Data Protection as a Service (DPaaS) Market: Demand Scaling Well with Increasing Cloud Workloads
As per a new publication by Transparency Market Research, the global market for data protection as a service is in a state of intense competition, due to the high proliferation of cloud computing in multiple industries and sectors around the world. With data recovery and disaster management of data fast becoming the top priorities of both large enterprises and SMEs, the providers of data protection as a service are situated in a highly promising position of growth till 2024.
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The global market for data protection as a service is expected to show an astronomical CAGR of 30.1% within the forecast period from 2016 to 2024, with respect to its revenue. The revenue is expected to be US$5.66 bn by the end of 2016 and is projected to reach US$46.40 bn by the end of 2024.
North America Leads Demand for DPaaS
North America, with its massive IT industry and the growing scope of cloud computing in the public sector, is expected to retain its dominant share in the global market for data protection as a service. By the end of 2024, North America is expected to generate as much as US$14.07 bn in DPaaS revenue.
Asia Pacific on the other hand is expected to be the faster region in terms of demand for data protection as a service. This region’s DPaaS market is projected at a CAGR of 33.6% from 2016 to 2024.
Globally, the private cloud has been the more preferred deployment model for data protection as a service. This segment is expected to generate US$20.123 bn by the end of 2024. Meanwhile, hybrid clouds are expected to show the faster growth in demand as far as the deployment of DPaaS is concerned. It is projected at a CAGR of 31.1% from 2016 to 2024.
In terms of the types of services offered in DPaaS, DRaaS is expected to overtake BaaS by 2024, reaching a revenue of US$19.73 bn.
DPaaS Need Increases With Growing Cloud Computing Workloads
One of the key drivers for the global data protection as a service market is the staggering volumes of workload taken up by the cloud computing application markets. There is a very high degree of virtualization today, with SaaS, PaaS, and IaaS being pushed across multiple industry verticals. The overall workload is rapidly migrating from conventional data centers to cloud-based platforms.
“With greater cloud-based workloads will come a greater need for data protection. This is where the providers of data protection as a service come in, supplying the needful,” states a TMR analyst.
Complexity and Compatibility Still hampering DPaaS Proliferation
DPaaS solutions can be extremely complicated in nature when it comes to deployment. This has to do with the current IT systems and infrastructure already in place. This system can be quite complex and detailed, and to replicate the same on a cloud platform can become very difficult and time consuming. There is a relative lack of redundancy solutions being offered by DPaaS providers, further increasing the restraining factor on the market’s growth.
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There is also the issue of compatibility when it comes to the cloud applications and their use in multiple industry verticals. Most data protection as a service solutions are high-transaction and critical in nature, thereby allowing little scope of creating archetypes that can be applied across different vertical, thereby restraining the market’s growth.
The analyst adds, “There is still an immense scope of growth left for data protection as a service providers in emerging economies, especially the Asia Pacific region. India, China, and Southeast Asia are expected to become key regions in the utility of cloud computing, thus becoming key sources of finding users for data protection as a service solutions.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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