Data Protection as a Service (DPaaS) Market Rising Valuation to Reach $170.54 Billion by 2030

• 15 Dec 2023
• TM Team
• 0 Comments

According to a new report published by Allied Market Research, titled, "Data Protection as a Service (DPaaS) Market, by Service Type (Disaster Recovery as a Service, Backup as a Service, Storage as a Service), by Deployment Mode (Public Cloud, Private Cloud, Hybrid Cloud), by Enterprise Size (Large Enterprise, SMEs): Global Opportunity Analysis and Industry Forecast, 2020-2030"

The data protection as a service market size was valued at $15.49 billion in 2020, and is estimated to reach $170.54 billion by 2030, growing at a CAGR of 27.2% from 2021 to 2030.

The advent of cloud computing and software-defined data centers with virtualized infrastructure components delivered as a service has fostered the need for data protection in the present business scenario. Increase in need for data protection among cloud service providers has led to the introduction of Data Protection as a Service Market. DPaaS is a cloud-based, web-delivered service designed to safeguard data assets of businesses. The deployment of DPaaS has increased in organizations across the globe, owing to the advantages of better network security and advanced data security.

Cloud services are adopted by businesses for better management and high scalability of their services. Increase in demand for cost-effective DPaaS and disaster recovery services has boosted the growth of the global DPaaS market. In addition, increase in concerns about data loss, surge in need for data backups & archives, and stringent requirements for governance and risk & compliance for storage have driven the global Data Protection as a Service Market. However, high costs and complexities associated with deployment of cloud DPaaS hamper the market growth.

Competitive Analysis:

The competitive environment of Data Protection as a Service (DPaaS) Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Data Protection as a Service (DPaaS) Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.