Purpose Built Backup Appliance (PBBA) Global Market
The Business Research Company recently released a comprehensive report on the Global Purpose Built Backup Appliance (PBBA) Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company’s, The purpose-built backup appliance (PBBA) market size has grown strongly in recent years. It will grow from $7.22 billion in 2023 to $7.91 billion in 2024 at a compound annual growth rate (CAGR) of 9.6%. The growth in the historic period can be attributed to increased data generation, growth in regulatory compliance requirements, increasing awareness of data protection, growth in hyper-converged infrastructure, and increasing use of advanced encryption.
The purpose-built backup appliance (PBBA) market size is expected to see strong growth in the next few years. It will grow to $11.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%. The growth in the forecast period can be attributed to increasing data volumes, rising cybersecurity threats, increasing remote work, increasing use of virtualization technologies, and rising demand for high-availability solutions. Major trends in the forecast period include technological advancements, the adoption of cloud-integrated backup solutions, artificial intelligence, integration with virtualization platforms, and hybrid cloud models.
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Market Drivers and Trends:
The increasing data security threats are expected to propel the growth of the purpose-built backup appliance (PBBA) market going forward. Data security threats encompass a wide range of risks and vulnerabilities that can compromise the confidentiality, integrity, and availability of sensitive information. The increase in data security threats is due to expanding attack surface, sophisticated malware and cyber-attacks, ransomware proliferation, supply chain vulnerabilities, and economic incentives. Purpose-built backup appliances (PBBAs) enhance data security by ensuring reliable backup and recovery processes, protecting organizations against various data security threats. For instance, in March 2023, according to the Federal Bureau of Investigation, a US-based law enforcement agency, investment fraud in the US increased from $1.45 billion in 2021 to $3.31 billion in 2022. Therefore, the increasing data security threats are driving the growth of the purpose-built backup appliance (PBBA) market.
Major companies operating in the purpose-built backup appliance (PBBA) market are focused on developing innovative solutions to enhance data storage efficiency and scalability, such as on-premises object storage solutions. On-premises object storage refers to storing data as objects in a dedicated local environment, providing scalable and efficient data management within an organization’s infrastructure. For instance, in June 2022, Veeam Software Holding Inc., a US-based information technology company, launched Object First to provide on-premises object storage facilities for Veeam backup. This device, accessed via Amazon’s S3 protocol and locally owned, offers immutability, instant recovery, and security features. Object First exclusively integrates with Veeam Backup and Recovery release 12 (VBR12), enabling backups to be stored immutably in less than 15 minutes. It utilizes a technology similar to AWS S3 Object Lock for immutability, configurable for up to 999 days.
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Major Key Players of the Market:
Dell EMC, Hitachi Vantara LLC, International Business Machines Corporation, Oracle Corporation, Hewlett Packard Enterprise, Fujitsu Limited, NetApp Inc., Veritas Technologies LLC, Zones LLC, Barracuda Networks Inc., Cohesity Inc., International Data Corporation, Acronis International GmbH, Quantum Corporation, TechTarget Inc., Arcserve LLC, Unitrends Inc., ExaGrid Systems Inc., Axcient Inc., Asigra Inc., STORServer Inc., Data & Storage ASEAN, Commvault Systems Inc., Tenaya Capital, Blocks & Files
Purpose Built Backup Appliance (PBBA) Market 2024 Key Insights:
• The purpose-built backup appliance (PBBA) market size is expected to see strong growth in the next few years. It will grow to $11.54 billion in 2028 at a compound annual growth rate (CAGR) of 9.9%.
• Escalating Data Security Threats Drive Demand For Backup Appliances
• Enhanced On Premises Object Storage Solutions Reshape Data Backup Strategies
• North America was the largest region in the purpose-built backup appliance (PBBA) market in 2023
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