Data Protection as a Service (DPaaS) Market Surge At A Robust Pace In Terms Of Revenue
The global data protection as a service (DPaaS) market was valued at US$ 6,716.8 Mn in 2017 and is expected to expand at a CAGR of 30.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Data Protection as a Service (DPaaS)Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 25%. The global Data Protection as a Service (DPaaS) market is mainly driven by growing stringent government regulations for IT security and digitization within enterprises.
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Growing stringent government regulationsand growing number of cyber security threats globally driving the market
With the growing popularity and adoption of cloud computing services, organizations of all sizes are looking to grab advanced cloud features in order to deliver highly scalable solutions and manage their operations. The rising demand for cost effectiveness and disaster recovery are currently identified as the key reasons for the growth of the DPaaS market across the globe. Additionally, demand for cloud computing services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) is paving the way for the DPaaS market. The global Data Protection as a Service (DPaaS) market is currently challenged by the lack of appropriate security tools and budget constraints for cloud users. Many organizations willing to back up their processes and systems on the cloud in the event of a disaster are faced with the complexities of doing so. The existing IT/system infrastructure of organizations is too complex to be replicated onto the cloud and at later stages, becomes too difficult to be retrieved.
Growing adoption of hybrid cloud solutions playing a crucial role in the expansion of the market
The Data Protection as a Service (DPaaS) market can be segmented based on deployment model, services, enterprise size, industry, and region. The deployment model segment is classified into public cloud, private cloud, and hybrid cloud. The services segment includes Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), and Storage as a Service (STaaS). The enterprise segment includes large enterprises and small & medium enterprises (SMEs). The industry segment includes BFSI, Telecom & IT, government & public sector, healthcare, retail, energy & utilities, manufacturing, and others (aerospace & defense, travel & hospitality). Hybrid cloud is predicted to be the fastest growing segment of the DPaaS market. The segment is expected to emerge as a key milestone on the roadmap of IT as more enterprises plan to make it a part of their IT strategy.
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