The purpose-built backup appliance market is likely to reach USD 8.6 billion by 2024 from USD 5.2 billion in 2019, at a CAGR of 10.6%. The growth of this market can be attributed to the increasing focus of companies on data protection and the recovery of data, stringent regulations for data protection and data security such as GDPR policy, and the rising market for IoT.
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â€œHardware component to have higher market share than software component of the purpose-built backup appliance marketâ€
PBBA hardware is replaced or repaired when get damaged or needs replacement. The expansion of businesses results in the implementation of PBBA with increased capacity. For this purpose, enterprises have to buy a new purpose-built backup appliance. The cost of the PBBA is associated with the capacity of the appliance and features it offers in backing up and recovery. The higher cost associated with the hardware as compared to software has made hardware component to have higher market share in the purpose-built backup appliance.
â€œManufacturing vertical to lead the purpose-built backup appliance market from 2018 to 2024â€
The purpose-built backup appliance becomes crucial for processes involved in manufacturing. There are industrial as well as government regulations for the protection and backup of the purpose-built backup appliance in the manufacturing sector. The manufacturing vertical is booming in technologically advancing countries, such as Brazil, China, and India, due to government support in the form of increasing foreign direct investment and other initiatives. These drive the market for manufacturing vertical to have the highest CAGR during the forecast period.
â€œAPAC to be the largest market for purpose-built backup appliance during the forecast periodâ€
APAC is anticipated to be the fastest growing region for purpose-built backup appliance market due to the technological innovation and increasing adoption of the purpose-built backup appliances in the telecom & IT, BFSI, and manufacturing verticals. Emerging economies in APAC are growing significantly in the purpose-built backup appliance market. Growth of the small & mid-level enterprises, booming manufacturing hub, and presence of telecom & IT giants are driving the growth of the purpose-built backup appliance market in the emerging economies, such as China and India.
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Major players operating in the purpose-built backup appliance market are Dell Inc. (US), NetApp, Inc. (US), IBM Corporation (US), Oracle Corporation (US), Fujitsu Limited (Japan), Commvault Systems, Inc. (US), Veritas Technologies LLC (US), and Hewlett Packard Enterprise Company (US). Other companies include Quantum Corporation (US), Barracuda Networks, Inc. (US), Hitachi Vantara Corporation (US), and Arcserve LLC (US), among others.