Data Protection as a Service (DPaaS) Market To Tap US$46.40 bn by 2024 With Rising Cloud Computing Services
DPaaS is a web-delivered or cloud-based service to protect data assets residing on the cloud. Enterprises generally utilize this service to build better security and enhance their network security for effective data management on the cloud. There is presently a rising need to reduce complexities in terms of large data volumes for application development. DPaaS services help organizations look after these issues by providing cost-effective cloud services. It is a multi-tenant model which allows management of various services through a single portal. On its deployment, DPaaS seamlessly provides virtual machine capabilities for each and every server. The global DPaaS market was valued at US$ 4,507.1 Mn in 2015 and is forecast to expand at a CAGR of 30.1% from 2016 to 2024 to reach a value of US$ 46,404.5 Mn in 2024.
The global DPaaS market is currently witnessing healthy growth as many large and small companies are heading toward achieving the most advanced cloud features in order to ensure high scalability and the best management for their organizations. Growing demand for cost effectiveness and disaster recovery are currently identified as top drivers for the DPaaS market globally. Additionally, the growth of cloud computing services is also cited as a major factor driving the market’s growth over the forecast period. The market’s growth is also accelerating as the cost of storing data on the cloud is coming down every year across the globe, thereby increasing the demand for DPaaS solutions for effective data security and privacy. A lack of appropriate security tools and budget constraints for cloud users is projected to be a major inhibitor for the DPaaS market’s growth throughout the forecast period.
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On the basis of various deployment models, the global DPaaS market is segmented into public cloud, private cloud, and private cloud. In 2015, the private cloud segment led the market by accounting for approximately 41.8% of the total market revenue owing to the growing number of large enterprises across the world looking for a greater level of security and privacy on the cloud. On the other hand, the hybrid cloud segment is projected to expand the fastest during the forecast period owing to the growing number of complexities in cloud applications. The segment is emerging as the best option for all the organizations that are looking to grab the benefits of public and private cloud deployment models at the same time.
By services, the DPaaS market is segmented into Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), and Storage as a Service (STaaS). DRaaS is expected to be the fastest-growing segment during the forecast period. Growing demand for data security and privacy across all thedata centers worldwide is playing a key role in driving the segment’s growth in future.
By end-users, large enterprises led the global DPaaS market, accounting for approximately 50% of the total market revenue in 2015. This is mainly attributed to the growing adoption of the hybrid cloud computing model, which is expected to be the future cloud computing model mostly embraced by large enterprises. The small and medium enterprises (SMEs) segment is expected to rise the fastest during the forecast period.
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North America was the leading geographical region in the global DPaaS market in 2015, holding approximately 37% of the global market revenue share. The region is expected to remain dominant throughout the forecast period from 2016 to 2024 with the growing traction of cloud infrastructure services. Asia Pacific is projected to expand at the fastest CAGR of 33.6% throughout the forecast period. This is mainly attributed to growing digitization in a number of IT services in the region.
The key market players profiled in this report include IBM Corporation, Amazon Web Services, Inc., Hewlett-Packard Development Company, L.P., EMC Corporation, Commvault Systems, Inc., VMware, Inc., Quantum Corporation, and Asigra, Inc.