Data protection solutions and reliability issues are top priorities for any business with mission-critical digital information. In recent times, due to the growth of cloud computing environments, the need for data security has increased rapidly. This in turn, is boosting the demand for data protection as a service on the cloud. Market Research Hub (MRH) has publicized a study titled “Data Protection as a Service (DPaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 – 2024” to its mega-repository, which offers comprehensive overview of the market covering vital market indicators and other aspects that could influence the growth of this market between 2017 and 2024.
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According to the research key findings, the global DPaaS market is predicted to clock a phenomenal 30.3% CAGR between 2017 and 2024. One of the key factors driving the global data protection as a service market is staggering rise in workloads of cloud data centers. It has been analyzed that cloud computing is one of the popular terms in the IT world. It 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 devastation. As a result, it has become necessary for 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.
Geographical Expansion and Major Insights
Moreover, the research analyses market expansion in major regions such as Latin America, North America, Asia Pacific, Europe, and Middle East & Africa (MEA). While analyzing these regions, a detailed qualitative analysis of the factors responsible for driving and restraining the growth of the data protection as a service market in these regions has been discussed.
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The market has been further analyzed on the basis of major segments based on the deployment model, services, and end user. 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. By deployment model, it covers public cloud, private cloud, and hybrid cloud. Large enterprises and small and medium enterprises (SMEs) are the major end-user of DPaaS. By the analysis of major segments, the research finds following results:
- BaaS currently holds the leading share in the DPaaS market. The segment is predicted to hold on to its dominant position through the forecast period.
- By end use, large enterprises hold the leading share in the DPaaS market as large enterprises are looking for a high level of security for their cloud applications,
- Geographically, North America currently displays the leading demand for DPaaS due to high adoption of cloud computing across industry verticals.
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