NEWS PROVIDED BYTechnavio
Jun 10, 2024, 19:05 ET
NEW YORK, June 10, 2024 /PRNewswire/ — The global data protection as a service (DPaaS) market size is estimated to grow by USD 87.57 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 46.02% during the forecast period. Increase in adoption of dpaas among various industries is driving market growth, with a trend towards exponential growth in the volume of data. However, high cost of dpaas poses a challenge. Key market players include Acronis International GmbH, Amazon.com Inc., Asigra Inc., Backblaze Inc., Barracuda Networks Inc., Broadcom Inc., Cohesity Inc., Commvault Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., Hornetsecurity Ltd., International Business Machines Corp., Kaseya Ltd., Microsoft Corp., Oracle Corp., Rubrik Inc., SolarWinds Corp., Veeam Software Group GmbH, Veritas Technologies LLC, and VMware Inc..
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| Forecast period | 2024-2028 |
| Base Year | 2023 |
| Historic Data | 2018 – 2022 |
| Segment Covered | Application (STaaS, BaaS, and DRaaS), Business Segment (Large and Small and medium), and Geography (North America, Europe, APAC, South America, and Middle East and Africa) |
| Region Covered | North America, Europe, APAC, South America, and Middle East and Africa |
| Key companies profiled | Acronis International GmbH, Amazon.com Inc., Asigra Inc., Backblaze Inc., Barracuda Networks Inc., Broadcom Inc., Cohesity Inc., Commvault Systems Inc., Dell Technologies Inc., Hewlett Packard Enterprise Co., Hornetsecurity Ltd., International Business Machines Corp., Kaseya Ltd., Microsoft Corp., Oracle Corp., Rubrik Inc., SolarWinds Corp., Veeam Software Group GmbH, Veritas Technologies LLC, and VMware Inc. |
Key Market Trends Fueling Growth
Businesses face growing challenges in protecting and managing data due to the massive volume generated by digital economy and mobile applications. Legacy data centers are ill-equipped to handle this, putting valuable assets at risk. Enterprises need a scalable, comprehensive DPaaS solution for secure backup, protecting against natural disasters, power outages, errors, and malfeasance. Acronis offers a flexible, end-user controlled solution, including disaster recovery and access services, addressing these concerns and fueling DPaaS market growth.
Data Protection as a Service (DPaaS) is a trending business solution that helps organizations secure their data effectively. Cloud-based services like data deposit, recovery, and security are key components of DPaaS. These services ensure that data is kept confidential, accessible only to authorized personnel.
Firms like Cloudestery, Cyberark, and IBM provide these services. They offer features like encryption, tokenization, and masking to protect data. Additionally, they provide disaster recovery and backup solutions to prevent data loss. Depositing, managing, and securing data through DPaaS allows businesses to focus on their core competencies while ensuring data security and compliance with regulations like HIPAA and GDPR.
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Market Challenges
- DPaaS market growth may be hindered due to its high cost for businesses. Infrastructure and personnel investments, ongoing maintenance, and complex setup contribute to these expenses. Subscription pricing models and pay-per-use can add to the overall cost, making it challenging for small companies and data-intensive businesses.
- In today’s digital world, Data Protection as a Service (DPaaS) has become a crucial business requirement. However, implementing DPaaS comes with its own set of challenges. These challenges include managing and securing a large volume of data, ensuring compliance with data protection regulations, and integrating DPaaS with existing systems.
- Additionally, maintaining the security of data in transit and at rest, as well as dealing with the complexity of cloud environments, can be daunting tasks. Furthermore, ensuring data privacy and implementing access controls are also significant challenges. Overall, implementing DPaaS requires a robust and secure solution that addresses these challenges effectively.
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Segment Overview
- Application
- 1.1 STaaS
- 1.2 BaaS
- 1.3 DRaaS
- Business Segment
- 2.1 Large
- 2.2 Small and medium
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and Africa
1.1 STaaS- In the Data Protection as a Service (DPaaS) market, organizations can lease their data protection infrastructure from providers in a Storage as a Service (STaaS) model. This model allows businesses to store and secure their growing amounts of unstructured data at lower costs. Cloud-based data centers offer on-site and off-site storage solutions, with three main models: public, private, and hybrid. Public cloud storage is accessible over the internet, while private cloud storage is dedicated to a single organization, providing greater security for critical data. Hybrid cloud storage combines both models, ensuring efficient handling of business needs while maintaining security and coordination between various verticals. These factors are expected to fuel the growth of the STaaS segment in the DPaaS market.
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Research Analysis
In the rapidly evolving IT infrastructure industry, businesses of all sizes and industry verticals are increasingly adopting Cloud services for their hosted needs. The Data Protection as a Service (DPaaS) market is a significant segment of this trend, offering scalable management solutions for data security. DPaaS enables organizations to safeguard their critical information from data breaches and cyberattacks through cloud storage and advanced recovery options.
Next-generation technologies, such as machine learning and artificial intelligence, enhance DPaaS capabilities, providing enterprises with robust and efficient data protection. Paid databases and deployment modes offer flexibility and customization to meet specific business requirements. The DPaaS cloud model ensures seamless integration with existing IT infrastructure, making it an indispensable component of modern business operations.
Market Research Overview
The Data Protection as a Service (DPaaS) market refers to the provision of cloud-based data security solutions that help businesses manage and protect their sensitive information. These services offer various functionalities such as data masking, tokenization, encryption, and access control. DPaaS solutions enable organizations to comply with data protection regulations like GDPR and HIPAA, reducing the need for extensive in-house IT infrastructure.
Additionally, they offer scalability, flexibility, and cost savings compared to traditional on-premises solutions. The market for DPaaS is expected to grow significantly due to the increasing volume and complexity of data, as well as the rising awareness of data security and privacy concerns.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
- STaaS
- BaaS
- DRaaS
- Business Segment
- Large
- Small And Medium
- Geography
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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SOURCE Technavio