Global Value of Data Protection Software Market in 2032 Is Forecast To Surpass USD 18,500 Million

The global data protection software market is expected to increase at a CAGR of 31.5% between 2022 and 2032, from USD 1,195 million in 2022 to USD 18,500 million in 2032.

In this hub, prominent players in the data protection software market collaborated with a variety of vendors. This increased the global demand for business-adaptable data security software, as well as the rate of adoption of tap-based backup features that are highly secure against common cyber-attacks. The aforementioned collaborative approach is expected to bring a gain of 840 BPS to the data backup and recovery sub-segment in this market during the projection period of 2022-2032.

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Runtime settings necessitate the use of a specific management tool to manage and safeguard data for a large number of small to large-scale enterprises. As a result, data security software companies provide a pool of programmed libraries with additional capabilities such as data security, data analytics, data abstraction, and reformed data management.

The United States, which has been the most active user of data management solutions for the past half-decade, is expected to stay on this path for the next ten years. The growing awareness of data privacy and management among commercial organisations in the United States is a market driver. In addition, strict data-protection legislation, such as the California Consumer Privacy Act, increased demand for such software. The market for data protection software in the United States is expected to have grown 27 times by the end of 2032.

Analyzing the current market trend can help explain why banks and financial services firms want to incorporate data protection software as a core component of their operations. Recognizing the importance of data privacy and management by a bank, there is a demand for such specialised software that can help it reduce the risk of hacking.

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For the past half-decade, storage technologies for data protection via backup tapes and discs have been a strong market alternative. Tap-based data backup, which was a slow procedure, gradually depreciated on a global scale as technology improved, 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.

Competitive Landscape

Market participants in the data protection software industry have primarily pursued growth-oriented strategies, such as speeding up the implementation of data privacy solutions. Collaborations, mergers, digital marketing, and continuous technological developments in the aforementioned software are also high priorities. These strategies help global firms expand their geographical footprint and gain maximum market share by providing a highly secure system.

·         In 2020, Commvault, a leader in data protection software, will release metallic SaaS-based data protection software with core backup and recovery functionalities for Enterprise-ready data management systems in the European region.

·         IBM Corporation paid approximately USD 33 billion for REDHAT, an Open Source software provider, in the beginning of 2019, with the goal of gaining experience in cloud computing.

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Global Data Protection Software Market Key Segments

• By Solution Type :
• Data Backup & Recovery
• Disaster Recovery
• Data Security
• Data Compliance

• By Deployment Type :
• Cloud
•  On-Premises

• By Enterprise Size :
• SMBs
• Large Enterprises

• By End-Use Industry :
• IT & Telecom
• Healthcare
• BFSI
• Retail Business
• Manufacturing Business
• Education
• Other

Tags:

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