DUBLIN--(BUSINESS WIRE)--The "Purpose-built Backup Appliance (PBBA) Market by Component (Hardware, Software), System (Mainframe, Open), Enterprise (Large, Small and Mid-level), Vertical, and Geography - Global Forecast to 2024" report has been added to ResearchAndMarkets.com's offering
The purpose-built backup appliance market is expected to grow from USD 5.2 billion in 2019 to USD 8.6 billion by 2024, at a CAGR of 10.6%.
The growth of this market can be attributed to the growth of the IoT market, stringent rules and regulation about data protection and data security such as GDPR (General Data Protection Regulation), and increasing awareness among enterprises to focus on data protection. However, the availability of cost-effective substitutes is expected to restrain the market growth.
Hardware component has higher market share than software component of the purpose-built backup appliance market
The market for the hardware component of the purpose-built backup appliance market is expected to have a higher market share than a software component from 2019 to 2024. Generally, the hardware of the purpose-built backup appliance is either repaired or replaced when damaged, whereas the software of the purpose-built backup appliances are upgraded whenever the newer version is released. The hardware market is larger than the software market as hardware appliances are installed in most of the enterprises for the quick on-premise backup.
Open system is likely to have a larger market share in purpose-built backup appliance market than mainframe system
Open system PBBAs are easily adaptable to any IT environment. The open hardware and software standards of the open system make it easier to install to any enterprise and can scale as per the requirement. Most of the Telecom & IT companies are relying on open system IT architecture. Adoption of open system architecture by telecom & IT, manufacturing, retail, and healthcare verticals drives the market for the open system PBBAs.
APAC to be the fastest-growing market for purpose-built backup appliance during the forecast period
Among all regions, the market in APAC is expected to grow at the highest rate between 2019 and 2024. The growth of the market in this region is attributed to the technological innovation and increasing adoption data protection and data security policies in telecom & IT, BFSI, and manufacturing verticals. The APAC region is the manufacturing hub of the world. There are several telecoms, IT, banking, and manufacturing giants in the APAC region.
Also, the emerging economies such as China and India, offer attractive tax benefits for the small and mid-level enterprise to ease small enterprise setup. Favorable government policies for small and mid-level enterprise, increasing awareness of data protection and data security among BFSI, Telecom, and IT companies is driving the growth of the PBBA market during the forecast period.
- Increasing Awareness and Focus of Enterprises on Data Protection and Recovery Infrastructure
- Stringent Rules and Regulations About Data Protection and Data Security
- Growth of the IoT Market
- High Cost Associated With Storage and Backup Technology and Availability of Cost-Effective Substitutes
- Virtualized Pbbas
- Increasing Need for Data Analytics
- Convenient Cloud Storage Solutions Threaten the Purpose-Built Backup Appliance Market
- Hewlett Packard Enterprise (HPE) Company
- Hitachi Vantara Corporation
Other Key Players
- Barracuda Networks
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