How big is the Data Protection as a Service Market?

The Data Protection as a Service Market size is expected to reach USD 24.51 billion in 2024 and grow at a CAGR of 32.64% to reach USD 100.65 billion by 2029. Read More

What is the current Data Protection as a Service Market size?

In 2024, the Data Protection as a Service Market size is expected to reach USD 24.51 billion. Read More

Who are the key players in Data Protection as a Service Market?

IBM Corporation, Amazon Web Services Inc., Hewlett Packard Enterprise Company, Cisco Systems Inc. and Dell Inc. are the major companies operating in the Data Protection as a Service Market. Read More

Which is the fastest growing region in Data Protection as a Service Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Data Protection as a Service Market?

In 2024, the North America accounts for the largest market share in Data Protection as a Service Market. Read More

What years does this Data Protection as a Service Market cover, and what was the market size in 2023?

In 2023, the Data Protection as a Service Market size was estimated at USD 18.48 billion. The report covers the Data Protection as a Service Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Data Protection as a Service Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Data Protection as a Service Market Trends

Market Trends of Data Protection as a Service Industry

This section covers the major market trends shaping the Data Protection as a Service Market according to our research experts:

Hybrid Cloud is Expected to Hold Significant Share

While public cloud services have long promised organizations a massive range of benefits, fears around data protection, security, and compliance have always held some firms back. A recent report commissioned by HPE found that these three issues were the most significant factors when workloads were considered unsuitable for the public cloud. With the growth of hybrid cloud, the landscape is changing, as hybrid cloud offers organizations the best of the on-premises, private, and public cloud worlds.
There is a significant growth in the number of organizations opting for vendor-agnostic models that help them spread out the risks of data breaches and security lapses. The hybrid cloud is at the center of this evolution. While approaches like that may increase the complexity of the protection of the data, at the same time, it makes information security even more helpful.
According to the Evaluator Group, 58% of organizations use hybrid cloud data protection solutions for disaster recovery. Protecting physical assets and data simultaneously in the data center remains an essential requirement. Protecting virtual assets and data is also gaining traction.
Adopting hybrid cloud disaster recovery offers various advantages to businesses, such as eliminating the need for a secondary disaster recovery site. Further, the hybrid cloud also reduces the complexities and expenses of the maintenance and management of a system. All these factors account for the growth of hybrid cloud-based data protection solutions.
As per IBM, with hybrid platforms as the central strategy for supporting key application workloads, firms are reaping the business benefits of improved efficacy of workload. In 2022, the most prevalent advantage of running applications on a hybrid cloud, as reported by IT leaders, was the ability to optimize disaster recovery and business continuity.

Data Protection as a Service Market - Advantages of running applications on hybrid cloud worldwide in 2022

Understand The Key Trends Shaping This Market

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North America is Expected to Hold Major Share

The North American market is expected to dominate the Data Protection as a Service Market due to high awareness and the high demand for implementation. Moreover, major players who offer Data Protection as a Service are headquartered in the United States, which includes companies such as IBM, Cisco, and Amazon Web Services.
With the increasing number of SMEs, the data center market in the region has witnessed healthy growth. Further, a data shift has been observed from private servers to cloud networks due to exponential growth in data generation volume. This trend entails resilient and reliable backup and recovery solutions, as disruption of services results in enormous losses for the service providers.
No single regulatory authority is dedicated to overseeing data protection law in the U.S. The regulatory authority responsible for oversight at the federal level depends on the law or regulation in question. In the financial services context, for example, the Consumer Financial Protection Bureau and various financial services regulators have adopted standards under the Gramm-Leach-Bliley Act (GLB) that dictates how firms subject to their regulation may collect, use, and disclose non-public personal information.
According to the U.S. Department of Health and Human Services, in 2021, the total number of U.S. residents affected by healthcare data breaches was around 46 million. The rise in such cases in the region creates a massive demand for Data Protection as a Service, further enhancing the market's growth opportunities.
As per Identity Theft Resource Center in the 1sthalf of 2022, the total number of data compromises in the U.S. came in at a total of 817 cases. Meanwhile, throughout the same time, over 53 million individuals were affected by data compromises, which included data breaches, data leakage, and data exposure.