data and the awareness among organizations to backup and protect their data are expected to benefit the storage and backup software market in the forecast period. In addition, the growing adoption of cloud-based technologies, and the need for storage and protection across all enterprises are also driving the growth of storage and backup software market. For example, it is estimated that more than 72% of global enterprises will shift to cloud storage from on-premise data centers, by 2022.

Rising concerns about data privacy and governance are expected to restrain market growth. Security concerns over protecting information regarding stakeholders and private data caused due to hacking, espionage and other security threats restrict the deployment of cloud storage and other software for storage and backup. These factors invariably limit the storage and backup software market. For example, industries such as BFSI, healthcare, retail, and others are unwilling to invest in the market due to security issues, thus restraining it to grow at its full potential.

One of the latest trends in the storage and backup software market is the adoption of artificial intelligence (AI) based applications which can create, store and protect data. Artificial intelligence is an area of computer science which simulates human intelligence. AI based applications create information on their own and verify the source of information before composing bits of knowledge to a database. These applications can also refine database management policies, align data to database capabilities and assess metadata across organization storage infrastructure. For instance, Commvault, one of the major vendors in the field of storage and backup software, introduced a new kind of backup and recovery software, which works with AI. This software helps users to keep data backup and recovery more efficient and effective by analyzing their patterns and performance.

The European Parliament and Council's General Data Protection Regulation (GDPR) break the split of regulations for the security of transactions in the European Union (EU). GDPR will replace the Data Protection Directive 95/46/etc. in spring 2018 as the primary law to protect the personal data of EU citizens. The legislation reshape the way in which the data is handled across every sector and also gives customers the right to be removed from the records of companies even if they have previously agreed to the collection and storage of their data which is called the ‘right to be forgotten’. For instance, IBM, as a primary system integrator, helped a European telecom company to update its applications to comply with GDPR by modernizing data infrastructure and governance.

In January 2019, Amazon Web Services Corporation acquired Dell-Backed Cloud Endure in a deal valued in the range of $200 million to $250 million. The transaction is expected to enhance Amazon's ability to deliver innovative and flexible migration, backup, and disaster recovery solutions. Cloud Endure is a provider of continuous backup and enterprise-grade business continuity solutions for businesses. The company was established in 2012 and is headquartered in Ramat Gan, Israel.

Major players in the market are Dell Inc., HPE, Netapp, Hitachi and IBM.

Continuous…

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