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Data Protection as a Service Market Overview
The global data protection as a service (DPaaS) market is projected to witness considerable growth during the forecast period (2020–2030). This attributed to the rapid adoption of cloud computing technology, increasing focus of enterprises toward digital transformation, rising concern of data loss among organizations, surging preference for bring-your-own-device (BYOD) at workplaces, and rise in the cases of data breaches. In addition, factors such as high need for protecting the confidential information; generation of large volume of data; and focus on leveraging advance technologies, such as machine learning (ML), internet of things (IoT), and facial recognition, are also contributing to the market growth, globally.
The data protection as a service market based on content is bifurcated into solutions and services. Of these, the solutions category held the largest share in the market in 2019, owing to rising instances of cyberattacks, increasing need for cloud-based data backup and recovery services, to prevent unauthorized access of information stored over the cloud, and surging preference for integrated approach to data protection among organizations.
The data protection as a service market in terms of deployment is classified into public cloud, hybrid cloud, and private cloud. Of these, the hybrid cloud category is expected to register fastest growth during the forecast period. This can be mainly attributed to the increased adoption of disaster recovery services based on hybrid cloud, as it supports in effective data protection and reduced maintenance cost of the system.
The data protection as a service market based on enterprise is categorized into large enterprises and small and medium enterprises (SMEs). The large enterprises category held the larger share in the market in 2019, owing to increasing need to protect the overall data infrastructure, intense focus toward shifting workload to cloud, higher need for data privacy, and need for enhanced encryption of sensitive data, such as social security number (SSN), credit card details, and tax filings.
The data protection as a service market on the basis of service is classified into backup as a service (BaaS), disaster recovery as a service (DRaaS), and storage as a service (STaaS). Among these, the DRaaS category is projected to witness fastest growth during the forecast period. This can be mainly due to high adoption of disaster recovery solutions by banking, financial services, and insurance (BFSI), and information technology (IT) industries; increasing incidents of planned threats; and growing concerns related to infrastructure failure and data loss.
The data protection as a service market under the industry segment is classified into BFSI, IT & telecom, healthcare, retail & e-commerce, energy & utilities, government, manufacturing, and others (including aerospace & defense and travel & hospitality). Of these, the BFSI category held a significant share in the market in 2019, owing to high requirement of protecting the confidential information from external threats, complying with banking regulations, and preventing unauthorized disclosure of sensitive data. Moreover, increasing focus toward digitization related to internet banking and payment is also driving the adoption of cloud-enabled data protection solutions, among banks and financial institutions.
Geographically, North America held the largest share in the data protection as a service market in 2019. This is mainly attributed to the early adoption of advance technologies, high awareness among organizations related to security of confidential information, rapid shift of data to cloud networks, high spending on IT security solutions, and increased focus of the government toward introducing data protection laws.
Data Protection as a Service Market Dynamics
Increasing number of data breaches is a major factor resulting in the growth of the data protection as a service market. Data breach refers to a security incident in which confidential information, such as SSN, credit card details, pan card details, or any other sensitive business data, is accessed by the attackers without authorization. The major causes of a data breach include improper configuration, weak passwords, malware attacks, and complex access permissions. According to 2019 Cost of a Data Breach Report, by International Business Machines (IBM) Security and Ponemon Institute, the average number of global data breaches stood at 25,575, with an average total cost of $3.92 million of a data breach, in 2019.
In addition, malicious attacks are the prime cause of data breaches, which increased to 51% of breaches in 2019 from 42% in 2014. Moreover, increasing focus of organizations toward shifting their database to the cloud networks has also increased the chances of data breach. The implementation of cloud-based data protection solutions results in quick recovery of data from malicious attacks and also supports in secured transfer of files. Thus, surging number of data breaches and adoption of cloud computing technology are expected to increase the demand for DPaaS solutions.
Data Protection as a Service Market Competitive Landscape
The global data protection as a service market is fragmented in nature and gradually becoming competitive. Players in the market are adopting several growth strategies, such as product launches, partnerships, and mergers and acquisitions, to capture a larger customer base and increase their market share. For instance, in October 2019, U.S.-based data management company Commvault Systems Inc. announced the launch of software as a service (SaaS) solution, Metallic, at Commvault GO 2019 conference. The solution was launched in three ranges: Metallic Endpoint Backup & Recovery, Metallic Core Backup & Recovery, and Metallic Office 365 Backup & Recovery. The solution allows customers to protect 1 terabyte (TB) of on-premises, cloud-based, and hybrid network files and application data.
Some of the major players operating in the data protection as a service market are International Business Machines (IBM) Corporation, Cisco Systems Inc., Amazon Web Services (AWS) Inc., Hewlett Packard Enterprise (HPE) Company, Dell EMC, Oracle Corporation, Asigra Inc., Veritas Technologies LLC, Quantum Corporation, Commvault Systems Inc., and VMware Inc.
The report covers country-wise analysis of the data protection as a service market. Some of the major countries covered in the report are the U.S., Canada, France, Germany, the U.K., Italy, Spain, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Turkey, Saudi Arabia, and the U.A.E.
Market Size Breakdown by Segment
Based on Component
Based on Deployment
Based on Enterprise
Based on Service
Based on Industry