rise in adoption of cloud-based data protection and recovery software offerings is driving the Data Protection And Recovery Software Market
Technavio analyzes that the Data Protection And Recovery Software Market is expected to grow at a CAGR of 9.6% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 4260.5 million.There are various factors that contribute to the growth of the market. The Data Protection and Recovery Software market is witnessing a significant surge due to the increasing adoption of cloud-based solutions. Businesses are recognizing the benefits of cloud-based offerings, such as cost savings, scalability, and enhanced data security. As a result, cloud-based data protection and recovery software solutions are becoming an essential component of organizations' IT infrastructure, driving market growth.
In today's digital business landscape, effective data management strategies are crucial for financial stability and securing valuable industrial control systems (ICS) and personalized data against cyber threats. With the increasing adoption of cloud platforms, email has emerged as a primary infection vector for phishing attacks and email scams. These threats can lead to data theft and breaches, compromising sensitive information and potentially disrupting business operations. Cybercriminals often exploit the high volume of emails received daily by employees, using sophisticated tactics to trick users into divulging sensitive information or downloading malware. Consequently, robust email protection is essential to safeguard against these risks, mitigating the potential damage from phishing attacks, email scams, and other cyber threats.
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Data Protection And Recovery Software Market Segmentation
As per our research findings, here are some of the key competitors that are leading the industry
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In today's digital age, data protection and recovery software have become essential for businesses and individuals alike, given the increasing frequency and sophistication of cyberattacks. Advanced technologies such as AI, machine learning, and generative AI play a crucial role in mitigating risks from cybersecurity threats like ransomware attacks, Business Email Compromise, and data breaches. Cloud computing, IoT, and digitalization have led to an exponential increase in data volume, making Data Loss Prevention (DLP) solutions a priority. Cybersecurity concerns and privacy issues continue to be major challenges, necessitating the adoption of robust security solutions for data availability. On-premise and IaaS offerings from cloud providers are essential for safeguarding data in the age of big data, social networking, smart devices, and increasing data volume. Data backup and recovery solutions are no longer just an afterthought but a proactive measure to ensure business continuity in the face of cyber threats.
The Data Protection and Recovery Software market is a significant segment within the broader IT software industry. This market encompasses companies specializing in data protection solutions and recovery services, addressing the escalating threats of cyberattacks, particularly ransomware. Advanced technologies, such as artificial intelligence (AI) and machine learning, are increasingly being integrated into these solutions to ensure data availability and mitigate risks associated with cloud computing and the Internet of Things (IoT). Technavio's market analysis covers the global revenue generated by companies offering data protection and recovery software, including cloud-based solutions, to businesses and consumers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
Technavio Research
Jesse Maida
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Email: media@technavio.com
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