The global data protection as-a-service (DPaaS) market value in 2017 was $7.6 billion, which can touch $28.2 billion by 2023, suggests Market Research Future (MRFR). The market has the potential to garner a CAGR of 24.53% during the forecast period (2018-2023).
The worldwide market for Data Protection As-A-Service (DPaaS) Market has been segmented on the basis of type, deployment model, and end-user.
Given the type segment, the market can be split into backup as a service (BaaS), storage as a service (STaaS), and disaster recovery as a service (DRaaS).
The deployment model segment consists of private cloud, public cloud, and hybrid cloud.
The end-users in the market are banking, financial services, and insurance (BFSI); government and defense; IT and telecom; healthcare; healthcare; education; consumer goods and retail; media and entertainment; and others.
The Data Protection As-A-Service (DPaaS) Market is abuzz with a number of esteemed players, which gives rise to stiff competition.
Some players are currently leading the market, in terms of share.
With advancements in the field of data storage as well as security system, vendors are striving to expand their market presence by entering new contracts and indulging in other marketing hacks like mergers and acquisitions, partnerships etc.
To illustrate, in June 2019, IBM reported that Invest India, Persistent Systems, Capgemini, NASSCOM and Wipro Limited have come together in a multi-year Call for Code Global Initiative with the aim of creating a brighter future.
It is an ambitious step to deal with a pressing issue in the form of natural disasters.
Top Drivers and Key Barriers
Data loss has been a major concern in recent years, not only among large enterprises but also among small & medium enterprises.
Data are more vulnerable in terms of safety that are stored in big data, data accessed by ubiquitous mobile devices and hybrid clouds.
A number of vendors are focusing on developing advanced data protection tools with the aim of reducing costs and solutions for data loss.
The merging of networking, storage, and computing is indicative of the evolution experienced by an enterprise, whether it is physical storage like local servers or virtual servers operating on the cloud.
This kind of merging of these entities happens to be one of the significant trends that have transformed the DPaaS industry.
It is inclusive of software-defined storage, networking services, geographically distributed architecture, hardware abstraction and central orchestration, which are responsible for the efficiency and agility of the IT infrastructure.
Rising popularity of cloud computing, as well as software-defined data centers along with virtualized infrastructure components delivered as a service, have boosted the need for data protection in today’s business scenario.
The increasing demand for a common service for data protection among cloud service providers is benefitting the Data Protection as a Service market.
The geographical study of the Data Protection As-A-Service (DPaaS) Market has been conducted for North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW).
North America is expected to be on solid grounds in the review period, garnering the largest portion of the global Data Protection As-A-Service (DPaaS) Market.
The region consists of numerous sustainable and established countries that concentrate majorly on the latest technologies.
Furthermore, a number of renowned multinationals are based in the region, who are working hard on utilizing technologies like DPaaS and more.
Europe comes second in the global market, backed by the rising number of SMEs, which has helped the data center market grow substantially in recent years.
Moreover, with the exponential surge in data generation volume, data has shifted from private servers to cloud networks.
This trend in the region has resulted in reliable and resilient backup as well as recovery solutions.
Elevated number of breaches and hacks has prompted governments in the region to implement new rules — for example, the European Union’s General Data Protection Regulation among others.
The APAC market is slated to grow at the fastest rate in the coming years. The region is experiencing fast-paced digital transformation, given the industrial and economic enhancement in countries such as India, Singapore, and China, to name a few.
This has also boosted the intake of cloud and web-based applications, simulating the growth of the Data Protection As-A-Service (DPaaS) Market in the region.