Increasing adoption of digital transformation is driving the demand for proficient information management, compliance, and governance. Data constitutes a critical part of digital transformation, therefore, making it even more important to ensure proper management and security.
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The growing number of information-based organizations is leading to elevated utilization of business information to improve operational efficiency and innovate products and services, based on evolving customer demands and preferences. All the abovementioned factors are expected to propel the demand for data protection, backup, and recovery solutions.
The existing government regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), Government Paper Elimination Act (GPEA), and Freedom of Information Act (FOIA), are significantly encouraging organizations to implement policies related to data access and protection.
Various nations are planning to implement regulations and impose mandates to ensure data security across different industries. For instance, in 2016, the European Commission introduced the General Data Protection Regulation (GDPR), which would be effective from May 2018. This is anticipated to strengthen and standardized data protection as the rule will compel organizations across Europe to be fully complaint by 2018, thus, boosting sales of security and storage devices across the region
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Further Key Findings From the Study Suggest:
- The email protection segment emerged as the dominant segment and was valued at USD 1,826.8 million in 2016, owing to the fact that a majority of critical data or information related to a business is stored in emails, which necessitates the use of backup and recovery solutions
- The Small & Medium Enterprise (SMEs) segment is anticipated to emerge as the fastest-growing segment, owing to the increased emphasis laid by SMEs on digitalizing data and the need to protect it
- The healthcare end-use segment is expected to grow at a CAGR of 16.4% over the next eight years, owing to increasing use of Electronic Health Record (EHR) for maintaining patient information
- Cloud deployment is expected to foresee the highest growth with a CAGR of 15.1% from 2017 to 2025 as organizations are looking forward to improving the time to market, increasing efficiency of processes, and reducing overall costs
- North America accounted for a significant market share and was valued at USD 1,840.8 million in 2016. However, the Asia Pacific region is predicted to grow at highest CAGR of 18.6% from 2017 to 2025, owing to the accelerated adoption of hosted and managed services.
- The key industry participants of the market include Commvault, EMC Corporation, Hewlett-Packard Enterprise, IBM Corporation, Acronis, Seagate Technology LLC, Veritas Technologies LLC, Veeam Software AG, Unitrend, Actifio, and Arcserve (USA) LLC