The global market for data protection as a service is expected to show an astronomical CAGR of 30.1% within the forecast period from 2016 to 2024, with respect to its revenue. The revenue is expected to be US$5.66 bn by the end of 2016 and is projected to reach US$46.40 bn by the end of 2024.
Albany, NY -- (SBWIRE) -- 12/12/2016 -- The high demand for data protection to be more cost-effective is currently the key driver promoting the providers of data protection as a service. Coupled with the growing need for disaster recovery applications, players in the data protection as a service market are poised to become some of the more sought-after entities in the IT industry. Their ability to store critical data safely and remotely provides one of the better disaster recovery management methods.
Additionally, providers of data protection as a service can currently offer these services at lower prices thanks to the falling costs of cloud-based data storage. The intensely competitive cloud computing scenario is allowing end users to avail quality services at lower prices than before, including DPaaS.
However, the key concern of questionable data security and privacy issues are still a key concern for individuals and companies seeking to avail data protection as a service models. This threat to the market is expected to fizzle out over time as stronger encryption methods and secure storage technologies come into the picture.
The above factors, along with others, are responsible for the global market for data protection as a service to be projected at a whopping CAGR of 30.1% from 2016 to 2024. While currently at a relatively slower pace, the growth rate is expected to rise rapidly over time. By the end of 2016, the global DPaaS market's revenue is expected to reach US$5.66 bn and US$46.40 bn by the end of 2024.
Key DPaaS Providers Focusing on APAC Demand
The demand for data protection as a service has always been very high in North America, owing to its advanced IT infrastructure and massive volumes of data that need to protected. By the end of 2024, the DPaaS market in North America is expected to generate US$14.07 bn in revenue. Additionally, there is a fast rate of increase in awareness of cloud computing applications and advantages in other sectors of North America, including private and public avenues such as hospitals and schools. North America also has a large platform for open source cloud platforms such as OpenStack, further promoting the use of hybrid clouds and related data protection as a service models.
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Asia Pacific on the other hand is showing a massive increase in the demand for data protection as a service. A key factor driving this demand for DPaaS is the currently fast rate of improvements in the implementation of high-speed internet and remote connectivity. There are a staggering number of companies that are currently entering the cloud computing market in this region, adding to the volume of storage that will be made available over the coming years.
Near Equal Demand for DPaaS from Large Enterprises and SMEs
While the disparity in the revenue generated by data protection as a service providers from large enterprises, and small and medium enterprises is noticeable currently, this gap is expected to fade out over the coming years owing to the greater demand for data protection as a service shown by SMEs. By the end of 2024, the revenue generated by data protection as a service companies from large enterprises is expected to reach US$23.46 bn.
Enterprises with a low CAPEX are able to avail efficient data protection as a service at a much faster rate than before, due to the rapid reduction in costs of cloud computing applications. Their greater budget restrictions can now manage to fit in effective cloud computing solutions, including DPaaS.
The key providers of data protection as a service (DPaaS) from a global perspective include EMC Corporation, Amazon Web Services, Inc., IBM Corporation, VMware, Inc., Quantum Corporation, Commvault Systems, Inc., Asigra, Inc., and HP Development Company, L.P.