Data Protection as a Service market to reach USD 46.40 bln by 2024

The report entitled ‘Data Protection as a Service (DPaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2016 – 2024’ estimates that DPaaS values USD 4.50 bln in 2015 and is expected to expand at a CAGR of 30.1% from 2016 to 2024.

The rising demand for cost effectiveness and disaster recovery are currently identified as the key reason for the growth of the DPaaS market across the globe. Also, the demand for cloud computing services, such as Infrastructure as a Service (IaaS), Platform as a Service (PaaS), and Software as a Service (SaaS), are paving the way for the DPaaS market.

The DPaaS Market is currently challenged by the lack of appropriate security tools and budget constraints for cloud users. Many organizations willing to back up their processes and systems on the cloud in the event of a disaster are faced with the complexities of doing so. The existing IT/system infrastructure of organizations is too complex to be replicated onto the cloud and at later stages, becomes too difficult to be retrieved.

The global DPaaS market has been segmented on the basis of deployment models into public cloud, private cloud, and hybrid cloud. Private cloud was the main segment by deployment model, accounting for approximately 42% of the total market revenue in 2015. Hybrid cloud is predicted to be the fastest-growing segment of the DPaaS Market. The segment is expected to emerge as a key milestone on the roadmap of IT as more enterprises plan to make it a part of their IT strategies

By end-users, the global DPaaS market is categorized into large enterprises and small and medium enterprises (SMEs). In 2015, the global DPaaS market was led by large enterprises due to growing demand for security. SMEs are predicted to be the fastest-growing segment during the forecast period. The demand is generated by the increasing number of small companies that are constantly looking to move all their applications to the cloud in order to become more cost effective and achieve shorter time-to-market.