Veeam tops enterprise backup market with $1.5 billion revenue

Veeam Software has been named the top vendor in the Enterprise Backup and Recovery Software market by Gartner for the first time, as detailed in the 2024 Market Share Analysis report. According to Gartner's report, Veeam achieved a market share of 15.1%, with revenues amounting to USD $1.5 billion and an 11.8% year-over-year growth from 2022 to 2023.

Commenting on the achievement, Veeam's CEO, Anand Eswaran, highlighted the company's focus on data resilience amid increasing risks. "Today, every organisation relies on the availability of data no matter what happens. When the worst happens—whether due to ransomware, a natural disaster, or an inadvertent security update—data resilience is critical," Eswaran stated. He emphasised Veeam's comprehensive offerings in backup, recovery, and ransomware protection. "At Veeam, we are powering data resilience from backup and recovery to end-to-end ransomware protection for over 550,000 organisations in 150+ countries around the world. Our responsibility is to ensure their data is available wherever and whenever they need it. We take that very seriously, and it’s why we continue to invest in innovation to ensure we keep businesses running."

Veeam Data Platform, the company's flagship product, is described as a singular solution providing secure backup and instant recovery from cyberthreats. According to Veeam, it complies with regulatory requirements while mitigating risks for all company data, whether on-premises or in the cloud. The solution supports a wide range of environments, including cloud, virtual, physical, SaaS, and Kubernetes.

Eswaran further noted the company's investment in cutting-edge technologies and its emphasis on customer value. "We believe that Veeam has accelerated our #1 market leadership position in powering data resilience for our customers with cutting-edge innovation, strong partnerships, and a customer value focus." He mentioned the recent addition of Coveware to Veeam's offerings. Coveware, part of Veeam's Cyber Secure Program, is touted as delivering the industry’s first true end-to-end ransomware protection and recovery. "In addition to best-in-class Incident Response, Coveware has the largest and constantly evolving commercial database of ransomware threat signatures, and further strengthens Veeam Data Platform’s AI-driven threat detection engine," Eswaran added.

Gartner's Market Share Analysis report provides details on vendor performance, key market trends, and significant mergers and acquisitions within the Enterprise Backup & Recovery Software market. The report stated, "The enterprise backup and recovery software market grew at 5.1% in 2023, ending the year at nearly USD $10 billion in total revenue. Veeam returned to double-digit growth after experiencing revenue growth of 9.4% in 2022. In 2023, it expanded its revenue by 11.8% and became No. 1 in revenue and market share in the backup and recovery software market."