Global Data Protection as a Service (DPaaS) Market: Snapshot
With the surge of cloud computing environments, the data protection as a service (DPaaS) market is poised for outstanding growth in the near future. Advantages of cost effectiveness and decreasing cost of cloud computing is leading to shift of workload from conventional to cloud-based platforms. However, data stored in virtual environments need to be protected from natural or man-made catastrophe. This in turn, is boosting the demand for data protection on the cloud.
However, lack of failsafe feature of DPaaS is necessitating businesses to adopt additional security measures. This is limiting the growth of DPaaS market. Considering a myriad positive factors, the global DPaaS market is predicted to clock a phenomenal 30.3% CAGR between 2017 and 2024.
Hybrid Cloud to Display Leading CAGR through 2024
The global DPaaS market is segmented on the basis of deployment model, services, end user, and region. In terms of deployment model, public cloud, private cloud, and hybrid cloud are the segments into which the global DPaaS market is divided. Private cloud holds dominance amongst key segments based on deployment model. Private cloud DPaaS solutions exhibit widespread demand from large enterprises who place more trust in their internal IT departments than external third-party service providers. Hybrid cloud, on the other hand, is expected to display the leading growth rate to be valued at US$11,889.3 mn by the end of 2024. Hybrid cloud is witnessing adoption as it allows enterprises to switch from private cloud to public cloud as per the need.
In terms of services, disaster recovery as a service (DRaaS), backup as a service (BaaS), and storage as a service (STaaS) are the segments into which the DPaaS market is divided. Out of these, BaaS currently holds the leading share in the DPaaS market. The increasing number of data centers worldwide is a key factor behind the growth of BaaS segment; the segment is predicted to hold on to its dominant position through the forecast period. The DRaaS segment, however, is anticipated to rise at the leading CAGR over the forecast period between 2017 and 2024. This is mainly because introduction of disaster recovery plans is increasingly becoming mandatory in industry verticals such as BFSI and government to safeguard critical data.
By end user, the DPaaS market is bifurcated into large enterprises and small and medium enterprises (SMEs). Of the two, large enterprises hold the leading share in the DPaaS market, the segment is anticipated to continue to dominate as large enterprises are looking for a high level of security for their cloud applications. SMEs is predicted to display the leading CAGR to contribute a revenue of US$22,936.7 mn by 2024. Small firms with low capital expenditure and high budget constraints are increasingly seeking cost-effective DPaaS solutions to protect their sensitive data on the cloud.
Demand for Cloud Computing to Benefit APAC DPaaS Market
Geography-wise, North America, Europe, Asia Pacific, and Rest of the World are the segments into which the global DPaaS market is divided. Among them, North America currently displays the leading demand for DPaaS due to high adoption of cloud computing across industry verticals. The North America DPaaS market is predicted to be worth US$14.07 bn vis-à-vis revenue by 2024. Asia Pacific, meanwhile, is displaying massive increase in demand for data protection as a service. This is mainly because a staggering number of companies in the region are adopting cloud computing model to run applications.
Top companies in the global DPaaS market include EMC Corporation, HP Development Company L.P., and IBM Corporation, and Amazon Web Services Inc. Some other companies in this market are Commvault Systems Inc., VMware Inc., Quantum Corporation, and Asigra Inc.
Global DPaaS Market: Overview
The market study on the global DPaaS market provides valuable insights on the global DPaaS market for the 2017-2024 forecast period with 2026 as the base year. The report provides 2015 values for historical reference. The report covers vital market indicators and other aspects that could influence the growth of this market between 2017 and 2024. The report provides a holistic analysis of the DPaaS market in terms of revenue estimates (in US$ bn) through the forecast period.
The executive summary section includes the gist of the analysis of the DPaaS market presented in this report. It outlines industry basics, conventions, and notations following which industry policies and industry statutes are discussed.
What does the report offer?
Following an intensive research phase, the highlights of the global DPaaS market provided in the report are:
- The intensive analysis of DPaaS market by segmenting it on the basis of deployment model, services, end user, and geography
- Impact analysis of major factors driving and challenging the growth of the market, along with insights on their impact in the near, medium, and long term
- Insights into market attractiveness from market size and forecast values for the 7-year forecast period
- Identifying and profiling key players
- Insights into competitive strategies and competitive positioning of key players in the DPaaS market
Global DPaaS Market: Research Methodology
The report is a result of an extensive research phase, which includes primary research and secondary research. Primary research comprises majority of research effort, wherein analysts reached out to industry experts and opinion leaders. Key participants reached out include but is not limited to VPs, CEOs, product managers, distributors, marketing managers, and branding experts. Analysts conducted interviews with industry experts on a regular basis via few communication channels to validate data and obtain inputs on research analysis. Primary research phase helped to obtain valuable insights on growth trends, market dynamics, market size, competitive outlook, etc. It also helped obtain insights about growth behavior of key segments under different category.
Secondary research phase comprised examining key players’ annual reports, product literature, and relevant documents for competitive analysis. It also included examining trade journals, publications, government websites, webcasts, and proprietary databases of companies. In addition, broker reports, regulatory databases, statistical databases, and financial reports are some other sources reached out during the secondary research phase. The objective to reach out to several sources for data collection is to gather precise market data and identify business opportunities through the forecast period.
Global DPaaS Market: Competitive Dashboard
Included in the report is a section dedicated to the competitive landscape of the global DPaaS market. Key players operating in the DPaaS market are identified and are profiled for their business attributes of technological advancements, product portfolio, financials, business outlook, and SWOTs. Detailed insights into their winning strategies and competitive positioning of key players is a highlight of this report.