The data recovery services global market report 2024from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Data Recovery Services Market, 2024report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The data recovery services market size has grown rapidly in recent years. It will grow from $3.87 billion in 2023 to $4.50 billion in 2024 at a compound annual growth rate (CAGR) of 16.1%. The growth in the historic period can be attributed to a increasing data breaches, growing adoption of cloud computing, rising demand for data storage, stringent data protection regulations, expansion of digitalization
The data recovery services market size is expected to see rapid growth in the next few years. It will grow to $8.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.3%. The growth in the forecast period can be attributed to increasing cyber threats, the emergence of IoT devices, rise in ransomware attacks, the growth of big data analytics, the adoption of AI and machine learning in data recovery, and the globalization of businesses. Major trends in the forecast period include the surge in remote data recovery services, integration of blockchain technology in data recovery, rise in demand for hybrid cloud data recovery solutions, expansion of data recovery services for mobile devices, and emphasis on green data recovery practices.
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Scope Of Data Recovery Services MarketThe Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Data Recovery Services Market Overview
Market Drivers –
The increase in the number of data breaches is expected to propel the growth of the data recovery services market going forward. A data breach is the unauthorized access, disclosure, or acquisition of sensitive information, potentially compromising its confidentiality, integrity, or availability. The increase in the number of data breaches can be attributed to factors such as the growing sophistication of cyberattacks, inadequate cybersecurity measures, and the increasing digitization of sensitive information. Data recovery services mitigate data breaches by offering proactive data backup solutions, ensuring that organizations can quickly recover data in the event of a breach, thereby reducing the impact and potential losses. For instance, in January 2024, according to the Identity Theft Resource Center (ITRC), a US-based non-profit organization established to minimize the risk and mitigate the impact of identity compromise, there were 3,205 recorded data breaches in 2023, up 78% from 2022 and 72% from the previous peak in 2021 in the United States. Therefore, the increase in data breaches is driving the growth of the data recovery services market.
Market Trends –
Major companies operating in the data recovery services market are adopting a strategic partnership approach to provide essential data security services to individuals, businesses, and governments. Strategic partnerships refer to a process in which companies leverage each other’s strengths and resources to achieve mutual benefits and success. For instance, in July 2022, Mindtree Ltd., an India-based global technology consulting and services company, partnered with Rubrik Inc., a US-based company specializes in cloud data management and data security. With this partnership, they aim to launch Mindtree Vault, a unified cyber-recovery platform. The platform integrates Mindtree’s expertise in program management, cloud computing, data, and cybersecurity with Rubrik’s strength in data resilience, observability, and recovery. It supports comprehensive recovery processes, including assessment, discovery, migration, ongoing management and proof-of-concept pilots.
The data recovery services market covered in this report is segmented –
1) By Type: In-Lab Recovery, Data Recovery Software, Remote Data Recovery, Cloud Data Recovery
2) By Application: Secure Digital (SD) Card, Hard Disk, Universal Serial Bus (USB) Drive, Mobile Phone, Personal Computer (PC) And Tablet, Other Applications
3) By End User: Personal And Commercial, Government And Public Sector, Educational Institutions
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Regional Insights –
North America was the largest region in the data recovery services market in 2023. The regions covered in the data recovery services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the data recovery services market are Dell Technologies Inc., Lenovo Group Limited, International Business Machines Corporation, Western Digital Corporation, Seagate Technology Holdings plc, Stellar Information Technology Pvt. Ltd., Atlantix, DriveSavers Data Recovery Inc., WeRecoverData Inc., CBL Data Recovery Technologies Inc., Datlabs, Disk Doctors Labs Inc., Gillware Inc., Secure Data Recovery Services LLC , R3 Data Recovery Ltd, ACE Data Recovery , DataNumen Inc., LC Technology International Inc., Cleverfiles, Fields Data Recovery Ltd, iBoysoft, Ontrack, SalvageData Recovery LLC, TTR Data Recovery Inc, UFS Explorer
Table of Contents
1. Executive Summary
2. Data Recovery Services Market Characteristics
3. Data Recovery Services Market Trends And Strategies
4. Data Recovery Services Market – Macro Economic Scenario
5. Global Data Recovery Services Market Size and Growth
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32. Global Data Recovery Services Market Competitive Benchmarking
33. Global Data Recovery Services Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Data Recovery Services Market
35. Data Recovery Services Market Future Outlook and Potential Analysis
36. Appendix
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