According to the new research report published by The Insight Partners, titled “Data Protection as a Service (DPaaS) Market — Global Analysis and Forecast to 2027”, the global data protection as a service market is expected to reach US$ 94.3 Bn in 2027, registering a CAGR of 29.1% during the forecast period 2019-2027.

In 2018, North America was estimated to account to hold the largest market share, growing at a CAGR of 26.7%.

The data protection as a service market is majorly driven by an increasing number of cyber-attacks and adoption of security solutions, increasing demand for secure transaction in the BFSI sector, and others. Other factors responsible for boosting the business growth of DPaaS market is the integration of AI and other advanced technologies for alerting and pattern-based monitoring. The rapidly changing nature of businesses requires consistent changes in technology and services. Also, the rapid digitalization among SMEs is expected to provide substantial growth opportunity to the key players in this market. A large number of start-ups have been entering the marketplace with their innovative DPaaS by integrating artificial intelligence and other advanced technology into them.

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In North America, the US-led data protection as a service market. The US is the most significant economy in the world, and one of the most important economy as well. The economy is also a step ahead when it comes to adoption of new technologies as well as the adoption of advanced solutions is quite high. Factors such as growing digitization of business processes and rising demand of advanced data protection services among enterprises to ensure efficient and risk-free business operations are contributing substantially towards the growth of DPaaS market in the country.

In the Asia Pacific, China led data protection as a service market. China being an industrial and technology hub, attracts several cybercriminals. This is where DPaaS play a vital role in this region. Huge population, presence of e-commerce giants, growing services sector, and rising demand for smart business solutions offers a suitable environment for the adoption of DPaaS in China. China is transitioning from its image of being a low-cost labor country by investing heavily in digital transformation to acquire a dominant position in the global technology market landscape. Also, the Cyber Security Law of China, also known as the China Internet Security Law, aims to increase cybersecurity, national security, and safeguard cyberspace sovereignty, among other aspects. This law serves as a “Basic Law” in the cybersecurity space.

Key findings of the study:

APAC is the fastest-growing region in data protection as a service market. Earlier, cybercrimes in APAC have been growing at a substantial rate owing to penetration of connected devices, digitization of essential services, investments in the ICT sector, business process automation, and other related developments. In addition, the region is becoming a new target of cybercriminals. In 2017, it was found that nearly 50% of the companies that face data breaches and security threats were SMEs. All the above-mentioned factors drive the growth of the DPaaS market in this region. This has resulted in higher demand for DPaaS in the region.

The demand for DPaaS is primarily influenced by numerous economic and non-economic factors. The BFSI, Government, and healthcare sector present a larger demand as compared to other sectors during the forecast period. Potentially, Backup as a Service (BaaS) by service type in 2018 led the data protection as a service market whereas; Disaster Recovery as a Service (DRaaS) is expected to be the fastest-growing application during the forecast period 2019-2027 growing at a high CAGR value.

AMAZON WEB SERVICES, INC., COMMVAULT, EMC CORPORATION, HEWLETT PACKARD ENTERPRISE DEVELOPMENT LP, AND IBM CORPORATION- NOTABLE MARKET PARTICIPANTS IN DATA PROTECTION AS A SERVICE INDUSTRY

Data protection as a service is a cloud-based or web-delivered service to protect data assets residing on the cloud platform. Organizations generally utilize this service to enhance their network security and improve security for effective data management on the cloud. With the growing information flow, there is a constant demand for advanced data security software and services. There is a rising demand for solutions & services to reduce complexities and maintenance in terms of large data volumes. Data protection as a service help organizations to effectively and efficiently tackle security issues by offering cost-effective cloud services. It is a multi-tenant model which enables management of various services through a single portal. Growing demand for privacy and data security across all organizations globally is playing a major role in driving market growth.

The most prominent market players in correspondence management system market are Amazon Web Services, Inc., Commvault, EMC Corporation, Hewlett Packard Enterprise Development LP, and IBM Corporation -among others for a considerable share of the market owing to their product offerings to the data protection as a service market.

Organizations seek advanced cloud features for high scalability and better management in their services. The increasing demand for cost-effective data protection as a service and disaster recovery services have enhanced the growth avenue of the market.

Market leaders are involved in taking up a various market initiative such as expanding footprint across the world and meet the growing demand of its customers, focusing towards product enhancements by implementing advance technologies and signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally. For instance, in 2019, EMC Corporation announced improved capabilities to the Dell EMC Data Domain and Integrated Data Protection Appliance (IDPA) portfolio of backup storage appliances build to provide businesses flexibility and value with expanded multi-cloud capabilities. In the same year, one more initiative in undertaken by Amazon Web Services. The company has been certified by the Australian Cyber Security Centre (ACSC) to host protected data and to provide assurance to Australian Government agencies with data security.

The data protection as a service market is highly fragmented with several well-established as well as local players operating in the market space. It has resulted in high competition among them. Also, the market entry barriers are low, thus, attracting several emerging players.  Some of the recent developments in the military logistics market are mentioned below:

2019    Amazon Web Services has been certified by the Australian Cyber Security Centre (ACSC) to host protected data and to provide assurance to Australian Government agencies with data security.  

2018    McAfee entered in endpoint detection and response (EDR) space and announced cloud and unified data protection offerings that surge visibility across the whole ecosystem. McAfee’s MVision EDR works on the cloud to enable analytics and automation.    

2018    IBM Corporation announced the new IBM Cloud Backup, which enables backup needs. The solution is built for backup and disaster recovery. It secures data with enterprise-grade encryption.  

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