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Data Protection As a Service Market Research Report—Global Forecast till 2027

Data Protection as a Service Market Research Report: Information By Service Type (Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), Storage as a Service (STaaS)), By Deployment (Public Cloud, Private Cloud, Hybrid Cloud), By Organization Size (Small & Medium Enterprise and Large Enterprise) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America])—Forecast Till 2027

ID: MRFR/ICT/5949-CR | March 2022 | Region: Global | 90 Pages         

Data Protection as a Service Market

Data Protection as a Service Market is Expected to Reach USD 62,977.5 million with 19.8% CAGR during the forecast periods 2021–2027.

Segmentation

By Service Type Disaster Recovery as a Service (DRaaS) Backup as a Service (BaaS) Storage as a Service (STaaS)
By Deployment Public Cloud Private Cloud Hybrid Cloud
By Organization Size Small & Medium Enterprise Large Enterprise

Key Players

  • IBM Corporation
  • Hewlett Packard Enterprise Development Lp
  • Dell Technologies Inc.
  • Hitachi Vantara Corporation
  • Thales Group
  • ATOS SE
  • MUSARUBRA US LLC (MCAFEE LLC)
  • Commvault

Drivers

  • Increasing need for data security and privacy concerns
  • Growing popularity of cloud-based data protection solutions
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Data Protection As a Service Market Overview


The global data protection as a service market is expected to witness substantial growth during the forecast period, primarily due to the increasing incorporation of gesture recognition in Data protection as a service. As per MRFR, the Data protection as a service market is expected to reach USD 62,977.5 million by 2027 from USD 10,282.0 million in 2020 and is expected to grow at a CAGR of 19.8% during the forecast periods 2021–2027.


Data protection as a service (DPaas) helps companies to maintain their reputation and brand value by providing high protection and safety. There is increasing preference for DPaas due to cost efficiency and disaster recovery solutions. It provides data protection everywhere it resides, eliminates the risk of data loss and provides fast recovery and agile restoration. The key factors attributing to drive the market growth are the growing demand for cloud-native and service-based architecture, development of smart infrastructure and rapid development in IOT. However, data security concerns in the data protection as a service network and heavy spending on the deployment of the data protection as a service are threats to the market's growth. In contrast, growing demand for 5G private networks across enterprises, governments, and industrial sectors is likely to create growth opportunities for the global market leaders.
Data Protection As a Service Market USD Million
Source: Industry Expert, Secondary Research, and MRFR Analysis


Covid-19 Analysis


The COVID-19 pandemic and the subsequent lockdowns brought a multitude of data protection issues into the open. As a result, the demand for data protection as a service increased significantly, and it is expected to continue doing so in the coming years during the forecast period. Besides the usual focus on purpose limitation and data minimization when collecting and processing personal data, the demand for such services has been on an unprecedented rise due to large amounts of data being generated and a growing number of data-dependent applications.


With the emergence of the COVID-19 pandemic, governments, tech companies, and international agencies all issued measures to keep the spread of the virus in check, including increased levels of surveillance. The data protection risks associated with large volumes of collected and processed data require effective measures for risk mitigation. During the pandemic, organizations realized the importance of data protection as a service to ensure the safety of people and premises, which led to an increased demand for such service. They have been availing such services in order to comply with requirements pertaining to privacy regulation and data protection. Moreover, it helps them leverage collected sensitive data more ethically and efficiently while safeguarding people's personal data and trust. Therefore, it can be said that the emergence of the COVID-19 pandemic has led to an upsurge in demand for data protection as a service.


Market Dynamics


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.


