According to a new Netscribes report published by Research on Global Markets, the global data resiliency market is expected to expand at a compound annual growth rate (CAGR) of 18.8% during the 2018-2023 period, and will reach a market size of USD 27.63 Bn by 2023.
According to the report, the growth of the Blockchain industry will create numerous opportunities for data resiliency vendors. Data resiliency is an essential component of disaster management, and its primary use is to ensure that the data is protected. The high speed at which data is generated raises concerns regarding its security.
Data resiliency solutions that are cloud-based are usually cost-effective. These make it possible to store massive amounts of data without the need for an on-premises solution, the latter being expensive and inefficient. Downtime is reduced considerably - since information on the cloud can be accessed from virtually anywhere - along with the overall costs of storage, software, hardware, and technical personnel. This need for cost-effectiveness is particularly crucial for small and medium enterprises (SMEs) since their resources are limited. Hence the need to optimize business processes, while resolving the complexities of available facilities. Implementing data resiliency solutions, especially those that are cloud-based, can contribute significantly to an increase in overall revenue and business efficiency.
North America will dominate the global data resiliency industry, with an estimated market share of 36.5%, followed by Europe. This is primarily due to the adoption of the technology by the retail and consumer goods sector, along with IT, healthcare, BFSI, and telecommunications. In the Asia-Pacific region, it is expected to expand at a significant CAGR of 20.5%. Increasing cyberattacks have made it imperative to find better methods to back up and protect data, which in turn is leading to the growing need for data resiliency solutions in this region.
Check out the Netscribes report featured in this article:
Key highlights of this report:
- Scope and segmentation of the global data resiliency market
- A comprehensive overview of the global market along with the trends
- Analysis of the market attractiveness and geography-wise market revenue
- Qualitative analysis of the growth drivers and the challenges faced
- Analysis of the data resiliency market based on components such as disaster recovery, professional services, and deployment
- Detailed market overview of the global data resiliency market in terms of organizational size and verticals such as telecommunications, BFSI, healthcare, media, aerospace, and consumer goods
- Overview of the competitive landscape (current situations, trends, collaborations, partnerships, and acquisitions)