The report “Data Resiliency Market by Component (Solutions (Data Backup & Recovery, Data Archiving & E-Discovery, Disaster Recovery), Services (Professional Services & Managed Services)), Deployment, Organization Size, Vertical, and Region — Global Forecast to 2023”, The data resiliency market is expected to grow from USD 11.69 Billion in 2018 to USD 27.63 Billion by 2023, at a CAGR of 18.8% from 2018 to 2023. The growth of the data resiliency market is primarily driven by the increasing data privacy concerns and need to ensure data security, growing adoption of cloud-based data backup and recovery solutions, and increasing data generation from various sources.
Data has surpassed oil to become the world’s most valuable non-human asset. The data generation market boomed this year, as data grew exponentially in variety and volume and became a key driving force behind business innovation and productivity. In fact, estimates indicate that humans will produce and consume about 94 zettabytes of data by the end of 2022.
It has become apparent that data has become both an organization’s strength and its weakness, and thus, the need to manage and protect it will remain paramount in the coming years. A lurking threat to the enterprise in today’s world can be traced to the dearth of skillsets. There is a whitespace in the industry where the demand surpasses talent in terms of technology advancements and security.
As we step into the next lap of the data-driven world where sectors like SMBs, BFSI, pharma and public sectors are always on the hot seats of data breaches, let’s look at some trends that will dominate the industry in 2023.
Anchoring through privacy landscape in multi-cloud era
Data privacy has always been under the limelight. Multiple countries have adopted stricter data privacy regulations in recent years to pursue a privacy-first approach. Industry analysts are projecting, that by 2023, upward of 65% of the world’s population will have its personal data covered under various privacy regulations. These demands, combined with the possibility of an economic downturn, are positioned to create a perfect storm of headaches and hardships for IT professionals all over the world.
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Market Players
Some of the major vendors of Data Resiliency solutions are Acronis (Switzerland), Asigra Inc. (Canada), CA Technologies (US), Carbonite, Inc. (US), CenturyLink (US), Commvault Systems, Inc. (US), IBM (US), Micro Focus (UK), Microsoft (US), NetApp (US), Quest Software, Inc. (US), Unitrends (US), Veeam Software (Switzerland), Veritas Technologies LLC (US), and VMware (US).
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