|Status : Published||Published On : Jul, 2021||Report Code : VRICT5051||Industry : ICT & Media||Available Format :||Page : 183|
The global data protection as a service (DPaaS) market is anticipated to reach USD 80.15 billion by 2027, from USD 11.85 billion in 2020, thus growing at a CAGR of about 30.8% during the forecast period 2021-2027. DPaaS is a cloud-based web delivery service designed to protect the data of business enterprises. Several business enterprises implement DPaaS to improve network security and advanced data security for data in transit and data at rest.
With the advent of cloud computing and software-defined data centres along with virtualized infrastructure components are delivered as a service, which has increased the demand for data protection in today's business environment. In addition, the increasing acceptance of the Internet of Things has paved the way for more cybercrimes, so the adoption of data protection as a service is critical and is further contributing to the growth of the global DPaaS market. The global data protection as a service is driven by the rising government regulations for IT security, digitalization within enterprises, improvement in IT infrastructure, extensive research and development activities, the rising demand for backups and archives, increasing demand for cloud-based disaster recovery, and backup for virtual machines, resulting in significant growth for DPaaS market globally.
In the wake of the COVID-19 outburst, business continuity will depend on technology i.e., IT resiliency, need for remote workforces, and need to reimagine business models. Therefore, there is a need to have an edge-to-cloud platform as a service that leads to data security, backup, and recovery, resulting in the growth of data protection as a service market globally.
Insight by Service Type
Based upon service type, the global data protection as a service (DPaaS) market is divided into backup as a service (BaaS), disaster recovery as a service (DRaaS), and storage as a service (STaaS). Among these segments, DRaaS is anticipated to witness the fastest growth during the forecast period, owing to the rising demand for data security and data privacy across all data centres, thus increasing benefits provided by DRaaS to several business organizations. The COVID-19 pandemic has increased the demand for DRaaS solutions as there is a need for remote hardware infrastructure and increased demand for recovery solutions among employees. This segment is thereby significantly bolstering the growth of the global DPaaS market.
Insight by Deployment Type
Based on deployment type, the global DPaaS market is segmented into public cloud, private cloud, and hybrid cloud. Among all these segments, the hybrid cloud is expected to witness the fastest growth during the forecast period as the hybrid cloud is expected to provide a flexible and convenient platform to ensure cost-effective management of workload and greater concern for security and privacy. The hybrid cloud model is becoming increasingly popular with SMEs to ensure the smooth and efficient operation of business organizations.
Insight by Organization Size
Based on organization size, the global DPaaS market is categorized into small and medium enterprises and large enterprises. Among these two segments, small and medium enterprises are anticipated to register faster growth during the forecast period. The increasing adoption of cloud-based solutions by SMEs is an important factor in the growth of this segment. Small and medium-sized businesses prefer cost-effective deployment solutions because they lack a high-compute local IT infrastructure to share and store data. Additionally, the increasing risk of data theft, the need for long-term data retention, and the need for efficient backup services help SMEs to embrace this market.
Insight by End User
Based upon end-user, the global DPaaS market is divided into telecom & IT, retail, manufacturing, government & public sector, BFSI, healthcare, energy & utilities, and others. Among all these segments, the telecom & IT segment is expected to witness the fastest growth during the forecast period as there is a need for data backup, security, and compliance which puts the burden upon the IT domain and increases its costs. Thus, the use of DPaaS in the telecom and IT segment helps companies to access data with high performance, increasing scalability and security of data.
The DPaaS is majorly being adopted by both large and small and medium business enterprises. This is due to increasing adoption of internet of things that the requirement of data protection has become a must in every segment of the business model. These are the key trends observed in the DPaaS market across the globe. Furthermore, with different requirements of business enterprises in the present scenario, there are different kinds of service that is being offered by the vendors of data protection as a service.
Furthermore, the vendors of VPN technology are collaborating with the companies, which are already into this service, and some of them have started to shift their resources towards this segment of service.
Rising demand for better technologies, increased deployment of data centers, increasing wants of cloud services and increasing threats of cyber-crime are the key factors that are pertaining towards the growth of the DPaaS market globally. It has been observed that evolving technological trends there has been a growing demand for security requirements according to the improvised technology. Furthermore, with the increasing adoption of internet of things, there is a very huge demand and growth for the DPaaS technologies that eventually makes the data centers and cloud services more effective for various business organizations.
New and different kinds of cyber threats are the only major challenge for the growth of DPaaS market. High initial costs involved in the set of this platform for various business organizations is another factor that is hampering the growth of the DPaaS market worldwide.
Globally, industry players are leveraging market growth through the development of innovative DPaaS solutions. The vendors for the technology are providing various solutions to users such as advanced technology for securing and protecting their data from cyber-attack and creating efficient business functioning. Furthermore, extensive research and development in cloud computing and increasing deployment of data through the public cloud are the key factors driving the DPaaS market globally.
Geographically, the DPaaS market in North America is anticipated to generate the largest revenue throughout the estimated period due to the increasing advances made in the aspect of the internet of things compared to other technologies. The increasing development in the I.T domain and cloud-based computing are the other important factors that attribute to the growth of the DPaaS market in this region.
Moreover, Asia-Pacific is anticipated to witness the fastest growth during the forecast period due to the increasing expenditure of government authorities towards cloud services in this region. Furthermore, the increasing adoption of cloud-based computing and the increases in the deployments of data centres are other factors pertaining to the growth of the DPaaS market in this region.
Key players in the DPaaS market are investing in improving the quality of services in order to provide users with a platform that enables them to share secure and safe transmission of data. developing the latest technologies that are strengthening their position in the market. Also, it has been observed that local players are doing mergers and acquisitions in order to enhance their portfolio that further helps in tapping and satisfying the demand of a large consumer base. Some of the key players in the DPaaS market include Commvault Systems, Inc., Acronis International GmbH, Carbonite, Inc., International Business Machines Corporation, Veritas Technologies, Hewlett Packard Enterprise Company, and Quantum Corporation.