Drivers


  • INCREASING NEED FOR DATA SECURITY AND PRIVACY CONCERNS


Data security refers to a set of procedures and policies for safeguarding critical Information Technology (IT) infrastructure. Files, databases, accounts, and networks also were included. Effective data security relies on a combination of tools, controls, and strategies to assess the value of various datasets and implement the most appropriate security controls. Moreover, risks related to data theft, data piracy, data storage, and the rise in cases of cyberattacks are fueling the expansion of the global data protection as a service market. For instance, according to the Indian Computer Emergency Response Team (India), almost 1.16 million incidences of cyberattacks were recorded in 2020, rising nearly threefold from 2019 and more than 20 times from 2016. Similarly, as per Statista Cyber Crime & Security (Germany), in 2020, there were a total of 1,001 data breaches in the US. Data exposures, characterized as the unintended disclosure of sensitive information due to insufficient information security, affected around 155.8 million people in the same year. In terms of financial damage, the US was the most severely impacted by cybercrime in 2018: industry analysts believe cyberattacks cost the US government about USD 13.7 billion in 2018.


Furthermore, the increasing virtualization of IT infrastructure across the globe and government initiatives regarding data protection and data privacy concerns facilitated the market growth. For instance, in 2019, Canada presented a plan to reform the country's data privacy rules, including increased powers for the country's information regulator. The ability to withdraw consent for data gathering and the removal of some personal information, among other measures focused on government and commercial data practices that could expand the use of data protection as a service by various enterprises in the country, ultimately increasing the growth of the global data protection as a service market. Hence, the rising IT infrastructure advancements and government support are also driving the market growth.


RESTRAINT


  • HIGH COST ASSOCIATED WITH DATA PROTECTION AND DISASTER RECOVERY


The General Data Protection Regulation (GDPR), the Payment Card Industry Data Security Standard (PCI DSS), and the Health Insurance Portability and Accountability Act (HIPAA) are all data protection laws that include a number of requirements that can cost organizations between USD 7.7 million and USD 30.9 million to meet or maintain compliance, depending on their industry. In addition, Disaster recovery is an organization's technique of restoring access and functionality to its IT infrastructure due to natural disasters, a cyber-attack, and economic disruptions caused by the COVID-19 pandemic. A disaster recovery strategy might include a number of different disaster recovery technologies. For disaster recovery, data and computer systems are reproduced in an off-premises location that is not affected by the occurrence. When a business' servers go down due to a natural disaster, equipment failure, or a cyber threat, the company must retrieve lost data from a backup site. In an ideal setting, an organization's information processing may also be moved to a distant location, allowing it to continue operations. However, recovering data from a disaster is expensive. For instance, as per the cybersecurity and data backup organization, Datto, Inc. (US), for a small business, an hour of downtime costs USD 8,000, USD 74,000 for a medium business, and USD 700,000 for a major corporation." This works out to nearly USD 11,600 every minute for large businesses. Similarly, according to Cable News Network (US), organizations lose an average of over USD 100,000 every ransomware attack due to downtime and recovery costs. According to Corero Network Security plc (US), firms can spend up to USD 50,000 responding to a denial-of-service attack. Moreover, many small and medium-sized organizations cannot afford the high cost incurred by data protection and disaster recovery, limiting their usage.


Furthermore, stringent regulations for market approvals of the data protection solutions by various governmental agencies also increase the costs of these services, directly impacting the growth of the global data protection as a service market.


Market Segmentation


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


Based on service type, the global Data protection as a service market is segmented into kiosks, billboards, signboards, menu boards


Based on deployment, the global Data protection as a service market is segmented into public cloud, private cloud, hybrid cloud


Based on organization size, the global Data protection as a service market is segmented into small & medium enterprise and large enterprise


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.


GLOBAL: DATA PROTECTION AS A SERVICE MARKET, BY REGION, 2020 (% SHARE)
Data Protection As A Service Market By Region 2020
Source: Industry Expert, Secondary Research, and MRFR Analysis


Competitive Landscape


The growth of these vendors depends upon the market conditions, government support, and industry development. Therefore, it becomes necessary for the vendors to provide cost-effective components and value-added services to their customers to maintain their market position and gain a competitive advantage. There are several domestic, regional, and global players operating in the Data protection as a service market who continuously strive to gain a significant share of the overall market.


