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.

Albany, NY -- (SBWire) -- 11/18/2016 --Amazon Web Services, Inc., HP Development Company, LP, and EMC Corporation have consistently led the global data protection as a service market over the past few years. They are expected to continue their dominance in the market for a few more years owing to their rate of advancement in this field. Additionally, IBM Corp.'s DPaaS models are expected to score big for the IT giant over the coming years, depending on the implementation.

According to Transparency Market Research in its recently released report, the global data protection as a service market has experienced a field of sharp competitiveness. The scope of cloud computing in perpetually every industry vertical is extremely huge and DPaaS providers understand that, while trying to proliferate their services across as many verticals as they can.

Following up on the cloud computing boom is the provision of data recovery and disaster management services, which will be seeing plenty of golden opportunities over the coming years. As mentioned in the report, the global data protection as a service market is expected to skyrocket to US$46.40 bn by the end of 2024. Its revenue is expected to display a scorching CAGR of 30.1% from 2016 to 2024 and is expected to reach US$5.66 bn by the end of 2016.

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Hybrid Clouds Come with a Silver Lining

Private clouds have so far been the more preferred model of deployment in the global data protection as a service market. In 2015, this segment held a share of 41.8% in the market's revenue. Larger enterprises especially show a greater liking to private clouds from the global data protection as a service market as they have the investment capabilities to ensure the proper and efficient use of private models. This, however, is not the case with small and medium-scale companies, where the use of hybrid cloud services are becoming increasing popular. These DPaaS services are very affordable compared to their private server counterparts and hold nearly the same level of utility. Additionally, the modern encryption and protection measures have improved drastically, allowing clients to place a greater trust in the hybrid cloud providers.

Intense Cloud-based Workloads Beneficial for DPaaS Providers

"Perhaps the singular leading factor contributing to the staggering growth rate shown by the global data protection as a service market, is the pressing issue of cloud computing workloads. The cloud computing services have upgraded speedily over the past few years and clients have been demanding more and more from them. This is because IaaS, PaaS, and SaaS are all experiencing a very high caliber of virtualization and are being implemented across many business verticals. As a result, service providers have started applying cloud computing to their advantage," states a TMR analyst. This bodes well for providers of DPaaS services as it allows them to access a massive client pool from different fields.

DPaaS Services Still Rife with Compatibility Issues

Amongst the myriad features and services provided by players from the global data protection as a service market, one problem that still persists – and may continue to persist for a while longer – is the lack of standardization between different platforms. Cloud computing solutions are already quite complex in terms of implementation and this is made even more difficult and time consuming when different platforms have to merge, such as the DPaaS solutions with other cloud platforms. This is likely to get resolved over the coming years as better standardization methods are adopted in cloud computing.

"At the moment, players in the global data protection as a service market can look to Asia Pacific for massive growth opportunities. APAC has a positively growing and competitively healthy ICT industry with a lot of players opting to go the cloud way. DPaaS providers can definitely latch on to the leading countries in this region for better growth prospects," adds the analyst.