Data Protection as a Service Market Size to Exceed USD 170.54 Bllion by 2030

According to the report published by Allied Market Research, The market for data security as a service was estimated at $15.49 billion globally in 2020 and is anticipated to grow at a CAGR of 27.2% from 2021 to 2030 to reach a market valuation of $170.54 billion by 2030. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

Growing concerns regarding data loss, increase in need for data backups and archives, and governance, risk, and compliance requirements for storage have augmented the growth of the global data protection as a service (DPaaS) market. However, high incurrence of cost and complexity in cloud DPaaS deployment hamper the growth to certain extent. Moreover, increase in demand for cloud-based disaster recovery & backup for virtual machines and integration of backup services and recovery would create a number of opportunities in the near future.

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In 2020, on the basis of service, the STaaS segment dominated the Data Protection as a Service Industry in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to the cost-effectiveness of STaaS and no initial costs required for deploying hard drives, servers, and IT technicians. The provision of long-term data storage and business stability is a major growth factor for the overall Data Protection as a Service Market.

By deployment, the private segment dominated the growth in the Data Protection as a Service Market Share in 2020, and is expected to maintain its dominance in the upcoming years. Private cloud provides improved security, greater server control, and enhanced flexibility. Further, private cloud is deployed and customized according to the preferences of users. However, hybrid segment registered highest growth rate during Data Protection as a Service Market forecasted period.

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Based on region, the North America region dominated the market in 2019, and would rule throughout the forecast period. However, Asia-Pacific region is estimated to grow at the fastest growth rate during the forecast period.

Some of the key DPaaS industry players profiled in the report include IBM Corporation, Amazon Web Services, Inc., HP Development Company, L.P., Commvault Systems, Inc., EMC Corporation, VMware, Inc., Quantum Corporation, Asigra, Inc., Veritas Technologies, and Cisco Systems. This study includes market trends, Data Protection as a Service Market Analysis, and future estimations to determine the imminent investment pockets.

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Covid-19 Scenarios:

• Unlike other industries, the global data protection as a service (DPaaS) market has not been much affected amid global lockdown.
• Rise in adoption of remote working system by multiple industries has increased the demand for privacy and security. This, in turn, has aided the market in terms of revenue.

KEY FINDINGS OF THE STUDY

• By Service, in 2020 the STaaS dominated the DPaaS market.
• Depending on deployment, the private generated the highest revenue in 2020 of DPaaS market share. However, the hybrid segment is expected to exhibit significant growth during the forecast period.
• Region wise, the DPaaS industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

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