The global data protection as a service market is growing owing to the increasing concerns about data loss, growing need for data backups and archives, governance, risks and regulatory compliance for storage will fuel the market growth. In addition, increased adoption of next-generation technologies and the migration of data to cloud platforms will provide flexibility, agility, and cost optimization to drive the growth of the DPaaS market. Nevertheless, the rising demand for cloud-based disaster recovery and backup for virtual machines, and integration of backup services will create opportunities for growth in the DPaaS market.
The increasing adoption of remote working systems during COVID-19 crisis across industry verticals has aroused the need for privacy and security, resulting in the growth of the DPaaS market at t 30.8% CAGR during 2021-2027.
Based on service type, Disaster Recovery as a service (DRaaS) dominates the market owing to the rising concern for data breaches, malware, and software bugs and mounting risks of communication failure, power outage, and hardware failures. Furthermore, during the COVID-19 crisis, there was an increased need for DRaaS solutions owing to the need for remote hardware infrastructure and recovery solutions among employees.
North America dominates the DPaaS market owing to the rising incidences of cyberattacks and the rise in spending on data protection solutions and cloud-based services. Moreover, there is a presence of widespread IT infrastructure, cloud solution vendors, and data protection vendors in the U.S., leading to the growth of the DPaaS market in the region.
The prominent players in the DPaaS industry include Commvault Systems, Inc., Acronis International GmbH, Carbonite, Inc., International Business Machines Corporation, Veritas Technologies, Hewlett Packard Enterprise Company, and Quantum Corporation.
Source: VynZ Research
