The global data protection as a service (DPaaS) market features the dominance of a handful companies, namely EMC Corporation, Amazon Web Services Inc., and HP Development Company L.P. In a bid to surge ahead, leading players such as EMC Corporation are acquiring smaller companies to complement its product, services, and technology offerings. In addition, leveraging internal strengths to boost R&D activities is also the focus of top companies in the DPaaS market.
To sustain intense competitive rivalry, top players are vying to enter into strategic partnerships with leading service providers for virtualized environments. This is to serve data protection needs of businesses that have arisen due to proliferation of the cloud computing model.
As per a report by Transparency Market Research (TMR), the global DPaaS market is predicted to clock a phenomenal 30.3% CAGR with respect to revenue between 2017 and 2024. Proliferating at this rate, the demand in the market will be worth US$46404.5 mn by the end of 2024 from US$7274.4 mn in 2017. Based on deployment model, private cloud, among all, currently holds dominance in the DPaaS market due to widespread demand from large enterprises. Region-wise, North America with its massive IT industry currently leads the market for DPaaS and is likely to hold supremacy through 2024. Asia Pacific, on the other hand, is anticipated to surpass in terms of growth rate in the DPaaS market.
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Monumental Rise of Cloud Datacenter Workload Boosts Uptake
One of the key factors driving the global data protection as a service market is staggering rise in workloads of cloud data centers. With adoption of virtualized environments and rapid proliferation of cloud computing services such as software as a service (SaaS), infrastructure as a service (IaaS), and platform as a service (PaaS), the overall workload is shifting from conventional data centers to cloud-based platforms. This in turn, is boosting the demand for data protection on the cloud.
Cloud computing offers benefits of high cost-effectiveness that help businesses increase their profits in the long run. However, data stored in virtual environments need to be protected in the event of a natural or man-made catastrophe. This is catalyzing the growth of DPaaS market.
Furthermore, decreasing cost of cloud-based storage is predicted to positively impact the DPaaS market. With the need to accommodate growing volume of data, declining cost of storing data on the cloud is a trend that has come to the fore. This, however, is necessitating organizations to opt for cloud-based security solutions such as DPaaS to secure their data on the cloud. This factor is projected to have an immense impact on the growth of DPaaS market.
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However, on the flip side, DPaaS does not feature failsafe security which is necessitating businesses to adopt additional security measures. As such, factors such as data protection limitations and budget constraints are preventing cloud-based data protection users to gain maximum benefits of DPaaS. In addition, engaging third-party for data protection bears risk of loss of critical data, privacy breach, and deletion and manipulation which is prompting organizations to give serious thought to the viability of DPaaS.
Apart from this, complexities involved in the deployment of DPaaS and compliance issues between enterprises and DPaaS providers is limiting their uptake.
Furthermore, lack of compatibility of several computing applications with cloud environments due to their critical and high-transaction nature is limiting the adoption of DPaaS.