DUBLIN–(BUSINESS WIRE)–The “Data Protection as a Service Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.
The Data Protection-as-a-Service market was valued at USD 7.61 billion in 2020 and is expected to reach USD 18.96 billion by 2026, registering a CAGR of 17.1% from 2021 – 2026.
Companies Mentioned
- IBM Corporation
- Amazon Web Services Inc.
- Hewlett Packard Enterprise Company
- Dell Inc.
- Cisco Inc.
- Oracle Corporation
- VMware Inc.
- Commvault Systems Inc.
- Veritas Technologies LLC
- Asigra Inc.
- Quantum Corporation
- Quest Software Inc.
- NxtGen Datacenter & Cloud Technologies Pvt. Ltd.
- Hitachi Vantara Corporation
Key Market Trends
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-premise, 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, but at the same time, it makes information security even more useful.
- According to the Evaluator Group, 58% of the organizations use hybrid cloud data protection solutions for disaster recovery. There are various aspects concerning data management with hybrid clouds that make data protection more complex. Protecting physical assets and data at the same time in the data center remains an essential requirement. Protecting virtual assets and data is also gaining traction.
- The adoption of hybrid cloud disaster recovery by businesses offers various advantages, 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 are accounting for the growth of hybrid cloud-based data protection solutions.
- In November 2019, Nutanix, Inc. announced the findings of its second global Enterprise Cloud Index survey and research report, which measures enterprise progress by adopting private, hybrid, and public clouds. The report concluded that enterprises are planning to aggressively shift investment to hybrid cloud architectures, with organizations reporting steady and substantial hybrid deployment plans over the next few years. 85% of the survey respondents selected the hybrid cloud as their ideal IT operating model.
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 the 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. According to the US Department of Health and Human Services, the number of U.S. residents affected by health data breaches increased from 17.4 million to 40 million from the year 2014 to 2019.
- With the increasing number of SMEs, the data center market in the region has witnessed a healthy growth. Further, due to exponential growth in data generation volume, a shift of data has been observed, from private servers to cloud networks. This trend entails resilient and reliable backup, and recovery solutions, as disruption of services is resulting in enormous losses for the service providers.
- There is no single regulatory authority dedicated to overseeing data protection law in the US. At the federal level, the regulatory authority responsible for oversight 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 pursuant to the Gramm-Leach-Bliley Act (GLB) that dictates how firms subject to their regulation may collect, use and disclose non-public personal information.
Key Topics Covered:
1 INTRODUCTION
1.1 Study Assumptions & Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness – Porter’s Five Force Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Increasing Need of Data Security due to Huge Volume of Data
5.1.2 Stringent Regulations Regarding the Adoption of Data Protection Solutions
5.2 Market Restraints
5.2.1 Increasing Hidden Costs of Cloud-based Storage
6 MARKET SEGMENTATION
6.1 Service
6.2 Deployment
6.3 End-user Indsutry
6.4 Geography
7 COMPETITIVE LANDSCAPE
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/7nxp3z
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