WILMINGTON, DE, UNITED STATES, July 26, 2024 /EINPresswire.com/ — The data protection as a service (DPaaS) 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.
Asia-Pacific is expected to observe the highest growth rate during the forecast period. The market growth in Asia-Pacific is majorly supported by an increase in reliability on ICT infrastructure coupled with a rise in growth opportunities for cloud exporters. Further, an increase in the number of strategic partnerships among regional and U.S. providers has fueled market growth. In Asian countries, the growing trend of cloud computing and BYOD has driven the market growth in recent years. Additionally, increased focus on emerging economies has led to an inflow of heavy investments in the region. Therefore, the surge in adoption of cloud by SMBs, rise in cyber-attacks, stringent government regulations, and mobility are prime drivers of the DPaaS market in this region.
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. The increase in need for data protection among cloud service providers has led to the introduction of DPaaS. 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. The increase in demand for cost-effective DPaaS and disaster recovery services has boosted the growth of the global DPaaS market. In addition, an increase in concerns about data loss, surge in need for data backups and archives, and stringent requirements for governance and risk compliance for storage have driven the global DPaaS market. However, high costs and complexities associated with the deployment of cloud DPaaS hamper market growth.
The current estimation of 2030 is projected to be higher than pre-COVID-19 estimates. During the COVID-19 pandemic, DPaaS played a vital role in data protection as the volume of data increased significantly due to WFH policies and the adoption of many new technologies such as machine learning and IoT across the globe. Although COVID-19 did not have a major negative impact on the growth of the market, it provided numerous opportunities for the market to grow during the forecast period. These opportunities include a surge in demand for DPaaS in enterprises due to remote work initiatives, an increase in data protection applications, and the introduction of innovative DPaaS solutions.
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, DPaaS market analysis, and future estimations to determine the imminent investment pockets.
