Data Protection as a Service (DPaaS) Market Expected to Reach $170.54 Billion by 2030—Allied Market Research

According to a new report published by Allied Market Research, titled, “Data Protection as a Service (DPaaS) Market," The data protection as a service market size was valued at $15.49 billion in 2020, and is estimated to reach $170.54 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.

The advent of cloud computing and software-defined data centers with virtualized infrastructure components delivered as a service has fostered the need for data protection in the present business scenario. Increase in need for data protection among cloud service providers has led to the introduction of Data Protection as a Service Market. DPaaS is a cloud-based, web-delivered service designed to safeguard data assets of businesses. The deployment of DPaaS has increased in organizations across the globe, owing to the advantages of better network security and advanced data security.

Cloud services are adopted by businesses for better management and high scalability of their services. Increase in demand for cost-effective DPaaS and disaster recovery services has boosted the growth of the global DPaaS market. In addition, increase in concerns about data loss, surge in need for data backups & archives, and stringent requirements for governance and risk & compliance for storage have driven the global Data Protection as a Service Market. However, high costs and complexities associated with deployment of cloud DPaaS hamper the market growth.

In 2020, on the basis of service, the STaaS segment dominated the Data Protection as a Service Industry in 2020, and is expected to maintain its dominance in the upcoming years. This is attributed to the cost-effectiveness of STaaS and no initial costs required for deploying hard drives, servers, and IT technicians. The provision of long-term data storage and business stability is a major growth factor for the overall Data Protection as a Service Market.

By deployment, the private segment dominated the growth in the Data Protection as a Service Market Share in 2020, and is expected to maintain its dominance in the upcoming years. Private cloud provides improved security, greater server control, and enhanced flexibility. Further, private cloud is deployed and customized according to the preferences of users. However, hybrid segment registered highest growth rate during Data Protection as a Service Market forecasted period.

The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. The outbreak of COVID-19 has caused a great deal of difficulties across the world. During the COVID-19 pandemic, DPaaS played a vital role in protection of data as the volume of data has increased significantly due to WFH policies and adoption of many new technologies such as machine learning and IoT across the globe. Although the COVID-19 does not have major negative impact on the growth of the market, the outbreak of COVID-19 will surely provide numerous opportunities for the market to grow during the forecast period. These opportunities include surge in demand for DPaaS in enterprises due to remote work initiatives, increase in data protection applications, and introduction of innovative DPaaS solutions.

KEY FINDINGS OF THE STUDY

• By Service, in 2020 the STaaS dominated the DPaaS market.
• Depending on deployment, the private generated the highest revenue in 2020 of DPaaS market share. However, the hybrid segment is expected to exhibit significant growth during the forecast period.
• Region wise, the DPaaS industry was dominated by North America region. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

Some of the key DPaaS industry players profiled in the report include IBM Corporation, Amazon Web Services, Inc., HP Development Company, L.P., Commvault Systems, Inc., EMC Corporation, VMware, Inc., Quantum Corporation, Asigra, Inc., Veritas Technologies, and Cisco Systems. This study includes market trends, Data Protection as a Service Market Analysis, and future estimations to determine the imminent investment pockets.