Data Protection As A Service Market To Reach $106.05 Billion By 2030

Data Protection As A Service Market Growth & Trends

The global data protection as a service market size is estimated to reach USD 106.05 billion by 2030, expanding at a CAGR of 25.9% from 2024 to 2030, according to a new report by Grand View Research, Inc. 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 2019, 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.

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Data Protection As A Service Market Report Highlights

• Storage as a service (STaaS) segment is anticipated to experience the fastest CAGR during the forecast period 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 small and medium-sized enterprises (SMEs) segment is anticipated to witness the fastest CAGR during the forecast period

• Asia Pacific data protection as a service market is expected to experience the fastest CAGR over the forecast period.

• The disaster recovery as a service (DRaaS) segment dominated the global industry and accounted for a revenue of 38.3% in 2023.

Data Protection As A Service Market Segmentation

Grand View Research has segmented the global data protection as a service market based on type, deployment, enterprise, end use, and region:

Data Protection As A Service Serrvice Outlook (Revenue, USD Million, 2018 - 2030)

• Disaster Recovery as a Service (DRaaS)

• Backup as a Service (BaaS)

• Storage as a Service (STaaS)

Data Protection As A Service Deployment Outlook (Revenue, USD Million, 2018 - 2030)

• Public Cloud

• Private Cloud

• Hybrid Cloud

Data Protection As A Service Enterprise Size Outlook (Revenue, USD Million, 2018 - 2030)

• Small and Medium-sized Enterprises (SMEs)

• Large Enterprises

Data Protection As A Service End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Banking, Financial Services, and Insurance

• Healthcare

• IT and Telecom

• Retail

• Education

• Manufacturing

• Others

Data Protection As A Service Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

• Latin America

  • Brazil

• Middle East & Africa

  • South Africa

  • Saudi Arabia

  • UAE

List of Key Players in Data Protection As A Service Market

• IBM Corporation

• Amazon Web Services, Inc.

• Hewlett Packard Enterprise Development LP

• Dell Inc.

• Cisco Systems, Inc.

• Oracle

• Broadcom

• Commvault

• Veritas Technologies LLC

• Asigra Inc.