There’s a correlation between businesses adopting more and more cloud computing and businesses demanding more products and services to protect their data.
A new study by Grand View Research says the market for data protection and recovery will reach $14.1 billion in 2025.
“Increasing adoption of digital transformation is driving the demand for proficient information management, compliance and governance,” the company said on Monday. “Data constitutes a critical part of digital transformation; therefore, making it even more important to ensure proper management and security.”
Compliance measures like HIPAA and the Government Paper Elimination Act are encouraging companies to have a plan in place for an incident. A soon-to-take-effect measure will force European companies to meet new compliance standards. As a result, organizations are looking to protect, back up and recover their data.
The study listed email protection as the largest portion ($1.8 billion) of the data-protection market. SMBs will grow their amount of data protection solutions the most over the following years, according to the study, and data protection end users in the health care vertical will grow 16 percent per year.
Grand View listed 11 companies as leading data protection and recovery providers: Acronis, Actifio, Arcserve, Commvault, EMC Corporation, Hewlett-Packard Enterprise, IBM Corporation, Seagate Technology, Veeam Software AG, Veritas Technologies and Unitrend.
North America is the largest market, but as market research studies from Grand View often indicate, Asia Pacific will grow the fastest in the years leading up to 2025.