The Data Protection as a Service market size to reach $28,878 million by 2022, growing at a CAGR of 31.5% from 2016 to 2022.
Portland, OR -- (SBWIRE) -- 06/08/2017 -- A new report published by Allied Market Research titled, "Global Data Protection as a Service (DPaaS) Market" projects the DPaaS market size to reach $28,878 million by 2022, growing at a CAGR of 31.5% from 2016 to 2022. Private cloud deployment model generated the largest DPaaS market share in 2015 while hybrid cloud sub-segment is expected to register the fastest growth during the forecast period 2016-2022. North America is expected to be the largest market over the forecast period.
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Increasing data loss concerns, rise in need for backups & archives, and governance, risk & compliance are expected to drive the growth of global data protection as a service market. In addition, increasing demand for cloud-based disaster recovery & backup for virtual machines and integration of backup & recovery services have increased significantly and are expected to provide lucrative opportunities for market growth. However, high costs and complexities in cloud deployment limit the DPaaS market growth.
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"In 2015, private cloud accounted for the maximum revenue share in the overall DPaaS market as it is much safer than public cloud. In addition, hybrid cloud is expected to witness the fastest growth over the forecast period as many companies plan to make hybrid cloud a crucial part of their IT strategies", states Seapee Bajaj, Lead Analyst, Software & Services at AMR.
The STaaS service type dominated the global market in 2015 due to. Furthermore, DRaaS is anticipated to grow at a CAGR of 32.6% during the forecast period owing to increased need to improve data security, protection of data in disaster, and assurance of seamless & continuous business operations.
Large enterprises are the leading end users in the market and are projected to continue their dominance over the forecast period. However, SMEs will witness the fastest growth over the forecast period owing to the increasing number of SMEs across the globe and deployment of cost-effective solutions.
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North America is the most lucrative market as compared to others with diverse industry verticals implementing DPaaS at a greater extent. Furthermore, it is projected to generate the highest market revenue over the forecast period with predominant deployments in the large enterprises. In addition, Asia-Pacific is estimated to grow at the fastest pace owing to heavy investments by the governments into infrastructural activities for effective data protection.
Key Findings of Data Protection as a Service Market:
- Private cloud deployment model is expected to exhibit a significant growth in the DPaaS industry
- STaaS generated the highest revenue among other service types pertaining to reduced data storage costs and increased implementation by SMEs
- Large enterprises dominate the global DPaaS market followed by SMEs
- Asia-Pacific is projected to exhibit a substantial growth during the forecast period
The key players in the global DPaaS market 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.
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