Different technological advancements to provide strong opportunities for data protection as a service (DPaas) market
New York, U.S., May 02, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Data Protection as a Service Market“Information by Service Type, by Deployment, by Organization Size and Region – Forecast to 2027” the market size to reach USD 62,977 growing at a CAGR of 19.8% by 2027.
DPaaS Market Scope:
Various technological advancements, such as the integration of connected devices with IoT and the use of virtual private network (VPN), are driving the expansion. With improved operational efficiency and data resilience, DPaaS is deployed on IoT-enabled devices to encrypt, secure, and store massive amounts of data generated by individuals and businesses.
The Dominant Key Players in Data Protection as a Service Market Covered Are:
Hewlett Packard Enterprise Development Lp
Dell Technologies Inc.
Hitachi Vantara Corporation
MUSARUBRA US LLC (MCAFEE LLC)
Micro Focus International Plc
VOLICO Data Centers
NXTGEN Data Center
Cloud Technologies Private Limited
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Exclusively encompassed USP market:
DPaaS Market Drivers
Growing need for CYOD and BYOD to support market growth
The market is mainly driven by growing Bring Your Own Device (BYOD) and Choose Your Own Device (CYOD) trends within enterprises. Employees will be able to register their own devices and share companies to improve productivity when BYOD policies are implemented. As a result, increased risks of data hacking, data theft, and data storage have become one of the top concerns for businesses. Companies are turning to DPaaS services and solutions to help them deal with these difficult situations.
Data security concerns must act as market constraints
Data security issues in the DPaaS network may act as a market constraint during the forecast period.
Heavy spending on data protection deployment to meet market challenge
Heavy expenditure on DPaaS deployment might pose a challenge for the market during the forecast period.
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Market Segmentation Covered by Research:
By service type, Storage as a Service (STaaS) will dominate the market over the forecast period.
By deployment, private cloud will dominate the market over the forecast period.
By organization size, large enterprises will spearhead the market during the forecast period.
North America will precede the data protection-as-a-service market
North America will lead data protection as a service market during the forecast period. Due to the well-developed infrastructure and growing awareness of technical improvements, several major market companies are present in North America, providing data protection services to all end consumers in the region. North America dominates the market. The expansion of cybersecurity and cloud services business in North America has boosted the DPaaS market in the region. Additionally, increasing implementation of legislative compliances to improve cloud security and reduce cyber attacks has boosted the market growth. The industry benefits from the existence of several vendors who offer a variety of customized solutions. Factors such as data disclosure regulations, the need for strict adherence to the protection of sensitive data, an increase in spending habits on security forums, and an increase in internet penetration have all contributed to the region’s demand for DPaaS. Cyberattacks are becoming more common, and spending on data protection solutions and cloud-based services is increasing. These are some of the causes of regional growth. Additionally, the presence of large cloud solution providers, IT infrastructure and data security vendors in the United States is expected to drive growth. Due to increased spending on backup, recovery and storage solutions and stricter data protection regulations, the United States held the highest regional market share and is expected to maintain its dominance during the projection period.
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APAC to See Admirable Growth in Data Protection as a Service Market
Over the projection period, Asia-Pacific is expected to grow at the fastest rate. Increased resilience in ICT infrastructure, along with increased potential for cloud exporters, is driving the market expansion in Asia Pacific. Furthermore, the expansion of the market has been propelled by an increase in the number of strategic agreements between regional and national suppliers. Cloud computing and bring your own device (BYOD) have fueled market expansion in Asian countries in recent years. One of the aspects contributing to regional success is the increased use of security solutions, managed services and data hosting services. Another aspect contributing to regional growth is the continued trend of digital transformation. A large amount of data is kept on IT infrastructure as a result of digital transformation. Businesses quickly use disaster recovery and backup services and solutions to preserve and protect key IT infrastructure from power outages, unplanned infrastructure outages and natural disasters.
Impact of COVID-19 on the Global Data Protection as a Service Market
The COVID-19 outbreak and associated lockdowns have brought to light a host of data security issues. As a result, the demand for DPaaS has increased significantly in recent years, and this trend is expected to continue in the coming years over the projection period. In addition to the focus on purpose limitation and data minimization when collecting and processing personal data, the demand for these services has seen an unprecedented increase due to the massive volumes of data generated and the growing number of data dependent applications. Following the advent of the COVID-19 pandemic, technology companies, governments and international bodies have all adopted measures to combat the spread of the virus, including increased surveillance. The data protection dangers associated with high volumes of data collected and processed require adequate risk mitigation strategies. Organizations have recognized the need for DPaaS to keep people and property safe during the outbreak, which has led to increased demand for the service. They use these services in order to comply with privacy regulations and data protection standards. In addition, it allows them to use the obtained sensitive data more ethically and efficiently while protecting personal information and people’s trust. As a result, the outbreak of the COVID-19 pandemic has led to an increase in demand for DPaaS.
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