Data Protection as a Service Market Outlook 2031
The global data protection as a service market size was valued at USD 25.06 Billion in 2022 and is likely to reach USD 218.46 Billion by 2031, expanding at a CAGR of 27.2% during the forecast period, 2023–2031. The growth of the market is attributed to the increasing transhumance of data to a model to gain flexibility and the growing adoption of next-generation technology.
Data protection as a service (DPaaS) has been the most adaptable service as it supports businesses to recover solutions and provides data protection for storage, computing, and network environments. The solutions also help in protecting and restoring the information and data in the database.
With such fewer capabilities, even a small failure in the recovery process could incur a huge loss of information and operational expenses for the organizations to recover the information lost. As a result, enterprises are growingly adopting DPaaS solutions to provide their functional, developing, and administration teams with effective recovery choices so they can constantly back up data for protection.
To store and protect critical data from operational disasters, data loss, and data theft, organizations are increasingly adopting services including the cloud and data protection solutions. The rapid shift in the development of product-based solutions to service-based offerings has brought robust expansion of the IT infrastructure industry. The service-based model shift was due to the concentration on pliability, as businesses manage lots of data.
Gradually, the scale and frequency of cyber-attacks have increased pronouncedly. Companies are now in need of a highly connected and layered security system to prevent and risk attacks. With this increasing security threat and growing peril, in-house security teams are no longer capable of protecting businesses.
Thus, it has become inescapable for such enterprises to look towards DPaaS. Cisco published its 2020 Data Privacy Benchmark Study which provided in-depth insight into the state of privacy a year and a half after the date of European Union's General Data Protection Regulation came into force in January 2020.
It was largely considered to be a landmark study on how organizations control and manage the use of personal data. On average, organizations receive benefits over 1.9 times on investment, and more than 40 % are observing benefits that are multiple of their private spending, according to the study.
Data Protection as a Service Market Dynamics
Major Drivers
Various organizations are growingly implementing data protection service models to provide business solutions to their vendors and customers. This is expected to act as a major driver of the market. Growing authority strictness in regulations, rules, and standards for data protection by formulating policies such as the Data Protection Act and GDPR policy to put more obligations on companies to comply. This presents another key driver of the market.
Wide adoption of Choose Your Own Device and Brings Your Own Device drift in organizations are some of the key elements contributing to the market growth.
Existing Restraints
Growing incidence of data thefts along with rising risks linked to data storage and data piracy are major challenges expected to hamper the market expansion during the forecast period.
Emerging Opportunities
Rising reliance on distant network infrastructure affected businesses to choose backup services, which is expected to provide growth opportunities to the market.
Scope of Data Protection as a Service Market Report
The market report includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
|
Attributes
|
Details
|
|
Report Title
|
Data Protection as a Service Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
|
|
Base Year
|
2022
|
|
Historic Data
|
2016–2021
|
|
Forecast Period
|
2023–2031
|
|
Segmentation
|
Service Type (Backup as a Service, Storage as a Service, and Disaster Recovery as a Service), Deployment (Private Cloud, Public Cloud, and Hybrid Cloud), and End-user (Large Enterprises and SMEs)
|
|
Regional Scope
|
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
|
|
Report Coverage
|
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
|
|
Key Players Covered in the Report
|
Amazon Web Services, Inc.; Asigra Inc.; Commvault; Cisco Systems, Inc.; HP Development Company, L.P.; Dell Inc.; IBM Corporation; Microsoft; Oracle; NetApp; Quantum Corporation.; and Veritas |
Data Protection as a Service Market Segment Insights
Service Type Segment Analysis
Based on service type, the global data protection as a service market is segmented into backup as a service, storage as a service, and disaster recovery as a service. The storage as a service segment is projected to account for a key share of the market during the projected period due to rising demand for long-term retention of databases, records, and cloud to enhance their business continuity.
However, the disaster recovery as a service segment is anticipated to expand at a rapid pace during the forecast period owing to increasing cases of malware, data breaches, and software bugs.
Deployments Segment Analysis
In terms of deployments, the market is differentiated into private cloud, public cloud, and hybrid cloud. The hybrid cloud segment is estimated to expand at a robust growth rate in the coming years due to its growing popularity owing to its flexibility, efficient control, and cost-effectiveness features.
Meanwhile, the public cloud segment is expected to register a high growth rate during the projected period as the popularity of the public cloud is highly prevalent among small and medium-sized enterprises due to its low cost.
End-User Segment Analysis
In terms of end-user, the global data protection as a service market is bifurcated into large enterprises and SMEs. The large enterprises segment is projected to expand at a considerable CAGR during the forecast period owing to maintaining and managing the efficient flow of data with proper backup.
On the other hand, the SMEs segment is anticipated to account for a key market share in the coming years due to rising adoption of cloud-based solutions among SMEs.
Regional Analysis
In terms of region, the market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period due to increased cases of cyber-attacks along with increased spending on cloud-based services and data protection solutions.
The market of Asia Pacific, however, is expected to register a high CAGR during the forecast period owing to growing adoption of managed services, security solutions, and data hosting services in the region.
Segments
The global data protection as a service market has been segmented on the basis of
Service Type
- Backup as a Service
- Storage as a Service
- Disaster Recovery as a Service
Deployment
- Private Cloud
- Public Cloud
- Hybrid Cloud
End-user
Region
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global data protection as a service market areAmazon Web Services, Inc.; Asigra Inc.; Commvault; Cisco Systems, Inc.; HP Development Company, L.P.; Dell Inc.; IBM Corporation; Microsoft; Oracle; NetApp; Quantum Corporation.; and Veritas.
These market players are continuously engaged in various development activities such as mergers and acquisitions, research and developments, investments for innovative products, and collaborations.
Request For Customization
Enquiry Before Buying
Speak With Analyst
