New York, US, May 02, 2022 (GLOBE NEWSWIRE) -- Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Data Protection as a Service Market” information by Service Type, by Deployment, by Organization Size and Region – Forecast to 2027” market size to reach USD 62,977 growing at a compound annual growth rate of 19.8% by 2027.
DPaaS Market Scope:
Various technological breakthroughs, such as the integration of connected devices with the IoT and the use of a virtual private network (VPN), are driving expansion. With better operational efficiency and data resiliency, DPaaS is deployed on IoT-enabled devices to encrypt, secure, and store enormous amounts of data generated by individuals & businesses.
Dominant Key Players on Data Protection as a Service Market Covered are:
- IBM Corporation
- Hewlett Packard Enterprise Development Lp
- Dell Technologies Inc.
- Hitachi Vantara Corporation
- Thales Group
- ATOS SE
- MUSARUBRA US LLC (MCAFEE LLC)
- Commvault
- Micro Focus International Plc
- Quantum Corporation
- NETAPP Inc.
- VOLICO Data Centers
- Cohesity Inc.
- Veritas
- NXTGEN Datacenter
- Cloud Technologies Private Limited
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Market USP Exclusively Encompassed:
DPaaS Market Drivers
Growing Need for CYOD and BYOD to Bolster Market Growth
The market is primarily fueled by the expanding Bring Your Own Device (BYOD) & Choose Your Own Device (CYOD) trends amid businesses. Employees will be capable of registering their own devices and share enterprises to enhance productivity when BYOD policies are implemented. As a result, heightened risks of data piracy, data theft, and data storage have become one of the top worries for businesses. Enterprises are turning to DPaaS services and solutions to help them deal with these difficult situations.
Data Security Concerns to act as Market Restraints
The data security concerns in the DPaaS network may act as a market restraint over the forecast period.
Heavy Spending on Deployment of Data Protection to act as Market Challenge
The heavy spending on the deployment of DPaaS may act as a market challenge over the forecast period.
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Segmentation of Market Covered in the Research:
By service type, storage as a service (STaaS) will lead the market over the forecast period.
By deployment, private cloud will dominate the market over the forecast period.
By organization size, large enterprise will spearhead the market over the forecast period.
Regional Analysis
North America to Precede Data Protection as a Service Market
North America will precede the data protection as a service market over the forecast period. Because of the well-developed infrastructure & growing awareness of technical improvements, several major market companies are present in North America, providing data protection services to all end consumers in the region. North America dominates the market. The expansion of cyber security & 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 & reduce cyber-attacks has boosted the market growth. The industry benefits from the existence of several vendors who provide a variety of customized solutions. Factors like data disclosure regulations, the need for stringent adherence to sensitive data protection, a rise in spending patterns on security forums, and an increase in internet penetration have all contributed to the region's demand for DPaaS. Cyberattacks are becoming more common, and expenditure on data protection solutions & cloud-based services is increasing. These are some of the causes driving regional growth. Furthermore, the presence of vast cloud solution providers, IT infrastructure, and data security providers in the United States is expected to boost growth. Due to increased expenditure on backup, recovery and storage solutions and stricter data protection rules, the United States held the highest share in the regional market and is likely to maintain its dominance during the projection period.
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APAC to Have Admirable Growth in Data Protection as a Service Market
During the projection period, Asia-Pacific is likely to increase at the fastest rate. Expanded ICT infrastructure resilience, as well as increased potential for cloud exporters, is driving market expansion in Asia-Pacific. Furthermore, the market's expansion has been propelled by an increase in the number of strategic agreements between regional and national providers. Cloud computing & bring your own device (BYOD) have fueled market expansion in Asian countries in recent years. One aspect contributing to regional success is the increased utilization of security solutions, managed services, and data hosting services. Another aspect contributing to regional growth is the continuous digitization transformation trend. A large amount of data is kept on the computing infrastructure as a result of digital transformation. Businesses are rapidly using disaster recovery & backup services and solutions to preserve and safeguard key IT infrastructure from power outages, unforeseen infrastructure failures, and natural disasters.
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COVID-19 Impact on the Global Data Protection as a Service Market
The COVID-19 outbreak and related lockdowns brought a slew of data security concerns to light. As a result, demand for DPaaS has risen dramatically in recent years, and this trend is projected to continue in the following years over the projection period. Apart from the typical focus on purpose limitation & data minimization when collecting and processing personal data, demand for such services has been on an unprecedented rise as a result of massive volumes of data being generated and an increasing number of data-dependent applications. Following the advent of the COVID-19 pandemic, tech companies, governments, and international bodies all adopted measures to combat the virus's spread, including heightened surveillance. The dangers of data protection associated with high volumes of collected and processed data necessitate adequate risk mitigation strategies. Organizations recognized the necessity of DPaaS to secure the safety of people and property during the epidemic, which resulted in a rise in demand for the service. They have been using these services with an aim to comply with privacy regulations and data protection standards. Furthermore, it enables them to use obtained sensitive data in a more ethical and efficient manner while protecting people's personal information and trust. As a result, the outbreak of the COVID-19 pandemic has resulted in an increase in demand for DPaaS.
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