The global data protection as a service market accounted for US$ 9.55 Bn in 2018 and is expected to grow at a CAGR of 29.1% over the forecast period 2019–2027, to account for US$ 94.3 Bn by 2027. Currently, the data protection as a service market is gaining high momentum across the globe owing to increasing penetration of digitization in various industries, data security and protection has become a vital component of business transaction ecosystems, especially in financial institutions and online retail. The demand for DPaaS in companies is increasing at a fast pace, mainly because these solutions allow companies to comply with various rules and regulations.
Some of the key providers in the data protection as a service market across the globe include Amazon Web Services, Inc., Commvault, EMC Corporation, Hewlett Packard Enterprise Development LP, and IBM Corporation among others. North America holds the largest market share in terms of revenue, whereas Asia Pacific is anticipated to be the fastest-growing region in the data protection as a service market during the forecast period. The growing digitization of various business processes leads to increasing possibilities of cyber-attacks. The increased vulnerability of businesses towards cyber threats results in the high demand for data protection services by enterprises, industries, and the government. Therefore, majority of SMEs and large enterprises in North America are working towards implementing effective security solutions to protect their critical data from unauthorized access. In Asia Pacific, due to rapidly increasing Internet connectivity and swift pace of digital transformation in the region are two of the key factors that make the digital ecosystem prone to cyber-attacks. The above-mentioned factors contribute towards driving the growth of data protection as a service market.
The overall data protection as a service market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the data protection as a service market. It also provides the overview and forecast for the global data protection as a service market based on all the segmentation provided concerning five primary reasons such as North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the data protection as a service market.