The Global Data Protection as a Service Market is anticipated to register a CAGR of over 28% during the forecast period (2019 – 2024). The increased growth and popularity of cloud services, many businesses are looking to enhance their hosted services to give them access to better benefits such as higher scalability, management, and recovery options. To better meet their client’s needs, many cloud storage and data security companies are developing data protection as a service model.
– The increasing concern regarding data security has increased the focus of the companies towards data protection.
– According to Gemalto in the first six months of 2017, there were 918 reported breaches that compromised 1.9 billion data records an increase of 164% compared to the previous year. From May through July 2017, a data breach at Equifax, one of the United States’ three largest credit reporting agencies, exposed the personal information of 143 million Americans. Hackers gained access to credit card numbers, Social Security numbers, birthdates, and other personally identifiable information.
– The increasing number of hacks and breaches has led to governments implementing new rules. For instance, the European Union’s General Data Protection Regulation and Canada’s Breach of Security Safeguards Regulations.
– Even though the number of data breaches and cyberattacks is increasing customers are not afraid of sharing their personal data with the third party companies. A 2019 survey conducted by the Center for Data Innovation found that 58% of Americans are willing to allow third parties to collect at least some of their personal data, including biometrics and medical data. It is also found that in the coming years this percentage is expected to increase to 70% owing to the personalized services provided by the companies.
– Moreover, these third-party companies are promising the privacy of the data shared which is attracting the customers to share data, thereby supporting the growth of the market studied.
Scope of the Global Data Protection as a Service Market Report
Data Protection as a Service encompasses storage as a service, backup as a service and disaster recovery as a service. By type of deployment, the market is segmented by on-premise and cloud. Type of clouds such as public, private and hybrid are considered under cloud deployment.
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Key Market Trends
Hybrid Cloud to Hold a Significant Share
– The cloud-based data protection solutions found various application, of which, the most significant is the inherent benefit of flexibility and cost-effectiveness. Cloud-based solutions lead to high protection, faster data recovery, and hence, attains the recovery goals of the company.
– With an increase in the adoption of hybrid cloud, SMEs have found various benefits to protect them from certain disasters.
– Organizations are increasingly opting for vendor-agnostic models that help them spread out the risks of data breaches and security lapses. Hybrid cloud is at the center of this evolution. While such an approach may occasionally increase the complexity of data protection, it certainly makes information security more effective.
– According to the Evaluator Group, 58% of the companies use hybrid cloud data protection solutions for disaster recovery. There are many aspects to data management with hybrid clouds, making data protection more complex. Protecting physical assets and data in the data center remains a key requirement. Protecting virtual assets and data is a more recent requirement
– The adoption of hybrid cloud disaster recovery by businesses helps eliminate the need for a secondary disaster recovery site. Moreover, the hybrid cloud also reduces the expenses and complexities of managing and maintaining a system. These factors are supporting the growth of hybrid cloud-based data protection solutions.
North America to Hold Major Share
– The North American market is expected to dominate the global disaster protection as a service market due to high awareness, the presence of various Tier-1 providers and the high demand for the implementation.
– With the increasing number of SMEs, the data center market in the region has witnessed a healthy growth. Further, due to exponential growth in data generation volume, a shift of data has been observed, from private servers to cloud networks. This trend entails resilient and reliable backup, and recovery solutions, as disruption of services is resulting in enormous losses for the service providers.
– Moreover, after the implementation of GDPR in May 2018 in the region, it had a significant effect on every company storing sensitive data about anyone in an EU member state, putting most larger Canadian companies on the hook. Those violating the requirements found themselves paying EUR 20 million, or 4% of their global revenue, whichever is higher. Such regulations in the region have increased the demand for data protection.
The DPaaS market is moderately competitive and consists of several major players. In terms of the market share, few of the players currently dominate the market. However, with innovation in the field of data storage and security system, the companies are increasing their market presence by securing new contracts by tapping across the emerging markets.
– June 2019 – Baffle Inc. unveiled Cloud Data Protection Platform (CDPP) for AWS, a simplified encryption solution specifically designed to help customers secure their data in AWS. The solution simplifies encryption and delivers data-centric protection tightly integrated for native Amazon RDS (Relational Database Service) environments.
– August 2018 – IBM announced Persistent Systems, Invest India, Wipro Limited, Capgemini and NASSCOM to have joined the multi-year Call for Code Global Initiative to create a better future. Call for Code, announced in May 2018, is an ambitious effort to bring startup, academic, and enterprise developers together to solve one of the most pressing issues: preventing, responding to and recovering from natural disasters.
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