Published: 08 August 2024
Summary
The enterprise backup and recovery software market grew at 5.1% in 2023, ending the year at nearly $10 billion in total revenue. While the vendor showing the fastest revenue growth grew at close to 19%, revenue growth was slower for most market leaders, with an average under 3%.
Included in Full Research
Overview
Key Market Findings
Ransomware protection, SaaS application backup, backup as a service, and backup to and in cloud continue to drive backup infrastructure modernization.
The increased risk of cyberattacks has pushed backup and recovery solutions to add AI and advanced security capabilities to detect and identify threats, which helps minimize the impact of such attacks.
Backup providers are delivering integration with public cloud to support hybrid/multicloud deployments, scalability, cloud-native technologies and storage offerings.
Backup as a service (BaaS), a SaaS-based management plan and adoption of generative AI (GenAI) capabilities contribute to a simplified operational experience for both backup end users and administrators.
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