According to a new market report published by Transparency Market Research titled “Data Protection as a Service (DPaaS) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026,”the global Data Protection as a Service (DPaaS) market is expected to reach US$ 74,174.9 Mn by 2026, expanding at a CAGR of 30.7% from 2018 to 2026. North America held a prominent share of the Data Protection as a Service (DPaaS) market in 2017 and is projected to be at the forefront of global demand. Also, the Asia Pacific Data Protection as a Service (DPaaS) market is expected to expand at a significant CAGR.
DPaaS is a web-delivered or cloud-based service to protect data assets residing on the cloud. Enterprises generally utilize this service to build better security and enhance their network security for effective data management on the cloud. There is presently a rising need to reduce complexities in terms of large data volumes for application development. DPaaS services help organizations look after these issues by providing cost-effective cloud services. It is a multi-tenant model which allows management of various services through a single portal. On its deployment, DPaaS seamlessly provides virtual machine capabilities for each and every server.
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Data protection is a cloud based or web based service that helps in protecting data assets on the cloud. Companies typically uses this service in order to develop a better security and improve their network stability and security for more efficient cloud data management. There is currently an increasing requirement to cut down the overall complexities in terms of greater data volumes for the development of different types of applications. DPaaS help companies to take of such data protection issues by offering cost efficient cloud services. The DPaaS is a multi-tenant model that helps management of a wide range of services via a single portal. After deployment, data protection as a service effortlessly offers different virtual machines capacities for each and every server.
In recent years, there has been a radical shift in the overall evolution of product-based solutions. These offerings have disrupted the IT infrastructure sector. The companies operating in the sector are growingly adopting service models to deliver business outcomes to their consumers as well as vendors. This migration to service-based models was mainly because of the increasing focus on resiliency. As companies and businesses manage vast amounts of data, it has become crucial for them to offer equally resistant data protection services for their clients.
Moreover, the growing stringency in regulations and standards, such as the GDPR policy and Data Protection Act, continues to put more obligations on enterprises to comply. As a result, it builds more pressure on the enterprises to carry out regular checks and focus on their compliance framework to evidence their accountability. With the rise in stringent requirements, data protection services provide a more useful way to meet the enterprises’ challenges and reduce their exposure risks of data protection. It involves a collaborative approach to strategize, comply with checks, sight data protection artifacts and processes, and provide incident capabilities.
Disaster Recovery as a Service (DRaaS) segment to expand rapidly during the forecast period
By service, the DPaaS market is segmented into Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), and Storage as a Service (STaaS). DRaaS is expected to be the fastest growing segment during the forecast period. Growing demand for data security and privacy across all data centers worldwide is playing a key role in driving the segment’s growth. On the basis of deployment models, the global DPaaS market is segmented into public cloud, private cloud, and hybrid cloud. In 2016, the hybrid cloud segment led the market accounting for approximately 50% of the total market revenue due to the growing number of large enterprises across the world looking for greater level of security and privacy on the cloud in order to cope with changing computing needs and costs associated with it. The segment is emerging as the best option for organizations that are looking to grab the benefits of public and private cloud deployment models at the same time. Also, hybrid cloud segment is projected to expand the fastest during the forecast period because of the growing complexities in cloud applications. By enterprise size, large enterprises led the global DPaaS market. Its growth is mainly attributed to the growing adoption of the hybrid cloud computing model, which is expected to be the future cloud computing model, mostly embraced by large enterprises. The small and medium enterprises (SMEs) segment is expected to rise the fastest during the forecast period. By industry, the DPaaS market is segmented into BFSI, Telecom & IT, government & public sector, healthcare, retail, energy & utilities, manufacturing, and others (aerospace & defense, travel & hospitality).
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North America expected to hold a substantial share in the overall market
Based on geography, the global Data Protection as a Service (DPaaS)market has been divided into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America is expected to hold a prominent share and account for more than 40%of the global market in 2026, followed by Europe. The U.S. Data Protection as a Service (DPaaS) market accounted for the largest share compared to the Canada market due to greater spending on IT security solutions in the region. In Europe, the rising cloud spending by governments of countries such as the U.K., Germany, and France is observed as one of the major reasons for massive cloud adoption in both the public and private sectors of Europe. As a part of the strategy, several vendors are investing in tools development specific to a particular application and are focused on new product developments, partnerships, and mergers and acquisitions in order to increase geographical reach in the global Data Protection as a Service (DPaaS)market.
Major players operating in the global data protection as a service (DPaaS) market include Amazon Web Services, Inc., Dell EMC, Commvault Systems, Inc., Quantum Corporation, Asigra, Inc., Veritas Technologies, Acronis International GmbH, International Business Machines Corporation, Hewlett Packard Enterprise Company, and Carbonite, Inc.
Read TMR Research Methodology at: https://www.transparencymarketresearch.com/methodology.html
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