Global Data Protection as a Service (DPaaS) Market is predicted to clock a phenomenal 30.3% CAGR between 2017 and 2024

Global Data Protection as a Service (DPaaS) Market is predicted to clock a phenomenal 30.3% CAGR between 2017 and 2024

Global Data Protection as a Service (DPaaS) Market: Snapshot

With the surge of cloud computing environments, the data protection as a service (DPaaS) market is poised for outstanding growth in the near future. Advantages of cost effectiveness and decreasing cost of cloud computing is leading to shift of workload from conventional to cloud-based platforms. However, data stored in virtual environments need to be protected from natural or man-made catastrophe. This in turn, is boosting the demand for data protection on the cloud.

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However, lack of failsafe feature of DPaaS is necessitating businesses to adopt additional security measures. This is limiting the growth of DPaaS market. Considering a myriad positive factors, the global DPaaS market is predicted to clock a phenomenal 30.3% CAGR between 2017 and 2024.

Hybrid Cloud to Display Leading CAGR through 2024

The global DPaaS market is segmented on the basis of deployment model, services, end user, and region. In terms of deployment model, public cloud, private cloud, and hybrid cloud are the segments into which the global DPaaS market is divided. Private cloud holds dominance amongst key segments based on deployment model. Private cloud DPaaS solutions exhibit widespread demand from large enterprises who place more trust in their internal IT departments than external third-party service providers. Hybrid cloud, on the other hand, is expected to display the leading growth rate to be valued at US$11,889.3 mn by the end of 2024. Hybrid cloud is witnessing adoption as it allows enterprises to switch from private cloud to public cloud as per the need.

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In terms of services, disaster recovery as a service (DRaaS), backup as a service (BaaS), and storage as a service (STaaS) are the segments into which the DPaaS market is divided. Out of these, BaaS currently holds the leading share in the DPaaS market. The increasing number of data centers worldwide is a key factor behind the growth of BaaS segment; the segment is predicted to hold on to its dominant position through the forecast period. The DRaaS segment, however, is anticipated to rise at the leading CAGR over the forecast period between 2017 and 2024. This is mainly because introduction of disaster recovery plans is increasingly becoming mandatory in industry verticals such as BFSI and government to safeguard critical data.

By end user, the DPaaS market is bifurcated into large enterprises and small and medium enterprises (SMEs). Of the two, large enterprises hold the leading share in the DPaaS market, the segment is anticipated to continue to dominate as large enterprises are looking for a high level of security for their cloud applications. SMEs is predicted to display the leading CAGR to contribute a revenue of US$22,936.7 mn by 2024. Small firms with low capital expenditure and high budget constraints are increasingly seeking cost-effective DPaaS solutions to protect their sensitive data on the cloud.

Demand for Cloud Computing to Benefit APAC DPaaS Market

Geography-wise, North America, Europe, Asia Pacific, and Rest of the World are the segments into which the global DPaaS market is divided. Among them, North America currently displays the leading demand for DPaaS due to high adoption of cloud computing across industry verticals. The North America DPaaS market is predicted to be worth US$14.07 bn vis-à-vis revenue by 2024. Asia Pacific, meanwhile, is displaying massive increase in demand for data protection as a service. This is mainly because a staggering number of companies in the region are adopting cloud computing model to run applications.

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Top companies in the global DPaaS market include EMC Corporation, HP Development Company L.P., and IBM Corporation, and Amazon Web Services Inc. Some other companies in this market are Commvault Systems Inc., VMware Inc., Quantum Corporation, and Asigra Inc.