The Data Protection as a Service DPaaS Market Garner USD 170.54 Billion by 2030, registering a CAGR of 27.2%

According to the report published by Allied Market Research, The Data Protection as a Service DPaaS Market Garner USD 170.54 Billion by 2030, registering a CAGR of 27.2% . The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenario.

Cloud services are adopted by businesses for better management and high scalability of their services. Increase in demand for cost-effective DPaaS and disaster recovery services has boosted the growth of the global DPaaS market. In addition, increase in concerns about data loss, surge in need for data backups & archives, and stringent requirements for governance and risk & compliance for storage have driven the global Data Protection as a Service Market. However, high costs and complexities associated with deployment of cloud DPaaS hamper the market growth.

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The global Data Protection as a Service Industry is segmented into on deployment model, service type, end user, and region. Depending on the deployment model, the market is categorized into public, private, and hybrid cloud. On the basis of type of service, the market is categorized into disaster recovery-as-a-service (DRaaS), backup-as-a-service (BaaS), and storage-as-a-service (STaaS). The end users of the market are large enterprises and small & medium enterprises. The Data Protection as a Service Industry is analyzed based on four regions, namely North America, Europe, Asia-Pacific, and LAMEA along with the country-level analysis of each region.

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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Top Impacting Factors

● Increased concerns about data loss

Data loss is a growing concern for large enterprises as well as small & medium enterprises. Further, data that are difficult to protect such as big data and data accessed by ubiquitous mobile devices are stored in hybrid clouds. Many vendors have developed advanced data protection tools to reduce the costs and consequences of data loss.

● Increase in need for data backups and archives

Archives provide a snapshot of the desired file from a specific location. Moreover, data backups provide a fail-safe mechanism for all retrieval of data in a system. The old data is overwritten by new data on a regular basis. DPaaS has the ability to scale data assets integrity and retention of data over long period using data backups and archives. This is essential for organizations in the present business scenario that are vulnerable to data theft and other threats to adopt this measure.

● Governance, risk, and compliance requirements for storage

As businesses collect and generate massive volume of data assets, the need for aligning strict internal governance policies has increased in the recent years. Furthermore, adherence to regulatory norms regarding data storage, management, and encryption is crucial for market players. This has majorly driven the market for DPaaS among business professionals.

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North America dominates the market. The expansion of cyber security and cloud service business in North America has driven the market for DPaaS in the region. Moreover, increase in implementation of legislative compliances to improve cloud security and reduce cyber-attacks has boosted the market growth. The presence of numerous vendors that offer a variety of customized solutions is opportunistic for the market. In addition, factors such as data disclosure mandates, need for strict compliance toward sensitive data protection, increase in spending pattern on security forums, and surge in internet penetration have fueled the demand for DPaaS in the region.

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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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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