ID: MRFR/ICT/5949-HCR | February 2021 | Region: Global | 100 pages
In the year 2017, the Data Protection As-A-Service Market recorded a significant CAGR with a recorded value of USD 7.6 Billion. Due to growing Data Protection As-A-Service Market Trends, the market is projected to grow at a CAGR of 24.53%. It is expected that the market value will further reach around USD 30 Billion according to MRFR Analysis, during the forecast period 2021-2028. Data Protection as a Service market has various driving factors that will fuel the market growth.
The growing demand for data backup of virtual machines and cloud-based disaster recovery will escalate the market growth. Along with that, the demand for backup integration and recovery services has also increased. It is estimated that especially the Medium and Small Enterprises will experience the fastest growth in the Data Protection as a Service Business. The increasing adoption of the latest technology and data migration to a cloud-based platform will have a positive effect on the market.
To control the disease, various private and public organizations have come up with solutions o handle the deadly disease of COVID-19. Taking every safety measure such as social distancing, hand sanitization, distance maintaining has become mandatory. To eliminate any kind of problem, they have shifted to the online platform. These data are confidential and should be handled carefully. As a result, it has a great impact on the growth of the Data Protection as a service industry.
Various drivers are promoting market growth to a great extent. Some crucial driver is the growing demand of data security and need of data backups, governance, and archives. It also helps to protect the data and provide better services for the customers. Zit is one of the reliable choices than other options available in the market.
One of the major restraints is the high cost of and limited capabilities. It can also cause huge risks and affect the workflow. Also, if any minor inconvenience occurs, it can lose all its data. These restraining factors are expected to hinder the Data Protection As-A-Service Business in the forecast period.
The DPaaS have various opportunities to improve its value among the business organization. Especially the Small and Medium business organizations will experience huge growth. Several end-user industries such as healthcare, BFSI, private and public organizations are largely adopting these services. These opportunities will further increase the Data Protection as a Service Market Profit.
Despite positive growth factors, some challenges will hinder the market growth. Such as the strict standards and regulations set by the government. Also, its high costs and risk exposure are expected to slow down the market growth.
With the growing concerns regarding data safety and better network, the Data Protection as a service Market Sales will soar up in the upcoming period. The projected Compound Annual Growth Rate (CAGR) of the Data Protection As-A-Service Business is 24.53%. Hence, the market value will further reach up to USD 30 Billion during the forecast period 2021-2028. Hence, the market will have exponential growth in the upcoming years.
DPaaS can be deployed in a private cloud, public cloud, and hybrid cloud systems which in turn increase its value. It is installed among the IoT devices for storage, Encryption, and huge data by business organizations. There are several other factors such as the support and increase in Research and Development activities by the major key players will boost the growth. Overall, the market will have great growth in the upcoming years.
The Data Protection As-A-Service Market Segments are divided into type, end-user, and deployment.
Based upon deployment, the Data Protection As-A-Service Market is further divided into Private Cloud, Public Cloud, and Hybrid Cloud.
Based upon End User, as per Data Protection as a Service Market Analysis is classified into Banking, Financial Services and Insurance (BFSI), Retail and Consumer Goods, Entertainment and Media, Defence and Government, Education, Telecom and IT and Healthcare.
Based upon the type, the market is again divided into BaaS (Backup as a Service), DRaaS (Disaster Recovery as a Service), and STaaS (Storage as a Service)
Geographically, the Data Protection As-A-Service Business is divided into North America, Asia-Pacific, Europe, and the Rest of the World. According to the MRFR Data Protection As-A-Service Market Report, the North American region will dominate the market in the upcoming years of forecast. It is because of the well-developed infrastructure and growing awareness of technological advancements. Overall, the North American region will experience huge growth.
Followed by North America, the European region will hold the second-largest stake in the Data Protection As-A-Service Industry. The growing investments and favorable government policies are expected to boost market growth at a certain rate.
The Asia-Pacific region is anticipated to gain rapid growth during the forecast period. The growing developments are fuelling the market growth. Also, the increasing demand for data protection in notable countries such as India and China will result in favorable growth. Also, the growing use of digital and cloud-based platforms to maintain work efficiency is on the rise.
The rest of the World comprises countries in the Middle East and African region. This region is also growing at a substantial rate. But, as compared to other major regions, the Data Protection As-A-Service industry will have slower growth. Due to a lack of awareness and technological advancements, the market will have a slower growth rate during the forecast period.
The Data Protection As-A-Service Market Trends has observed a huge demand due to the growing number of IT facilities and data centers among various countries. These key players are further expected to enhance market growth. With several market strategies such as product launch, partnerships, collaborations, new ventures, etc. the key players are increasing their business portfolio. These are some notable key players of Data Protection As-A-Service Business-
Here is the detailed report overview of the Data Protection As-A-Service Market Analysis listed below-
Report Score and Segmentation
The score of the Data Protection As-A-Service Market Report is to give substantial insight into the growth opportunities and potential of the market. This report also provides information about the opportunities and recent developments. Also, it gives subtle information about the key players in the market. The information in this report is gathered from primary and secondary sources.
Frequently Asked Questions (FAQ) :
The data protection as-a-service market is poised to mark 24.53% CAGR.
The data protection as-a-service market, by 2023, is expected to be valued at USD 28 Bn.
The end-user segments of the data protection as-a-service market are banking financial services and insurance (BFSI), media and entertainment, government and defense, healthcare, consumer goods and retail, IT and telecom, education, and others.
Some of the main players of the data protection as-a-service market are IBM Corporation (US), Microsoft Corporation (US), CA Technologies (US), Symantec Corporation (US), HP Company (US), Oracle Corporation (US), McAfee, LLC (Intel Corporation), Veeam Software (US), Amazon Web Services, Inc. (US), VMware, Inc. (US), NetApp, Inc. (US), Red Hat, Inc. (US), Acronis International GmbH (Switzerland), Quest Software (US), Carbonite, Inc. (US), Commvault (US), and Quantum Corporation (US).
The type-based segments of the data protection as-a-service market are backup as a service (BaaS), disaster recovery as a service (DRaaS), and storage as a service (STaaS).