The global Data protection as a Service market will grow to USD 74.91 billion by 2030 from USD 26.04 billion in 2024, at a CAGR of 19.2 % from 2024 to 2030.
Data protection as a service is gaining popularity due to its cost-effectiveness and efficiency in data security. Data protection services offer storage and backup services to secure sensitive information, ensure compliance, and mitigate risks associated with data loss or breaches. In addition, Data protection as a service also helps organizations ensure business continuity and performance and meet regulatory needs. Some vendors are utilizing capabilities of advanced technologies in data protection services. Key drivers for the Data protection as a Service include the growing number of cyber attacks and large volume of data generated due to digitization.
Download PDF Brochure@ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=46313339
Emerging Trends in the Data Protection as a Service Market:
Adoption of Multi-Cloud Data Protection: As organizations increasingly utilize multiple cloud platforms, DPaaS solutions are evolving to provide seamless data protection across hybrid and multi-cloud environments.
Integration of AI and Machine Learning: AI and ML are being incorporated into DPaaS to identify anomalies, predict potential threats, and automate data protection processes, enhancing security and efficiency.
Focus on Zero Trust Security Models: DPaaS providers are aligning their offerings with zero trust architecture, ensuring continuous verification of users, devices, and data access points.
Expansion of Ransomware Protection: Advanced ransomware detection and recovery capabilities are becoming a core feature of DPaaS, enabling businesses to safeguard critical data and minimize downtime.
Data Governance and Compliance Enhancements: Solutions are incorporating tools to address stringent data protection regulations like GDPR, CCPA, and HIPAA, providing automated compliance reporting and auditing features.
Edge Data Protection: With the rise of edge computing, DPaaS solutions are extending protection to edge devices, ensuring data security in decentralized and distributed networks.
Based on the Organization Size, the Large Enterprises segment accounts for the highest market size during the forecast period.
Large enterprises have substantial financial and human resources and can afford to invest heavily in data protection as a service. They deal with massive amounts of data, this data often includes sensitive information subject to strict regulatory requirements, making its protection a top priority. As a result, the adoption of DPaaS is growing among large enterprises. Data protection as a service also helps large enterprises reduce the cost of security measures and disaster recovery plans. Large organizations handle critical operations, and disruption in these operations can lead to huge losses. In such scenarios, disaster recovery as a service helps to store their important data in third-party servers and keep the operations running in case of unexpected disasters. By leveraging DPaaS, enterprises can focus on their core operations while ensuring robust data protection and minimizing operational disruptions.
By Vertical, Healthcare vertical is expected to grow at the highest CAGR during the forecast period.
Healthcare sector has witnessed a rapid digitization in recent years. Healthcare sector deals with critical data related to Electronic Patient Medical Records, Insurance And Billing Information, Health Records (EHR), Hospital Administration Data and Public Health Data. Protecting this data is first priority due to its sensitive nature. The HIPAA Journal reports that 2023's most significant data breach occurred at HCA Healthcare, affecting approximately 11.3 million individuals. Over the course of the year, a staggering 124 million healthcare records were compromised, highlighting the widespread impact of cyberattacks on the industry. Due to such incidents, regulations like HIPPA and GDPR poses strict compliance requirements in the industry.
By deployment mode, the public cloud will grow at the highest market size during the forecast period.
The public cloud deployment holds the major market share in the Data Protection as a Service as it offers benefits such as data security, customization, and low cost. It allows enterprises to have complete control over all the sensitive data, particularly in cases of businesses that are compelled by stringent privacy regulations and data-privacy policies to retain their data within a cloud environment. Public cloud deployment also enables organizations to customize the software functionalities according to their requirements and workflows. Many organizations also benefit from easier integration with legacy systems and established IT infrastructure. These factors, combined with affordable price options, make public cloud deployment the preferred choice for many.
By region, Asia-Pacific accounts for the highest CAGR during the forecast period.
Asia Pacific region is expected have highest market size in Data protection as a Service because of rapid industrialization, technological development, and rising demand in various growing sectors. Economic growth and urbanization in China and India have caused an increased adoption of DPaaS in industries such as BFSI, healthcare, IT and retail & eCommerce. Technological advancements in AI, ML, and encryption technologies improve DPaaS. Government policies such as smart cities accelerating market growth boost technological development and infrastructure readiness. There is also a growing awareness in the corporate sector about cyber security awareness. China is expected to dominate this market, whereas India is expected to grow at a high rate due to the development of automobile industries and infrastructure development.
The report profiles key players such as AWS (US), Microsoft (US), IBM (US), Oracle (US), Dell Technologies (US), Quantum Corporation (US), Huawei (China), HPE (US), Veritas (US), Veeam (Switzerland), Hitachi Vantara (US), Cohesity (US), 11:11 Systems (US), Acronis (Switzerland), Druva (US), Cloud4C (India), Cyfuture (India), TierPoint (US), Quest Technology Management (US), NextGen Datacenter & Cloud Management (US), Zerto (US), Secure Agility (Australia), Infrascale (US), Asigra (Canada), Cloudian (US), HYCU (US).
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Rohan Salgarkar
MarketsandMarkets Inc.
1615 South Congress Ave.
Suite 103, Delray Beach, FL 33445
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
