Data Protection As A Service Market Expected To Witness A Substantial Growth Of $103.8 Billion By 2027: Grand View Research Inc.

 

The global data protection as a service market size is expected to reach USD 103.8 billion by 2027, according to the new study conducted by Grand View Research, Inc. The market is projected to register a CAGR of 31.3% from 2020 to 2027. The digital disruption has increased the influx of data even though organizations have limited ability to protect, retain, store, and govern them. Thus, implementing a unified approach for data protection is a strategic success to the organizations' digital transformation. Business or IT continuity and digital transformation are often considered as the primary investment factor for companies worldwide. Implementing such a strategic process increases the risk of growing cyber threats, stringency in compliance regulations, and IT consumption workloads. Thus, the need for data protection services among enterprises is growing.

Businesses are increasingly adopting cloud-based data protection and recovery services and solutions to manage data protection regulatory requirements and reduce in house IT functional workloads. Moreover, enterprises require uninterrupted and faster access to their critical data or a business application located over the cloud or on-premises in the current scenario. This is due to the need for instant recovery of data and services with minimal impact during unforeseen events. Thus, the data resiliency or the cloud computing environment that takes over the system and continues to support computing services when one of the IT infrastructures fails is considered as an integral part of the business continuity operations of organizations.

The increased dependencies on the recovery and backup solution are driving the data protection as a service (DPaaS) trend among businesses. With most businesses using cloud-based solutions to move their applications and data to the cloud for efficient collaboration purposes, they require core backup solutions and services to avoid any downtime or fail-over situation. Failure in downtime could affect business with high costs and business risks. According to ITIC, a Boston-based research, and consulting firm, a study published in May 2020, a single hour of downtime per year costs at least USD 100,000. Furthermore, the study also highlights that around 85% of the enterprises require a minimum of mission-critical infrastructure for conducting business operations without any uninterrupted connectivity. Thus, with increasing digitization and the need to have efficient business continuity, the demand for data protection solutions such as disaster recovery, backup, and storage services is growing.

The growing adoption of next-generation technologies and increasing migration of data to a cloud model to gain flexibility, agility, and optimize cost saving is one of the significant factors contributing to market growth. Thus, to store and safeguard critical data from data loss, data theft, and operational disasters is influencing enterprises to consider data protection solutions and services over the cloud.

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The radical shift in the evolution of product-based solutions to the service-based offerings has disrupted the IT infrastructure industry. Enterprises are increasingly adopting as a service model to deliver business outcomes to their customers and vendors. The service-based model's shift was primarily due to the focus on resiliency, as businesses manage thousands of data. Amongst the infrastructure services, data protection as a service (DPaaS) has been the most resilient service as it helps enterprises to backup solutions at scale and provides data protection across computing, storage, and network environments.

Data Protection As A Service Market Report Highlights

• The storage as a service type segment held the largest market share of 47% in 2020, owing to the growing demand for cloud backup, cloud archiving, and platform attached storage solutions
• The hybrid cloud deployment segment is estimated to register a significant CAGR over the forecast period, owing to the need for flexible, secured, and optimized cloud services
• The SME segment is expected to witness the fastest CAGR of 32.3% over the forecast period
• The Asia Pacific region is projected to expand at the fastest CAGR over the forecast period, owing to the continued digitization and business transformation and investment in cloud-based solutions among enterprises

The data protection as a service market is highly competitive with the presence of large data protection vendors, disaster recovery vendors, and cloud storage vendors, along with the presence of managed service providers operating in the market. The vendors are continuously involved in updating new features and in the development of advanced solutions. For instance, in April 2020, Hitachi Vantara LLC, a subsidiary of Hitachi Ltd. that offers data management solutions to enterprises to improve their operational efficiencies, introduced DPaaS solution. The solution includes the capability of on-demand storage as a service to provide enterprises with a complete package of data protection solutions.

The growing demand for disaster recovery and backup services is further intensifying the competitiveness of the market. The key players are engaged in establishing partnerships and collaborations to offer an advanced solution and gain a competitive edge. For instance, in April 2020, Commvault, a U.S. based data protection, and backup and recovery solution provider introduced NetApp Scale-out Data Protection. The solution is powered with the Commvault’s full backup and recovery software to offer NetApp, Inc. and its channel partner with disaster recovery, backup, and snapshot management functionality. Some of the prominent vendors operating in global data protection as a service market include:

• Asigra, Inc.
• Amazon Web Services, Inc.
• Cisco Systems, Inc.
• Commvault Systems, Inc.
• Dell Inc.
• HP Development Company L.P.
• IBM
• Microsoft
• NetApp, Inc.
• Oracle
• Quantum Corporation
• Veritas Technologies

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.