Data Protection as a Service Market Size Worth $94.3Bn, by | #cybersecurity | #cyberattack | #hacking | #aihp

New York, Aug. 23, 2022 (GLOBE NEWSWIRE) — The Insight Partners published latest research study on “Data Protection as a Service Market to 2027 – Global Analysis and Forecasts by Deployment (Private Cloud, Public Cloud, Hybrid Cloud); Organization Size (SMEs, Large Enterprises); Service Type (Backup as a Service (BaaS), Disaster Recovery as a Service (DRaaS), and Storage as a Service (STaaS))”, the global data protection as a service market growth is driven by stringent data protection regulations for information security & With the increasing size and scope of privacy breaches, there is a shift towards broadening enforcement powers and sanctions for data protection.

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Data Protection as a Service Market: Competitive Landscape and Key Developments
The major players operating in the market for data protection as a service market are Acronis International GmbH, Amazon Web Services, Inc., Commvault, Carbonite, Inc, EMC Corporation, Hewlett Packard Enterprise Development LP, IBM Corporation, McAfee, LLC, Quantum Corporation, and VMware, Inc. among others. Some of the market Initiatives were observed to be most adopted strategy in the global data protection as a service market. Few of the recent market initiatives are listed below;

2019:Carbonite, Inc., closed its previously announced acquisition of Webroot Inc., an IT security company based in the U.S. The amalgamation of cloud-based cybersecurity with cloud-based backup and recovery leads a new approach to data protection for endpoint devices. The acquisition would enable Carbonite, Inc. Webroot to share a common vision to empower small and mid-sized companies with next-generation solutions.

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2019:Quantum Corporation declared the availability of the DXi-series backup appliances such as the DXi9000 and DXi4800. The new offerings provide backups to protect against data loss and disaster and DXi-series deliver greater storage density and efficiency for enterprises globally.

2018:McAfee entered in endpoint detection and response (EDR) space and announced cloud and unified data protection offerings that surge visibility across the whole ecosystem. McAfee’s MVision EDR works on the cloud to enable analytics and automation.

2018:Hewlett Packard Enterprise introduced hybrid cloud data protection and copy data management solutions for its intelligent storage portfolio. The new development enables customers to surge operational efficiency and reduce cloud storage costs.

Currently, the data protection as a service market is gaining high momentum across the globe owing to increasing penetration of digitization in various industries, data security and protection has become a vital component of business transaction ecosystems, especially in financial institutions and online retail. The demand for DPaaS in companies is increasing at a fast pace, mainly because these solutions allow companies to comply with various rules and regulations.

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In 2018, North America was estimated to account to hold the largest market share, growing at a CAGR of 26.7%. The data protection as a service market is majorly driven by an increasing number of cyber-attacks and adoption of security solutions, increasing demand for secure transaction in the BFSI sector, and others. Other factors responsible for boosting the business growth of DPaaS market is the integration of AI and other advanced technologies for alerting and pattern-based monitoring. The rapidly changing nature of businesses requires consistent changes in technology and services. Also, the rapid digitalization among SMEs is expected to provide substantial growth opportunity to the key players in this market. A large number of start-ups have been entering the marketplace with their innovative DPaaS by integrating artificial intelligence and other advanced technology into them.

In North America, the US-led data protection as a service market. The US is the most significant economy in the world, and one of the most important economy as well. The economy is also a step ahead when it comes to adoption of new technologies as well as the adoption of advanced solutions is quite high. Factors such as growing digitization of business processes and rising demand of advanced data protection services among enterprises to ensure efficient and risk-free business operations are contributing substantially towards the growth of DPaaS market in the country.

APAC is the fastest-growing region in data protection as a service market. Earlier, cybercrimes in APAC have been growing at a substantial rate owing to penetration of connected devices, digitization of essential services, investments in the ICT sector, business process automation, and other related developments. In addition, the region is becoming a new target of cybercriminals. In 2017, it was found that nearly 50% of the companies that face data breaches and security threats were SMEs. All the above-mentioned factors drive the growth of the DPaaS market in this region. This has resulted in higher demand for DPaaS in the region.

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The demand for DPaaS is primarily influenced by numerous economic and non-economic factors. The BFSI, Government, and healthcare sector present a larger demand as compared to other sectors during the forecast period. Potentially, Backup as a Service (BaaS) by service type in 2018 led the data protection as a service market whereas; Disaster Recovery as a Service (DRaaS) is expected to be the fastest-growing application during the forecast period 2019-2027 growing at a high CAGR value.

Data protection as a service is a cloud-based or web-delivered service to protect data assets residing on the cloud platform. Organizations generally utilize this service to enhance their network security and improve security for effective data management on the cloud. With the growing information flow, there is a constant demand for advanced data security software and services. There is a rising demand for solutions & services to reduce complexities and maintenance in terms of large data volumes. Data protection as a service help organizations to effectively and efficiently tackle security issues by offering cost-effective cloud services. It is a multi-tenant model which enables management of various services through a single portal. Growing demand for privacy and data security across all organizations globally is playing a major role in driving market growth.

Market leaders are involved in taking up a various market initiative such as expanding footprint across the world and meet the growing demand of its customers, focusing towards product enhancements by implementing advance technologies and signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world to maintain brand name globally. For instance, in 2019, EMC Corporation announced improved capabilities to the Dell EMC Data Domain and Integrated Data Protection Appliance (IDPA) portfolio of backup storage appliances build to provide businesses flexibility and value with expanded multi-cloud capabilities. In the same year, one more initiative in undertaken by Amazon Web Services. The company has been certified by the Australian Cyber Security Centre (ACSC) to host protected data and to provide assurance to Australian Government agencies with data security.

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