Seattle, WA -- (SBWire) -- 10/28/2019 --When technology falters, organizations end up having to bear the brunt. Technologies enhance consumer experience, but when data is compromised, the reputation of the company suffers significant damage. To overcome the difficulties that are faced due to the vulnerabilities of technology, organizations opt for data resiliency solutions.
Data resiliency is concomitant with disaster management and ensures data protection. Increasing data generation and growing concerns regarding its security are the factors expected to drive the growth of the global data resiliency market. The market is forecasted to grow from USD 11.69 Bn in 2018 to USD 27.63 Bn by 2023, expanding at a compound annual growth rate (CAGR) of 18.8%.
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Application segment insights:
The growth of the Blockchain sector is creating a plethora of opportunities for data resiliency vendors in the market. The banking, financial services, and insurance (BFSI) segment is projected to lead the market, with a share of 24% during the forecasted period, owing to the enormous amounts of data that is generated on a regular basis.
Deployment segment insights:
The cloud segment of the data resiliency market is expected to expand at a higher CAGR than the on-premises segment during the forecast period (2018-2023), owing to its cost-effectiveness. The small and medium-sized enterprises (SME) segment of the data resiliency market is projected to grow at a higher CAGR than the large enterprises segment during 2018-2023.
Regional insights:
North America is expected to dominate the data resiliency market in 2018 with an approximately 36.5% share of the market - owing to the presence of a number of large players in this region - followed by Europe. The data resiliency market in the Asia-Pacific region is expected to expand at a significant CAGR of 20.5% during the forecasted period. This is due to the increased use of data resiliency solutions in various verticals such as retail and consumer goods, healthcare, IT and telecommunication, and BFSI, to protect and backup crucial enterprise data. Rising incidence of cyberattacks is one of the crucial reasons for the increased demand for data resiliency solutions in the Asia-Pacific region.
Key Companies covered: Asigra Inc., CA Technologies, Acronis, Carbonite, Inc., Commvault Systems, Inc., Veritas Technologies, IBM, Microsoft, Century Link
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What Is Data Resiliency Market? How Does It Works? Get Full Information Here
The increasing privacy concerns and the need to ensure securing the data as well as growing adoption of the cloud-based backup data and recovery solutions along with the tremendous growth in data generated from varied sources has escalated the growth of data resiliency market. Adoption of data quality management has also supported the growth of this market. Availability of open-source alternatives and integration of data from data silos is posing restrictions on the growth of data resiliency market. Also, management of unstructured data is an influencing challenge in this market.