Global Virtual Machine Backup and Recovery Market

Virtual Machine Backup and Recovery Market Size, Share, Growth Analysis, By Deployment(Cloud and On-Premises), By Enterprize Size(SME and Large Enterprize), By Industrial Vertical(Government, Healthcare) - Industry Forecast 2024-2031

Report ID: SQMIG45A2260 | Region: Global | Published Date: April, 2024
Pages: 199 | Tables: 88 | Figures: 71

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Global Virtual Machine Backup and Recovery Market size was valued at USD 1.19 billion in 2022, USD 2.04 million in 2023 and is projected to grow USD 3.25 billion by 2031, growing at a CAGR of 6.9% in the forecast period (2024-2031).

Due to the increase in demand in many industries, the virtual machine backup and recovery market has been experiencing strong demand worldwide. To bolster their position in the market and meet the needs of businesses across verticals, major players have chosen partnerships and new product development as their primary organic growth strategy. For example, in May 2019, Veeam Software (Switzerland) and Fujitsu (Japan), two of the industry's top players, teamed. 'Veeam Software (Switzerland)', 'Veritas Technologies LLC (US)', 'VMware, Inc. (US)', 'Microsoft Corporation (US)', 'Commvault Systems Inc (US)', 'Acronis International GmbH (Switzerland)', 'IBM Corporation (US)', 'Vembu Technologies (India)', 'Rackspace Inc. (US)', 'Quest Software Inc. (US)', 'MSP 360 (US)', 'Micro Focus (UK)', 'Storix, Inc. (US)', 'Cisco System, Inc (US)', 'NetJapan, Inc. (Japan)'

Data security is becoming more and more important for organisations across all industries due to the increasing frequency and sophistication of cyberattacks. Solutions for virtual machine backup and recovery provide crucial defences against ransomware assaults and data loss. The need for reliable backup and recovery solutions is rising globally as the need of protecting important data assets is becoming more and more apparent.

Strategies for Competitive Advantage: Within the larger IT industry, the virtual machine backup and recovery market is a vibrant and quickly developing segment. Businesses in this industry use a range of market share positioning techniques to get an advantage over their competitors and satisfy the increasing needs of enterprises that depend on virtualized environments. Product differentiation is a well-known tactic where businesses concentrate on creating special features and capabilities that set their solutions distinct from rivals. This could involve smoother integration with well-known virtualization platforms, quicker recovery times, or sophisticated backup algorithms.

As virtual machines are becoming more and more popular in the region, North America has the largest market share. Due to its advanced technological infrastructure and status as the home base of several major firms, including IBM Corporation and VMware, Inc., the US dominates the industry in North America. Key actors perform a variety of actions, such as forming alliances with other tech companies to improve and distribute their solutions.

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