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Global data protection and recovery solutions market forecasts to 2024 examined in new market research report

Numerous organizations across the globe have become more aware regarding their vulnerable data assets and are subsequently investing in diligent backup, protection, and safekeeping of data.

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Growing demand for data integrity and safekeeping has fostered the development of the global Data Protection And Recovery Solutions (DPRS) market

Financial and billing documents, customer records and other important sensitive documents are necessary for business continuity. Several small businesses have recently suffered data loss, especially concerning sensitive data such as customer information, billing or application codes, leading to high damage or loss, which has a direct impact on the business profitability and productivity.

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Financial risks are especially elevated in the banking, financial services and insurance (BFSI), healthcare and pharmacy sector. Stringent regulations and compliance requirements in these industries have led to strong demand for data protection.

Several companies have also spent more than USD 20,000 on DPRS to safeguard their valuable and sensitive information, which is expected to generate high demand for these solutions over the forecast period.

Data is considered as the new currency in this digital era; however, the presence of data in one or more devices is making it increasingly difficult to protect and recover data. This factor has fostered the development of the DPRS market.

An average American citizen produces approximately more than 1,750 GB of data per year. Most of this data is also lost on account of necessary technical glitches like a failure of the hard drive, human error, and even natural disasters.

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The advent of information technology, which is becoming increasingly complex every day, and the switch of several enterprises to virtualization has led to high DPRS demand. Growing popularity of cloud computing, and increasing mobile usage, coupled with the trend of bringing your device (BYOD) have fostered the need for DPRS across the globe.

Growing BYOD application across organizations to enhance network connectivity has leveraged businesses, which has led to the generation and consumption of vast amounts of data, with several transfers across organizations & mobile devices. This factor has thus made data vulnerable to attacks, loss, and threats while jeopardizing overall integrity.

DPRS has thus been deployed across numerous small & medium enterprises and organizations to safeguard sensitive data, check login and data authenticity, and prevent any privacy breaches.

The global market for data protection and recovery solutions is segmented by solutions, service, deployment type, user type, industry vertical and geographic regions. The global market is further divided into mobile data protection (MDP), data loss protection (DLP), mobile device management (MDM).

Several organizations are increasingly relying on management development program (MDP) solutions with the authorization to use mobile data appliances, to access corporate data ubiquitously. Additionally, widespread mobile data accessibility helps the business achieve and enhance their profitability and augment their business productivity.

These solutions help protect comprehensive data within the organization and also that information which travels out of the organization. These solutions prevent attacks from unauthorized access, malicious attacks, network threats, cyber-attacks and privacy breaches.

Additionally, MDP solutions also provide advanced endpoint data device protection and hardware devices, safeguarding them from malware attacks.

Other factors leading to the high adoption of MDP solutions is the growing dependence of various industry verticals on these technologies, such as HIPPA for healthcare and PCI DSS for BFSI. They have mandated the adoption of data security as per their compliance standards.

Thus, adherence to these standards across different organizations further enhanced the DPRS market.

The deployment type is divided into the cloud and on premises. The user model shared the market by enterprises and SMBs.

Industry vertical divides the global market into BFSI, healthcare, public sector, telecom, retail, energy and utilities, travel and hospitality, education, manufacturing, aerospace and defense and others. The services market is subdivided by implementation, training and support, consulting and managed services

Legacy data security solution vendors have an extra edge over endpoint solution providers, owing to stringent regulations regarding mobile data device convergence. However, the recent advancements in mobile technology and increased usage of BYOD among companies have fostered the demand for endpoint data security.

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These factors have encouraged several mobile solution providers to incorporate data security into devices. Moreover, a permeating presence of smartphone devices has further helped data security vendors to code up data protection solution software that is easily compatible with the various smartphone operating systems.

Modern data driven enterprises are actively investing in this market owing to the high demand for cutting-edge DPRS, which has displayed phenomenal growth in recent years. The trend is anticipated to extend over the next few years, thereby leveraging data protection vendors to offer more innovative solutions catering to the need of next generation firewalls.

However, significant restraints for market growth include the lack of awareness of the functionalities, additional operational costs, and the demand for highly skilled IT resources. Restraints are mainly witnessed in the server message block (SMB) protocol, owing to several budget constraints.

The global market is divided according to the geography of North America, Europe, Asia Pacific, Middle East and Africa and Latin America. The key players in this market include Symantec Corp., IBM, EMC and CA Technologies.

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