The global data protection software market is estimated at USD 1,195 Million in 2022 and is projected to reach USD 18,500 Million by 2032, growing at an exciting CAGR of 31.5% during 2022-2032.
Fact.MR estimates that global data protection software market accounts around ~1% of global data protection market comprehended by high demand for compilation and privacy ensuring data software growing at an unprecedented rate on global level. Continuous business escalations, data lifecycle managements, online and offline data management and demand of continuous data protection backup software (CDP) is anticipated to multiply the present data protection market valuation by 23X in upcoming decade.
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For a big number of small to large-scale enterprises, runtime settings necessitate the use of a specific management tool to manage and safeguard their data. As a result, data security software firms supply a pool of programmed libraries that provide extra capabilities such as data security, data analytics, data abstraction, and reformed data management.
The United States, which has been the largest user of data management solutions for the past half-decade, is likely to continue on this path for the next ten years. A market driver is the growing awareness of data privacy and management among U.S. commercial organizations. Furthermore, strict data-protection legislation, such as the California Consumer Privacy Act, boosted demand for such software. By the end of 2032, the market for data protection software in the United States is expected to have grown by 27 times.
Storage technologies for data protection via backup taps and discs have been a strong market alternative for the previous half-decade. With ongoing technological improvements in this field, tap-based data backup, which was a slow procedure, gradually depreciated on a global scale, and demand for virtual data backup software increased.
Key Takeaways:
- North America is expected to generate USD 382 Million revenue in the global data protection software market.
- Data protection software for BFSI is expected to grow at a 33.6% CAGR by 2032.
- Small & midsize business to generate absolute $ opportunity of USD 10,500 Million.
Growth Drivers:
- Rapid technological advancements are expected to propel the demand for data protection software.
- Use of data protection software for safeguarding from cyberattacks and malware is expected to drive market growth.
Competitive Landscape
Market players in the data protection software industry have primarily pursued growth-oriented tactics, which include increasing the rate at which data privacy solutions are implemented. Collaborations, mergers, digital marketing, and constant technical developments in the aforementioned software also rank high on their priority list. By providing a highly secure system, these tactics assist global firms in expanding their geographical footprint and gaining maximum market share.
- In 2020, Commvault, a global pioneer in data protection software, will release metallic SaaS-based data protection software for Enterprise-ready data management systems in the European region, with core backup and recovery functionalities.
- In the beginning of 2019, IBM Corporation paid around USD 33 billion for REDHAT, an Open Source software provider, with the goal of gaining experience in cloud computing.
Key Players in the Data Protection Software Market Include:
- Commvault
- Microsoft Corporation
- IBM Corporation
- NetApp, Inc.
- Veeam Software
- Veritas Technologies
- Dell EMC
- Cloudian, Inc.
- Hewlett Packard Enterprise (HPE)
- Check Point Software Technologies