What is the Global market size of the Data Protection As A Service Market?

Global Data Protection As A Service Market size was valued at USD 235.16 billion in 2021 and is poised to grow from USD 267.3 billion in 2022 to USD 731.08 billion by 2030, growing at a CAGR of 13.6% in the forecast period (2023-2030).

Data Protection As A Service Market Size, Share, Growth Analysis, By Service Type(Disaster Recovery as a Service (DRaaS), Backup as a Service (BaaS), Storage as a Service (STaaS)), By Deployment(Public Cloud, Private Cloud, Hybrid Cloud), By End Use(SMEs, Large Enterprise), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45C2055 | Region: Global | Published Date: October, 2024
Pages: 165 | Tables: 89 | Figures: 76

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Global Data Protection as a Service Market size was valued at USD 14.8 billion in 2022 and is poised to grow from USD 19.51 billion in 2023 to USD 177.62 billion by 2031, growing at a CAGR of 31.80% during the forecast period (2024-2031).

The market for data protection as a service is extremely competitive due to the presence of major data protection, disaster recovery, and cloud storage suppliers, as well as managed service providers. The providers are constantly working to update existing features and create cutting-edge solutions. For instance, Hitachi Vantara LLC, a division of Hitachi Ltd., offered a DPaaS solution in April 2021 to help businesses increase their operating efficiencies. To provide businesses with a full suite of data protection solutions, the system can offer on-demand storage as a service. 'Amazon Web Services, Inc. (US) ', 'Cisco Systems, Inc. (US) ', 'Commvault Systems, Inc. (US) ', 'Dell Inc. (US) ', 'HP Development Company L.P. (US) ', 'IBM (US) ', 'Microsoft (US) ', 'NetApp, Inc. (US) ', 'Oracle (US) ', 'Quantum Corporation (US) ', 'Acronis International GmbH (Switzerland) ', 'Carbonite, Inc. (US) ', 'Veeam Software (Switzerland) ', 'Barracuda Networks, Inc. (US) ', 'Druva Inc. (US) ', 'Zerto Ltd. (US) ', 'SonicWall Inc. (US) ', 'Infrascale, Inc. (US) ', 'Actifio Inc. (US) ', 'Datto, Inc. (US) ', 'Cloudian, Inc. (US) ', 'Iron Mountain Incorporated (US)'

The demand for Data Protection As A Service is being driven by the mobility and flexibility provided by QMS software in solutions like document control and non-conformances issue resolution. Due to the inherent scalability and accessibility, cloud-based QMS systems are in greater demand across all industrial sectors. The use of quality management systems (QMS) has grown in the manufacturing, logistics, and transportation industries as a result of stringent rules, ingrained business models, and complicated processes. These legal ramifications are yet another important market-stimulating aspect. The consumer goods and retail sector, which enables the user by supplying high-quality products at an affordable price that achieves customer satisfaction, is what drives demand for QMS.

Public cloud services have long promised businesses a wide range of advantages, but some businesses have always been hesitant due to concerns about data security, compliance, and privacy. According to a recent study commissioned by HPE, these three problems were the main reasons workloads were deemed unsuitable for the public cloud. The landscape is shifting as hybrid cloud usage increases because it gives businesses the best of on-premises, private, and public cloud environments. The number of organizations choosing vendor-agnostic models, which help them spread out the risks of data breaches and security lapses, has increased significantly. The hub of this transformation is the hybrid cloud. Although strategies like those might make data protection more difficult, they also make information security more beneficial.

In 2021, the North American area held more than 42% of the global market share. One reason for the region's expansion is the rise in cyberattacks, as well as the rising costs of cloud-based services and data protection products. Additionally, it is projected that the U.S.'s substantial IT infrastructure, cloud solution providers, and data protection companies would contribute to the increase. Due to increased investment in recovery, backup, and storage solutions as well as stricter data protection laws, the U.S. now holds the highest share in the regional market and is expected to maintain its dominance over the projected period.

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