According to a new market research report published by Credence Research “Global Purpose Built Backup Appliance Market (Component (Hardware, Software); System (Mainframe, Open); Application (BFSI, Government, Healthcare, Manufacturing, Media & Entertainment, Retail, Telecom & IT, Others )) – Growth, Future Prospects and Competitive Analysis, 2019 – 2027”, the purpose built backup appliance market is set to grow with a CAGR of 10.5% during the forecast period, starting from US$ 4.50 Bn in 2018.
The global purpose built backup appliance market is driven by the stringent government and regulatory policies for the protection of the data across the globe. As the digital data across the enterprises are increasing, the risk of the data exposure to the leakage and cyber attacks. To address these issues, the governments across the globe has developed stringent regulations to control and monitor digital data. These regulations mandate the enterprises to manage their data more effectively. This is encouraging the demand for data recovery solution among the enterprises.
Furthermore, increasing adoption of the advance data analytics solutions such as AI and intelligent algorithms is also accelerating the demand for the PBBA solutions. Besides, the advent of the virtualized purpose built backup appliance is leading to the development of the numerous opportunities for the growth of the market. However, the adoption of the cloud storage solution is one of the major challenges in the growth of the market.
The purpose built backup appliance market is bifurcated into the hardware and software market. Hardware is estimated to account for majority share in the market. The growing adoption of the servers and storage devices is acting as the major driver for the growth of the market. Software market is anticipated to grow substantially at around 12% CAGR during the forecast period.
The Asia Pacific is anticipated to grow at annual growth rate of over 11.5% during the forecast period. The market is driven by the increasing adoption of the advance technologies across the region. The supportive government initiatives across the egion to promote the adoption of digitalization are also acting as a major driver for the market growth.
Prominent vendors in the purpose built backup appliance market are Arcserve LLC, Barracuda Networks Inc, Commvault Systems Inc, Dell Inc, Fujitsu Limited, Hewlett Packard Enterprise Company, Hitachi Vantara Corporation, IBM Corporation, NetApp Inc, Oracle Corporation, Quantum Corporation, and Veritas Technologies LLC.
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