New York, USA, June 14, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Data Protection as a Service Market Information by Service, Deployment, Organization Size, and Region - Forecast till 2030”, the Data Protection as a Service Market could thrive at a rate of 15.45% between 2022 and 2030. The market size will be reaching around USD 307.24 Million by the end of the year 2030
Market Synopsis:
The Data Protection as a Service (DPaaS) market is experiencing significant growth in recent years due to the increasing need for data security and privacy. DPaaS refers to the outsourcing of data protection services to a third-party provider, enabling organizations to secure their critical data while reducing the burden on their internal IT infrastructure. One of the major drivers fueling the growth of the DPaaS market is the rising incidence of data breaches and cyber-attacks, which have highlighted the importance of robust data protection measures.
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Market Competitive Landscape:
The affluent companies in the Data Protection as a Service industry include
- IBM Corporation
- Hewlett Packard Enterprise Development Lp
- Dell Technologies Inc
- Hitachi Vantara Corporation
- Thales Group
- ATOS SE
- MUSARUBRA US LLC (MCAFEE LLC)
- Commvault
Scope of the Report - Data Protection as a Service Market:
| Report Metrics | Details |
| Market Size by 2030 | USD 307.24 Million |
| CAGR during 2022-2030 | 15.45% |
| Base Year | 2021 |
| Forecast | 2022-2030 |
| Key Market Opportunities | o Growing popularity of cloud-based Data Protection Solutions among Small and medium-sized enterprises (SMEs) o Impact of COVID-19 o Increase in demand due to increase in data and data-dependent applications o Impact on IT industry o Impact on end-use industry verticals |
| Key Market Dynamics | o Increasing need FOR data security and privacy concerns o rising concerns of critical data loss in the on-premises environment |
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Market Drivers:
One of the driving factors contributing to the growth of the DPaaS market is the increasing adoption of cloud computing technology. With the proliferation of cloud-based services and the migration of enterprise workloads to the cloud, organizations are seeking efficient and scalable solutions to protect their data. DPaaS offers a cost-effective approach to data protection by leveraging the scalability and flexibility of the cloud infrastructure. This factor is attracting businesses across various industries to adopt DPaaS solutions, driving market growth.
Market Restraints:
one of the restraining factors for the DPaaS market is the concern regarding data privacy and compliance regulations. As organizations handle sensitive customer data, they must adhere to stringent data protection regulations such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA). Ensuring compliance with these regulations while utilizing DPaaS services can be challenging, as organizations need to ensure that their data is adequately protected and not at risk of unauthorized access or misuse.
COVID 19 Analysis:
The COVID-19 pandemic has had a significant impact on the Data Protection as a Service market. With the sudden shift to remote work and increased reliance on digital technologies, the importance of data security and protection has become even more crucial. Organizations have been compelled to adopt DPaaS solutions to safeguard their data as employees access critical information from home networks and personal devices. Post-COVID, it is expected that the demand for DPaaS will continue to rise as organizations prioritize data protection in their long-term business strategies.
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Market Segmentation:
- By Service - The Service in the market includes Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), Storage as a Service (STaaS)
- By Deployment - By Deployment, the segment includes Public Cloud, Private Cloud, Hybrid Cloud
- By Organization Size - By Organization Size, the segment includes Small & Medium Enterprise and Large Enterprise
Regional Insights:
North America's early adoption of cutting-edge data protection technologies has given it an advantage in the DPaaS market. The region has been at the forefront of leveraging cloud computing and other innovative technologies to enhance data security. As a result, businesses in North America have been quick to embrace DPaaS solutions to safeguard their sensitive information.
Moreover, the stringent data protection regulations in North America, such as the General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA), have created a heightened awareness of the risks associated with data breaches. Organizations operating in North America face strict legal obligations to protect their customers' data, prompting them to invest in robust data protection measures. This regulatory environment has further bolstered the demand for DPaaS solutions in the region.
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However, the Asia Pacific region is expected to witness significant growth in the DPaaS market in the coming years. Several factors contribute to this projected expansion. Firstly, the increasing digitalization of businesses in the Asia Pacific region has led to a surge in the volume of data generated and the need for effective data protection strategies. With businesses embracing digital transformation initiatives, the adoption of DPaaS solutions is becoming essential to ensure the security and integrity of critical information.
Latest Industry Updates (November 2022):
Cohesity's data security and management summit, known as ReConnect, the company revealed its partnership with a notable lineup of cybersecurity leaders to bolster its customers' defenses against cyberattacks. The collaboration, known as the Data Security Alliance, brings together top-tier cybersecurity and services firms that possess extensive expertise in data management and security. This alliance aims to offer customers an array of best-in-class solutions to effectively combat the ever-evolving threat landscape and ensure robust data protection.
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