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

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).

One of the key factors influencing market growth is the increased usage of next-generation technologies and the movement of data to a cloud model to increase flexibility and agility and maximize cost savings. Therefore, organizations are considering data security solutions and services via the cloud to store and preserve crucial data from data loss, data theft, and operational calamities. The development of service-based offerings from product-based solutions has drastically altered the IT infrastructure market. Businesses are using the service model more frequently to provide business outcomes to their clients and suppliers. As companies manage thousands of data sets, the transition to the service-based paradigm was primarily brought on by the emphasis on resilience. Data protection as a service (DPaaS), which offers data protection across computing, storage, and network environments, has shown to be the most robust service among infrastructure services by assisting businesses in implementing backup solutions at scale.

The DPaaS solutions also aid in securing and regaining access to the database's data and information. For instance, some businesses that use edge computing or high-performance computing environments frequently experience high data flow rates within their functional levels and have constrained bandwidth and inadequate backups to handle the influx of information. A minor error in the backup process could result in a significant loss of data and high operational costs for the businesses to recover the lost data because of their limited capabilities. As a result, businesses are utilizing DPaaS solutions more frequently to give their functional, administrative, and development teams effective recovery choices so they can regularly backup their data before something goes wrong.

Additionally, more requirements for compliance are being placed on businesses by the increasingly strict regulations and standards, such as the GDPR policy and the Data Protection Act. This increases the pressure on the businesses to perform routine audits and concentrate on their compliance framework to provide evidence of their accountability. Data protection services are becoming more important as regulations become more stringent because they help businesses overcome obstacles and lower their exposure risks related to data protection. It requires a cooperative strategy, compliance with checks, awareness of data protection artifacts and processes, and provision of incident capabilities.

Another factor influencing the expansion of the market is the growing Bring Your Device (BYOD) and Choose Your Device (CYOD) trends among businesses. Employees can register their own devices and share them with the company to increase productivity by utilizing BYOD policies. As a result, one of the main issues for businesses is the rise in risks associated with data theft, data piracy, and data storage. Businesses use DPaaS services and solutions to reduce such difficult problems. Furthermore, COVID-19's pandemic impact has compelled organizations to move their services and solutions to the cloud. Businesses chose recovery services as a result of their growing reliance on remote network infrastructure. Additionally, increasing instances of data theft also portend the market's growth in 2019.

US Data Protection As A Service Market is poised to grow at a sustainable CAGR for the next forecast year.