Data Protection As A Service Market Records a CAGR of 29.37% with Amazon.com Inc. and Broadcom Inc. Emerging as Key Players | Technavio
Thus, the growing need for organizations to simplify solutions for backup will further drive the adoption of data protection as a service in the next few years.
NEW YORK, Aug. 12, 2021 /PRNewswire/ -- The data protection as a service market (DPaaS) is expected to grow by USD 20.69 billion during 2021-2025, according to the latest research report by Technavio. The report offers descriptive analysis on the dominant and strong players including Acronis International GmbH (Switzerland), Amazon.com Inc. (US), Asigra Inc. (Canada), Backblaze Inc.(US), Broadcom Inc. (US), Commvault Systems Inc. (US), Dell Technologies Inc. (US), Hewlett Packard Enterprise Development LP (US), International Business Machines Corp. (US), and Veritas Technologies LLC (US).
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Data Protection as a Service Market: Increasing demand to shift from CAPEX to OPEX Model to drive growth
There has been a rapid increase in the adoption of DPaaS solutions across several industry verticals due to the rising preference of businesses to shift from CAPEX to OPEX model. This model allows the clients to deploy and implement DPaaS solutions and services using the pay-per-use pricing model, in which they have to pay only for what they use. In addition, DPaaS solutions are also flexible in terms of deployment models including IaaS, PaaS, and SaaS allowing clients to build their cloud infrastructure according to their unique business needs. Furthermore, the affordability of DPaaS is another crucial factor encouraging the enterprises owing OPEX Model to deploy these services, in turn, creating a substantial demand for DPaaSs in the forthcoming years.
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Data Protection As A Service Market: Growing Need To Simplify Solutions For Backup
Data backup has remained a primary concern for enterprises and organizations going digital and moving to the cloud across the globe. Though crucial data can still be stored on other portable devices including flash drives or external HDDs through physical or manual handling, the convenience offered by DPaaS is unquestionable. As long as there is sufficient Internet connectivity, DPaaS can be accessed from anywhere. Enterprises do not need to be proactive in saving, labeling, and tracking information. Furthermore, employees and organizations are able to focus more on improving their productivity, eliminating overall downtime, and allocating resources efficiently without worrying about monitoring if their work is saved and secured. Thus, the growing need for organizations to simplify solutions for backup will further drive the adoption of data protection as a service in the next few years.
"The growing adoption of Data Protection as a Service (DPaaS) by enterprises across the globe is leading the market to witness 30.07 YOY in 2021%", according to Technavio.
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Data Protection As A Service Market: Segmentation Analysis
This market research report segments the data protection as a service market by application (STaaS, BaaS, and DRaaS) and geography (North America, Europe, APAC, South America, and MEA).
North America region led the data protection as a service market in 2021, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the region is expected to account for 36% of the incremental DPaaS market growth mainly due to the US emerging as an intelligent economy through the interlinking of modern technologies including cloud solutions, mobility. In terms of application, the STaaS model is anticipated to account for the largest share as organizations lease their storage infrastructure to STaaS providers for storing their business data.
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Related Reports:
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Backup-as-a-service Market by Application and Geography - Forecast and Analysis 2021-2025
Cloud Computing Market by Service and Geography - Forecast and Analysis 2021-2025
Cloud Backup and Recovery Market by End-user and Geography - Forecast and Analysis 2020-2024
Some of the key topics covered in the report include:
Market Challenges
Market Drivers
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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