Data Protection as a Service Market to Reach US$ USD 99,379.36 Million with 29.53% CAGR by 2034 | Future Market Consulting

The Data protection as a service market size is poised to reach USD 21,054.76 Million by 2024, with a projected escalation to USD 99,379.36 Million by 2032, reflecting a compound annual growth rate (CAGR) of 29.53% during the forecast period (2024-2032).

Data as a service have high demand as cloud-based services, and with all the data breaches and cyberattacks happening, the DPaaS market is getting pretty popular. Since everyone's jumping on the cloud computing bandwagon and there are new threats to critical infrastructures popping up, there's a bigger need for DPaaS. Plus, with all the fancy software tools, network infrastructures, and the ability to monitor and control multiple businesses from afar, companies and agencies are becoming way more vulnerable to those nasty cyberattacks. This is going to increase growth for the DPaaS market in the near future. The info tech industry has drastically changed from the time of providing solutions or products to a service delivery industry in recent years. So, with all these cool techs popping up like cloud computing and everyone jumping on the AI and machine learning bandwagon, we're seeing way more data being used and a bigger need for good data storage and security services. Plus, a bunch of small and medium-sized companies across different fields getting into this computing tech game has really ramped up the demand for better data protection solutions.

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Key Players:
AWS (US)
Microsoft (US)
IBM (US)
Oracle (US)
Dell Technologies (US)
Quantum Corporation (US)
Huawei (China)
HPE (US)
VERITAS (US)
ATOS SE
Hewlett Packard Enterprise Development
Hitachi Vantara Corporation
Thales Group
MUSARUBRA US LLC (MCAFEE LLC)
Micro Focus International Plc
NETAPP Inc
VOLICO Data Centers
Cohesity Inc
NXTGEN Datacenter

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

By End-user Industry
• BFSI
• Healthcare
• Government and Defense
• IT and Telecom
• Others

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Report Methodology:
The information enclosed in this report is based upon both primary and secondary research methodologies. Primary research methodology includes the interaction with service providers, suppliers, and industry professionals. Secondary research methodology includes a meticulous search of pertinent publications like company annual reports, financial reports, and exclusive databases.

Key questions answered in this report:
1. What will the market size be in 2032 and what will the growth rate be?
2. What are the key market trends?
3. What is driving this market?
4. What are the challenges to market growth?
5. Who are the key vendors in this market space?
6. What are the market opportunities and threats faced by the key vendors?
7. What are the strengths and weaknesses of the key vendors?

Market Dynamics:

Driver:
As cloud services grow in popularity, many companies are looking to improve their hosted services to provide more scalable, managed, and secure solutions for their customers. To meet these needs, businesses offering cloud storage and data security are developing "Data Protection as a Service" (DPaaS) models. The rise in cyberattacks has made it clear that companies need strong, multi-layered security systems to protect their data. Many organizations find that their in-house security teams are no longer enough to handle the growing threat, making DPaaS solutions essential. Despite the increase in data breaches, people are still willing to share their personal data with third-party companies. According to SurfShark, 15 million data records were compromised globally in just the third quarter of 2022, a 37% increase from the previous quarter. This has created a high demand for DPaaS. Additionally, the growing use of new technologies and the move towards cloud data storage for better flexibility and cost savings is contributing to the market's growth. As companies aim to protect critical data from threats like theft, loss, and disasters, the need for data protection services in the cloud is becoming even more important.

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Gauri Dabi | Business Development
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