Data Protection as a Service Market to Reach $46 Billion by 2024 – Transparency Market Research

According to a market report published by Transparency Market Research entitled Data Protection as a Service (DPaaS) Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024 (94pages, $4,795), the global Data Protection as a Service (DPaaS) market was valued at $4.50 billion in 2015 and is expected to expand at a CAGR of 30.1% from 2016 to 2024, reaching $46.40 billion by the end of the forecast period.

Due to the growing popularity and adoption of cloud computing services, many organizations of all sizes are looking to grab advanced cloud features in order to deliver high scalability and management to their services. The rising demand for cost effectiveness and DR are currently identified as the key reason for the growth of the DPaaS market across the globe. Additionally, the demand for cloud computing services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), are paving the way for the DPaaS market.

The DPaaS market is currently challenged by the lack of appropriate security tools and budget constraints for cloud users. Many organizations willing to backup their processes and systems on the cloud in the event of a disaster are faced with the complexities of doing so. The existing IT/system infrastructure of organizations is too complex to be replicated onto the cloud and at later stages, becomes too difficult to be retrieved.

The DPaaS market has been segmented on the basis of deployment models into public cloud, private cloud, and hybrid cloud. Private cloud was the leading segment by deployment model, accounting for approximately 42% of the total market revenue in 2015. The segment is anticipated to maintain its supremacy throughout the forecast period from 2016 to 2024. Hybrid cloud is predicted to be the fastest-growing segment of the DPaaS market. The segment is expected to emerge as a key milestone on the roadmap of IT as more enterprises plan to make it a part of their IT strategies.

By services, the global DPaaS market is classified into DR as a Service (DRaaS), Backup as a Service (BaaS), and Storage as a Service (STaaS). In 2015, the market was led by the BaaS segment and followed by the STaaS and DRaaS segments. The DRaaS segment is projected to expand the fastest with a CAGR of 33.0% during the forecast period. This can be concluded as the introduction of various DR plans becoming mandatory in the banking, financial services, and insurance (BFSI), government, and public sectors. Currently, the BFSI, government, and public sectors of many locales have already deployed or are in the process of deploying DRaaS solutions.

By end-users, the global DPaaS market is categorized into large enterprises and SMEs. In 2015, the global DPaaS market was led by large enterprises due to growing demand for security. SMEs are predicted to be the fastest-growing segment during the forecast period. The demand is generated by the increasing number of small companies that are constantly looking to move all their applications to the cloud in order to become more cost effective and achieve shorter time-to-market.  

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