DPaaS is a web-delivered or cloud-based service to protect data assets residing on the cloud. Enterprises generally utilize this service to build better security and enhance their network security for effective data management on the cloud. There is presently a rising need to reduce complexities in terms of large data volumes for application development. DPaaS services help organizations look after these issues by providing cost-effective cloud services. It is a multi-tenant model which allows management of various services through a single portal. On its deployment, DPaaS seamlessly provides virtual machine capabilities for each and every server.
The global data protection as a service (DPaaS) market was valued at US$ 6,716.8 Mn in 2017 and is expected to expand at a CAGR of 30.7% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled “Data Protection as a Service (DPaaS)Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.” North America is expected to hold the dominant revenue share, with the market in the region expanding at a CAGR of above 25%. The global Data Protection as a Service (DPaaS) market is mainly driven by growing stringent government regulations for IT security and digitization within enterprises.
With the growing popularity and adoption of cloud computing services, organizations of all sizes are looking to grab advanced cloud features in order to deliver highly scalable solutions and manage their operations. The rising demand for cost effectiveness and disaster recovery are currently identified as the key reasons for the growth of the DPaaS market across the globe. Additionally, demand for cloud computing services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS) is paving the way for the DPaaS market.
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The global Data Protection as a Service (DPaaS) market is currently challenged by the lack of appropriate security tools and budget constraints for cloud users. Many organizations willing to back up their processes and systems on the cloud in the event of a disaster are faced with the complexities of doing so. The existing IT/system infrastructure of organizations is too complex to be replicated onto the cloud and at later stages, becomes too difficult to be retrieved.
Major players operating in the global Data Protection as a Service (DPaaS) market include Amazon Web Services, Inc., Dell EMC, Commvault Systems, Inc., Quantum Corporation, Asigra, Inc., Veritas Technologies, Acronis International GmbH, International Business Machines Corporation, Hewlett Packard Enterprise Company, and Carbonite, Inc. These players are focusing on acquisitions and new strategic collaborations in order to increase their market share in the global Data Protection as a Service (DPaaS) market.