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Data Protection as a Service (DPaaS) Market to Reach $ 170.54 Bn, Globally, by 2030 at 27.2% CAGR: AMR

06-05-2024 07:33 AM CET | IT, New Media & Software

Press release from: Allied Market Research

/ PR Agency: Allied Market Research
Data Protection as a Service (DPaaS) Market

Data Protection as a Service (DPaaS) Market

The data protection as a service industry size was valued at $15.49 billion in 2020, and is estimated to reach $170.54 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.

Asia-Pacific is expected to observe highest growth rate during the forecast period. The market growth in Asia-Pacific is majorly supported by increase in reliability on ICT infrastructure coupled with rise in growth opportunities for cloud exporters. Further, increase in the number of strategic partnerships among regional and U.S. providers has fueled the market growth. In Asian countries, the growing trend of cloud computing and BYOD has driven the market growth in the recent years. In addition, increased focus on emerging economies has led to inflow of heavy investments in the region. Therefore, surge in adoption of cloud by SMBs, rise in cyber-attacks, stringent government regulations, and mobility are prime drivers of DPaaS market in this region.

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The emergence of cloud computing and software-defined data centers, coupled with the rise of virtualized infrastructure components delivered as a service, has underscored the importance of data protection in today's business landscape. This has prompted the development of the Data Protection as a Service (DPaaS) market, wherein cloud service providers offer web-delivered services aimed at safeguarding businesses' data assets.

Organizations worldwide are increasingly deploying DPaaS solutions due to their benefits, including enhanced network security and advanced data protection capabilities. The scalability and manageability offered by cloud services further drive the adoption of DPaaS solutions among businesses.

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The growing demand for cost-effective DPaaS solutions and disaster recovery services has propelled the growth of the global DPaaS market. Additionally, concerns regarding data loss, the need for data backups and archives, and stringent governance, risk, and compliance requirements for data storage have contributed to the market's expansion.

The high costs and complexities associated with deploying cloud-based DPaaS solutions pose challenges to market growth. Despite these hurdles, the DPaaS market is poised for continued growth as organizations prioritize data protection and seek innovative solutions to address evolving security needs in an increasingly digital environment.

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The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, DPaaS played a vital role in protection of data as the volume of data has increased significantly due to WFH policies and adoption of many new technologies such as machine learning and IoT across the globe. Although the COVID-19 does not have major negative impact on the growth of the market, the outbreak of COVID-19 will surely provide numerous opportunities for the market to grow during the forecast period. These opportunities include surge in demand for DPaaS in enterprises due to remote work initiatives, increase in data protection applications, and introduction of innovative DPaaS solutions.

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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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.

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