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A01552 | Pages: 276 | Charts: 63 | Tables: 166 |
The global data protection as a service market size was valued at USD 15.49 billion in 2020, and is projected to reach USD 170.54 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.
The advent of cloud computing and software-defined data centers with virtualized infrastructure components delivered as a service has fostered the need for data protection in the present business scenario. Increase in need for data protection among cloud service providers has led to the introduction of data-protection-as-a-service (DPaaS). DPaaS is a cloud-based, web-delivered service designed to safeguard data assets of businesses. The deployment of DPaaS market has increased in organizations across the globe, owing to the advantages of better network security and advanced data security.
The global DPaaS market is influenced by several factors such as increase in concerns about data loss; rise in need for data backups & archives; and governance, risk, and compliance requirements for storage. However, high incurrence of costs is projected to hamper growth of the market. On the contrary, increase in demand for cloud-based disaster recovery and backup for virtual machines are expected to be opportunistic for the data protection as a service market growth.
The global Data Protection as a Service (DPaaS) Industry is segmented into on deployment model, service type, end user, and region. Depending on the deployment model, the market is categorized into public, private, and hybrid cloud. On the basis of type of service, the market is categorized into disaster recovery-as-a-service (DRaaS), backup-as-a-service (BaaS), and storage-as-a-service (STaaS). The end users of the market are large enterprises and small & medium enterprises. The Data Protection as a Service Industry is analyzed based on four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with the country-level analysis of each region.
In 2020, On the basis of service, the STaaS segment dominated the data protection as a service market share in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to cost-effectiveness of STaaS and no initial costs required for deploying hard drives, servers, and IT technicians. The provision of long-term data storage and business stability is a major growth factor of the overall market.
[SERVICETYPEGRAPH]
By deployment, the private segment dominated the market in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to the fact that private cloud provides improved security, greater server control, and enhanced flexibility. Furthermore, private cloud is deployed and customized according to the preferences of users. However, the hybrid segment is expected to register highest growth rate during forecast period.
[DEPLOYMENTMODEGRAPH]
North America dominates the market. The expansion of cyber security and cloud service business in North America has driven the market for DPaaS in the region. Moreover, increase in implementation of legislative compliances to improve cloud security and reduce cyber-attacks has boosted the market growth. The presence of numerous vendors that offer a variety of customized solutions is opportunistic for the market. In addition, factors such as data disclosure mandates, need for strict compliance toward sensitive data protection, increase in spending pattern on security forums, and surge in internet penetration have fueled the demand for DPaaS in the region.
However, Asia-Pacific is expected to witness highest growth rate during the forecast period. The market growth in Asia-Pacific is majorly supported by increased reliability on ICT infrastructure coupled with increase in opportunities for cloud exporters. Furthermore, rise in number of strategic partnerships among regional and U.S. providers has fueled the market growth. In Asian countries, the growing trend of cloud computing and BYOD has driven the market growth in the recent years.
[REGIONGRAPH]
Data loss is a growing concern for large enterprises as well as small & medium enterprises. Further, data that are difficult to protect such as big data and data accessed by ubiquitous mobile devices are stored in hybrid clouds. Many vendors have developed advanced data protection tools to reduce the costs and consequences of data loss.
Archives provide a snapshot of the desired file from a specific location. Moreover, data backups provide a fail-safe mechanism for all retrieval of data in a system. The old data is overwritten by new data on a regular basis. DPaaS has the ability to scale data assets integrity and retention of data over long period using data backups and archives. This is essential for organizations in the present business scenario that are vulnerable to data theft and other threats to adopt this measure.
As businesses collect and generate massive volume of data assets, the need for aligning strict internal governance policies has increased in the recent years. Furthermore, adherence to regulatory norms regarding data storage, management, and encryption is crucial for market players. This has majorly driven the market for DPaaS among business professionals.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, DPaaS played a vital role in protection of data as the volume of data has increased significantly due to WFH policies and rise in adoption of new technologies such as machine learning and IoT across the globe.
Although the COVID-19 does not have major negative impact on the growth of the market, the outbreak of COVID-19 will surely provide numerous opportunities for the market to grow during the forecast period. These opportunities include surge in demand for DPaaS in enterprises due to remote work initiatives, increase in data protection applications, and introduction of innovative DPaaS solutions.
Key Market Segments
Key Market Players