As per a new publication by Transparency Market Research, the global
market for data protection as a service is in a state of intense
competition, due to the high proliferation of cloud computing in
multiple industries and sectors around the world. With data recovery
and disaster management of data fast becoming the top priorities of
both large enterprises and SMEs, the providers of data protection as
a service are situated in a highly promising position of growth till
2024.
Browse The Press Release:
http://www.transparencymarketresearch.com/pressrelease/data-protection-as-a-service-dpaas-market.htm
The global market for data protection as a service is expected to
show an astronomical CAGR of 30.1% within the forecast period from
2016 to 2024, with respect to its revenue. The revenue is expected to
be US$5.66 bn by the end of 2016 and is projected to reach US$46.40
bn by the end of 2024.
North America
Leads Demand for DPaaS
North America, with its massive IT industry and the growing scope of
cloud computing in the public sector, is expected to retain its
dominant share in the global market for data protection as a service.
By the end of 2024, North America is expected to generate as much as
US$14.07 bn in DPaaS revenue.
Asia Pacific on the other hand is expected to be the faster region in
terms of demand for data protection as a service. This region’s
DPaaS market is projected at a CAGR of 33.6% from 2016 to 2024.
Globally, the private cloud has been the more preferred deployment
model for data protection as a service. This segment is expected to
generate US$20.123 bn by the end of 2024. Meanwhile, hybrid clouds
are expected to show the faster growth in demand as far as the
deployment of DPaaS is concerned. It is projected at a CAGR of 31.1%
from 2016 to 2024.
In terms of the types of services offered in DPaaS, DRaaS is expected
to overtake BaaS by 2024, reaching a revenue of US$19.73 bn.
DPaaS Need
Increases With Growing Cloud Computing Workloads
One of the key drivers for the global data protection as a service
market is the staggering volumes of workload taken up by the cloud
computing application markets. There is a very high degree of
virtualization today, with SaaS, PaaS, and IaaS being pushed across
multiple industry verticals. The overall workload is rapidly
migrating from conventional data centers to cloud-based platforms.
“With greater cloud-based workloads will come a greater need for
data protection. This is where the providers of data protection as a
service come in, supplying the needful,” states a TMR analyst.
Complexity and
Compatibility Still hampering DPaaS Proliferation
DPaaS solutions can be extremely complicated in nature when it comes
to deployment. This has to do with the current IT systems and
infrastructure already in place. This system can be quite complex and
detailed, and to replicate the same on a cloud platform can become
very difficult and time consuming. There is a relative lack of
redundancy solutions being offered by DPaaS providers, further
increasing the restraining factor on the market’s growth.
There is also the issue of compatibility when it comes to the cloud
applications and their use in multiple industry verticals. Most data
protection as a service solutions are high-transaction and critical
in nature, thereby allowing little scope of creating archetypes that
can be applied across different vertical, thereby restraining the
market’s growth.
The analyst adds, “There is still an immense scope of growth left
for data protection as a service providers in emerging economies,
especially the Asia Pacific region. India, China, and Southeast Asia
are expected to become key regions in the utility of cloud computing,
thus becoming key sources of finding users for data protection as a
service solutions.
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