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Data Protection Market Insight, Growth, Industry Trends | Emergen Research
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Market Growth Drivers
The rapid digital transformation across sectors and the increase in data-driven transactions are creating a strong demand for advanced data protection solutions. As more businesses and social activities shift online, securing sensitive information has become critical, especially in international commerce and infrastructure sectors. Recent cyber-attacks targeting U.S. industrial control systems in industries such as healthcare, agriculture, and water management highlight the growing need for robust data protection.
The increasing use of mobile devices and greater internet access are also driving market growth. Mobile phones have become integral to social, economic, and financial activities worldwide. Emerging markets like India are seeing significant smartphone penetration, expected to rise from 71% in 2023 to 96% by 2040. The vast data exchanges enabled by mobile connectivity require strong protection against breaches and unauthorized access.
According to IBM, hybrid cloud platforms have become a preferred approach for managing key applications, offering enhanced disaster recovery and business continuity. The need for secure, scalable data management systems is further accelerating market demand.
Challenges in the Market
While data protection solutions offer essential security, their high cost can be a barrier for small businesses. Many of these solutions require technical expertise to implement and manage, which may lead to additional expenses for hiring IT specialists or purchasing managed services. For small retailers or businesses without dedicated IT departments, the complexity of tools like data encryption and backup systems can be a challenge, making it difficult to fully utilize these technologies without incurring extra costs.
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Market Segment Insights
The solutions segment is expected to hold the largest share of the data protection market. As businesses face increasingly sophisticated cyber threats, there is a rising demand for comprehensive data security tools. This segment includes technologies designed to protect digital information from unauthorized access and breaches.
Encryption solutions, in particular, play a critical role in securing data both in transit and at rest. By converting information into unreadable formats, encryption ensures data remains protected from cybercriminals. The growing adoption of cloud services has further fueled the demand for encryption technologies, making the solutions category a dominant force in the data protection market.
Data Protection Top Companies and Competitive Landscape
Commvault, Veritas Technologies LLC, Asigra Inc., Broadcom, Amazon Web Services, Inc., and others are among the leading players in the data protection as a service industry. To combat the industry's expanding rivalry, top market participants have implemented tactics such as increased R&D, innovation-based new product releases, expanded customer help, after-sales services, and partnerships and collaborations.
For instance, Palo Alto Networks purchased CloudGenix in January 2024 to boost its SASE capabilities. This purchase broadens Palo Alto Networks' Secure Access Service Edge (SASE) offerings, enabling them to offer more complete and unified security solutions for cloud-based data and applications.
Some of the key companies in the global Data Protection market include:
IBM Corporation
Commvault
Symantec
CA Technologies
Oracle
McAfee
Hewlett Packard
NetApp
Quest Software
Veeam Software
Acronis
Data Protection Latest Industry Updates
In August 2024, Commvault expanded its cybersecurity ecosystem by merging with industry leaders Acante, Dasera, Google Cloud, Splunk, and Wiz. The strategic integration seeks to provide a more robust and adaptable data protection approach that addresses the growing cybersecurity issues.
In June 2024, Oracle and Google Cloud formed a strategic multi-cloud cooperation with the goal of speeding up their respective cloud offerings and providing clients with increased flexibility, integration, and superior solutions. The newly designed service is accessible in 11 different regions, allowing users to manage their workloads without requiring any adjustments for cross-cloud transfers.
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The main report offers detailed historical data and forecasts revenue growth at a global, regional, and country level, and provides analysis of the market trends in each of the segments from 2020 to 2033:
By Component Outlook (Revenue, USD Million; 2020-2033)
Solutions
Data backup and recovery
data archiving and eDiscovering
Disaster Recovery
Encryption
Tokenization
Services
Professional Services
Managed Services
By Deployment Outlook (Revenue, USD Million; 2020-2033)
Cloud
On-premise
By Application Outlook (Revenue, USD Million; 2020-2033)
BFSI
Government & Defence
Consumer goods and retail
Media and entertainment
Education
Healthcare
Manufacturing
Telecom & IT
Retail & E-commerce
Others
By Enterprise Size Outlook (Revenue, USD Million; 2020-2033)
Small & Medium size Enterprise
Large Enterprise
By Regional Outlook (Revenue, USD Million; 2020-2033)
North America
United States
Canada
Mexico
Europe
Germany
France
United Kingdom
Italy
Spain
Benelux
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Latin America
Brazil
Rest of Latin America
Middle East and Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of MEA
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Look Over transcripts provided by Emergen Research
Data Protection Market Size @https://www.emergenresearch.com/industry-report/data-protection-market/market-size
Data Protection Market Share @https://www.emergenresearch.com/industry-report/data-protection-market/market-share
Data Protection Market Trends @https://www.emergenresearch.com/industry-report/data-protection-market/market-trends
Data Protection Regional Market Demand @https://www.emergenresearch.com/industry-report/data-protection-market/regional-market-demand
Data Protection Market Analysis @https://www.emergenresearch.com/industry-report/data-protection-market/market-analysis
Eric Lee
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Emergen Research | Web: www.emergenresearch.com
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