Data protection as a service Market is Projected to Grow at a CAGR of 19.8% during the Forecast Period: MRFR :

Pune, India, Jan 2022, MRFR Press Release/Market Research Future has published a Cooked Research Report on the Global Data Protection As a Service Market.


The Data protection as a service market is predicted to reach USD 62,977.5 million by 2030, registering a 19.8% CAGR during the forecast period, 2021–2030. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the market to offer a better glimpse of the market in the next few years.


The global data protection as a service market is emerging due to the increasing need for data security and privacy concerns and rising concerns of critical data loss in the on-premises environment. Additionally, the growing popularity of cloud-based data protection solutions among Small and Medium-Sized Enterprises (SMEs) will provide growth opportunities for the market in the future. However, the high cost associated with data protection and disaster recovery might hamper the market's growth in the forecast period.


Segmental Analysis


The global data protection as a service market has been segmented on the basis of service type, deployment, and organization size.


The global data protection as a service market, by service type, is bifurcated into Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), and Storage as a Service (STaaS). The Disaster Recovery as a Service (DRaaS) accounted for a larger market share of 48.67% in 2020, with a market value of USD 5,003.8 million; it is expected to register the highest CAGR of 19.4% during the forecast period. In 2020, the Backup as a Service (BaaS) segment was valued at USD 2,299.7 million; it is projected to exhibit a CAGR of 17.7%.  Disaster recovery as a service is a concept that has gained popularity in recent years. DRaaS is a cloud computing service model that allows an organization to back up its data and IT infrastructure in a third-party cloud computing environment and provides all disaster recovery integrations through a SaaS solution to regain access and functionality to IT infrastructure following a disaster. Backup as a service (BaaS) is a data backup method that comprises using an online data backup provider for backup and recovery services. STaaS (Storage as a Service) is the process of storing data on public cloud storage facilities. STaaS is a data storage business model in which an operator provides storage capacity to a client in exchange for a monthly fee.


The global data protection as a service market, based on deployment, has been segmented into public cloud, private cloud and hybrid cloud. The Private Cloud accounted for a larger market share of 45.41% in 2020, with a market value of USD 4,669.4 million; it is expected to register the highest CAGR of 18.2% during the forecast period. In 2020, the Hybrid Cloud segment was valued at USD 1,839.7 million; it is projected to exhibit a CAGR of 22.8%. When third-party providers provide services through a network that is open to the public, it is referred to as a public cloud. This means that users share the same hardware, software, and network devices as other clients of the same provider. Private cloud computing is a type of cloud computing in which the infrastructure is specialized to a single company. A private cloud is one in which only authorized users have access to the provider's services. The hybrid cloud combines the benefits of both public and private clouds, allowing the business greater flexibility and better deployment options


The global data protection as a service market, based on organization size, has been segmented into small & medium enterprise and large enterprise. The large enterprise accounted for a larger market share of 63.20% in 2020, with a market value of USD 6,497.9million; it is expected to register a CAGR of 18.5% during the forecast period. In 2020, the small & medium enterprise segment was valued at USD 3,784.1 million; it is projected to exhibit the highest CAGR of 21.8%. The primary factor driving the segment's growth is SMEs' increasing usage of cloud-based solutions. SMEs prefer cost-effective deployment solutions as they lack high computing on-premise IT infrastructure to share and store data. The adoption of data protection as a service is much higher in large enterprises than in SMEs, as these organizations generate massive volumes of data. The growing cyber threats, data thefts, and cloud spending among large enterprises are the primary factors responsible for segment growth


Access full report @ https://www.marketresearchfuture.com/reports/data-protection-as-a-service-market-7418


Competitive Analysis


In this study, MRFR has analyzed major players such as Hewlett Packard Enterprise Development LP, Dell Technologies, IBM Corporation, Atos SE, Commvault that have contributed a significant share to the growth of the global data protection as a service market.


Regional Analysis


The global Data protection as a service market, by region is divided into North America, South America, the Middle East & Africa, Europe, and Asia-Pacific. The market is led by North America, which occupied a 38.52% market share in 2020  Because of the well-developed infrastructure and growing awareness of technical improvements, several major market companies are present in North America, providing data protection services to all end consumers in the region. North America is followed by Europe, which occupied around 29.64% market share in 2020. Asia-Pacific is the fastest-growing market with the highest CAGR of 22.2% during the forecast period.