Data Protection as a Service (DPaaS) Market – Know the Untapped Growth Opportunities to 2031 | At a CAGR of 27.2%
An increase in demand for cloud-based disaster recovery & backup for virtual machines is expected to be opportunistic for DPaaS market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, February 22, 2023 /EINPresswire.com/ — Growing concerns regarding data loss, increase in need for data backups and archives, and governance, risk, and compliance requirements for storage have augmented the growth of the global data protection as a service (DPaaS) market.
However, high incurrence of cost and complexity in cloud DPaaS deployment hamper the growth to certain extent. Moreover, increase in demand for cloud-based disaster recovery & backup for virtual machines and integration of backup services and recovery would create a number of opportunities in the near future.
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According to a new report published by Allied Market Research, titled, “Data Protection as a Service (DPaaS) Market,” The data protection as a service market size was valued at $15.49 billion in 2020, and is estimated to reach $170.54 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.
Asia-Pacific is expected to observe the highest growth rate during the forecast period. The market growth in Asia-Pacific is majorly supported by an increase in the reliability of ICT infrastructure coupled with a rise in growth opportunities for cloud exporters. Further, an increase in the number of strategic partnerships among regional and U.S. providers has fueled market growth.
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In Asian countries, the growing trend of cloud computing and BYOD has driven market growth in recent years. In addition, increased focus on emerging economies has led to an inflow of heavy investments in the region. Therefore, the surge in the adoption of cloud by SMBs, the rise in cyber-attacks, stringent government regulations, and mobility are prime drivers of DPaaS market in this region.
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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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.
The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, DPaaS played a vital role in protection of data as the volume of data has increased significantly due to WFH policies and adoption of many new technologies such as machine learning and IoT across the globe. Although the COVID-19 does not have major negative impact on the growth of the market, the outbreak of COVID-19 will surely provide numerous opportunities for the market to grow during the forecast period.
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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1. France Data Protection as a Service (DPaaS) Market
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