Data Protection as a Service (DPaaS) Market Overview
Data protection as a service market is set to witness steady growth during 2021-2031. One of the major growth drivers for the data protection as a service market happens to be the increasing transition to a cloud-based model and the growing need to protect, restore information in real-time, and create a backup for the data.
What is Driving Demand for Data Protection as a Service (DPaaS)?
Growing demand for cloud-based disaster recovery and backup for simulated machines and integration of recovery and backup services have increased significantly and are anticipated to provide rewarding prospects for the growth of data protection services across the globe. The data protection as a service solutions also help in protecting and restoring the data and information within the database. Hence, the market is projected to grow at a significant rate over the forecast period.
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Storage as a Service is Expected to hold the Largest Share of the Data Protection as a Service (DPaaS) Market by Service Type
On the basis of service type, the sensor market has been bifurcated in to Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), and Storage as a Service (STaaS). Out of which, the storage as a service segment dominated the global market in 2020 accounting for a 47% of the total revenue share. The growth of the segment can be attributed to the growing demand for cost-effective ways to alleviate storage and disaster recovery services.
Moreover, the increasing demand for long term retention of records and databases, coupled with growing demand for cloud to boost their business continuity is further driving the growth of storage as a service segment across the globe.
US and Canada Data Protection as a Service (DPaaS) Demand Outlook
U.S. happens to be one of the largest markets for data protection as a service across the globe. The growth in U.S. is attributed to the presence of established players such as
Amazon Web ServicesInc.;
Cisco Systems Inc.;
Dell Inc.;
Commvault Systems Inc.;
HP Development Company L.P.;
Microsoft;
IBM
among others in the region. Moreover, US happens to be the one of the major countries holding the largest share of the global market for data protection as a services. The growth can be attributed to the increased cases of cyberattacks and the amplified spending on data protection solutions and cloud-based services in the region.
The U.S. held the largest share in the regional market and is expected to continue its dominance over the forecast period, owing to the increased spending on recovery, storage, and backup solutions. Moreover, increasing data stringency protection standards are further expected to drive the market growth.
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Europe Demand Outlook for Data Protection as a Service (DPaaS)
The growth of data protection as s service market in the Europe region is largely influenced by the growing adoption of next-generation technologies and collective migration of data to a cloud based storage model. The growth of the market is further driven by the increasing demand for agility, flexibility, and enhanced cost savings with the data protection as a service model.
Who are the Key Manufacturers and Suppliers of Data Protection as a Service (DPaaS)?
Some of the leading providers of Data Protection as a Service (DPaaS) include
Amazon Web Services, Inc.
Asigra, Inc.
Cisco Systems, Inc.
Dell Inc.
Commvault Systems, Inc.
HP Development Company L.P.
Microsoft
IBM
NetApp, Inc
Quantum Corporation
Oracle
Veritas Technologies, among others.
The major companies operating in the market are focused on new product launches and business expansion strategies in order to enhance their product portfolio and expand their presence in the market.
For instance, In April 2019, Hitachi Vantara LLC, announced the introduction of DPaaS solution. The solution comprises the capability of on-demand storage as a service in order to provide enterprises with a complete package of data protection solutions. Also, Hitachi Vantara LLC is a subsidiary of Hitachi Ltd. and is focused on offering data management solutions to enterprises to improve their operational efficiencies.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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