Key Players



  • Hewlett Packard Enterprise Development LP

  • Dell Technologies

  • IBM Corporation

  • Atos SE

  • Commvault


These players focus on innovation and thus, invest in research & development to present a cost-effective product portfolio. There have been recent mergers and acquisitions among the key players, a strategy the business entities leverage to strengthen their reach to the customers.


Recent Developments



  • In April 2021, Dell Technologies Inc. announced Dell EMC PowerProtect Backup Service powered by Druva Inc. (US) to meet the requirement for native data protection without introducing extra layers of complexity for IT managers.

  • In May 2021, IBM acquired all technological assets and technical employees of Catalogic Software, a supplier of data protection, copy data management, and data resilience solutions. Over the last few years, Catalogic Software has been a major development resource for IBM Storage technologies, and the acquired assets and engineering skills have helped improve the award-winning IBM Spectrum Protect Plus and IBM Spectrum Copy Data Management products. This initiative will allow IBM to quickly integrate superior data protection and cyber resilience capabilities into its much-anticipated IBM Spectrum Fusion family of container-native software-defined storage products.

  • In March 2019, Veritas purchased APTARE, Inc., a privately held software firm situated in the US. APTARE is a global pioneer in hybrid cloud analytic solutions and the industry's premier open and extendable IT analytics platform. It works with hybrid cloud storage and backup systems, as well as OpenStack, software-defined storage, and flash infrastructures. Veritas will be able to give clients an expanded analytics platform that delivers comprehensive insights and reporting across their various data protection, virtual infrastructure, and storage environments thanks to APTARE's technology.


Report Overview


This study estimates revenue growth at global, regional, and country levels and offers an overview of the latest developments in each of the sub-sectors from 2018 to 2030. For this analysis, MRFR segmented the global Data protection as a service market has been segmented based on service type, deployment, and organization size.


By service type



  • Disaster Recovery as a Service (DRaaS)

  • Backup as a Service (BaaS)

  • Storage as a Service (STaaS)


By Deployment



  • Public Cloud

  • Private Cloud

  • Hybrid Cloud


By Organization Size



  • Small & Medium Enterprise

  • Large Enterprise



Report Scope:

Report Attribute/Metric Details
  Market Size   2020- USD: 10,282.0 Million 2030- USD: 62,977.5 Million
  CAGR   19.8%
  Base Year   2020
  Forecast Period   2021-2027
  Historical Data   2018-2019
  Forecast Units   Value (USD Million)
  Report Coverage   
  Segments Covered   • By Service Type (Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), Storage as a Service (STaaS)) • By Deployment (Public Cloud, Private Cloud, Hybrid Cloud) • By Organization Size (Small & Medium Enterprise and Large Enterprise)
  Geographies Covered   • North America • Europe • Asia-Pacific • Middle East and Africa • South America
  Key Vendors   • IBM Corporation • Hewlett Packard Enterprise Development Lp • Dell Technologies Inc. • Hitachi Vantara Corporation • Thales Group • ATOS SE • MUSARUBRA US LLC (MCAFEE LLC) • Commvault • Micro Focus International Plc • Quantum Corporation • NETAPP Inc. • VOLICO Data Centers • Cohesity Inc. • Veritas • NXTGEN Datacenter & Cloud Technologies Private Limited
  Key Market Opportunities   o Growing popularity of cloud-based Data Protection Solutions among Small and medium-sized enterprises (SMEs) • Impact of COVID-19 o Increase in demand due to increase in data and data-dependent applications o Impact on IT industry o Impact on end-use industry verticals
  Key Market Drivers   o Increasing need FOR data security and privacy concerns o rising concerns of critical data loss in the on-premises environment


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Frequently Asked Questions (FAQ) :

North America regional market is projected to be the major driver of the market.

The segments in the market are service type, deployment, and organization size.

The major contenders in the global market are Hewlett Packard Enterprise Development LP, Dell Technologies, IBM Corporation, Atos SE, Commvault.