Data Protection as a Service Market Strategies, Top Players, Growth Opportunities, Analysis, and Forecast by 2031

The data protection as a service market size is projected to reach US$ 264.27 billion by 2031 from US$ 34.25 billion in 2023. The market is expected to register a CAGR of 29.1% in 2023–2031. Need for robust data security measures and stringent regulations, the adoption of data protection solutions is likely to remain key data protection as a service market trends.

Data Protection as a Service Market Analysis

The growing adoption of advanced technologies and the transition of data to cloud-based systems for greater flexibility, efficiency, and cost savings are driving market growth. As a result, the imperative to securely store and safeguard critical data from loss, theft, and operational interruptions is motivating businesses to seek cloud-based data protection solutions and services.

Data Protection as a Service Market Overview

The IT infrastructure industry has experienced significant disruption due to the shift from product-based solutions to service-based offerings. Enterprises are gradually adopting a service model to deliver business outcomes to their clients and vendors, driven primarily by a focus on resiliency as they manage large volumes of data. Within infrastructure services, data protection as a service (DPaaS) has emerged as a particularly resilient solution, enabling enterprises to scale backup capabilities and provide data protection across storage, computing, and network environments. DPaaS solutions also play a crucial role in protecting and restoring data and information within databases. For instance, enterprises operating high-performance or edge computing environments with high data flow rates and limited bandwidth rely on DPaaS to efficiently back up data and reduce the risk of data loss and operational costs. As a result, enterprises are increasingly embracing DPaaS solutions to offer efficient recovery options for their development, functional, and administration teams, allowing them to regularly back up data as a precautionary measure.

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Data Protection as a Service Market: Strategic Insights

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Data Protection as a Service Market Drivers and Opportunities

Need for Robust Data Security Measures to Favor the Market

The growing amount of data has created a greater necessity for strong data security protocols, especially with the rise in cloud service usage by businesses. As cloud capabilities expand, the scope of data security has broadened, leading organizations to seek more advanced tools to safeguard not just data but also applications and proprietary business processes across public and private clouds. This escalating need for robust data security measures has fueled the popularity of Data Protection as a Service (DPaaS).

Rise in Cyber-Attacks

The increasing incidence and severity of cyber-attacks have raised awareness about the significance of data protection, leading to a heightened demand for DPaaS. This demand is especially noticeable in the context of the growing need for data protection among cloud service providers. The rise in cyber-attacks has emphasized the necessity for data protection and has further fueled the demand for DPaaS. It's becoming increasingly clear that the loss of critical data from cyber-attacks can significantly harm an organization's reputation and ability to operate. As organizations continue to look for more robust and scalable solutions to safeguard their data from evolving cyber threats, this trend is expected to persist.

Data Protection as a Service Market Report Segmentation Analysis

Key segments that contributed to the derivation of data protection as a service market analysis are deployment, organization size, and service type.

• Based on deployment, the market is divided into private cloud, public cloud, and hybrid cloud. The public cloud segment held a significant market share in 2023.
• By organization size, the market is bifurcated into SMEs and large enterprises. The large enterprises segment held a substantial share of the market in 2023.
• In terms of service type, the market is segmented into backup as a service (BaaS), disaster recovery as a service (DRaaS), and storage as a service (STaaS). The backup as a service (BaaS) segment held a substantial share of the market in 2023.

Data Protection as a Service Market Share Analysis by Geography

The geographic scope of the data protection as a service market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.

The growth of the cybersecurity and cloud service industry in North America has significantly impacted the DPaaS market in the region. Furthermore, the increased emphasis on legislative compliances to enhance cloud security and mitigate cyber-attacks has contributed to the market's expansion. The presence of a multitude of vendors offering tailored solutions presents opportunities within the market. Additionally, factors including data disclosure regulations, the necessity for stringent compliance with sensitive data protection, heightened expenditure on security platforms, and the rise in internet accessibility have all contributed to the escalating demand for DPaaS in the region.

Data Protection as a Service Market Regional Insights

The regional trends and factors influencing the Data Protection as a Service Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Data Protection as a Service Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Data Protection as a Service Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Data Protection as a Service Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Data Protection as a Service Market are:

1. Acronis International GmbH
2. Amazon Web Services, Inc.
3. Commvault
4. Carbonite, Inc
5. EMC Corporation
6. Hewlett Packard Enterprise Development LP

Disclaimer: The companies listed above are not ranked in any particular order.

Data Protection as a Service Market News and Recent Developments

The data protection as a service market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market:

• Cohesity, a leader in AI-powered data security and management, and Veritas, a leader in secure multi-cloud data resilience, today are announcing their definitive agreement under which Cohesity intends to combine with Veritas’ data protection business, which will be carved out of Veritas, to create a new leader in data security and management. Customers will benefit from the accelerated innovations unlocked by the joint company’s scaled R&D investment, its unwavering support for customer success, and one of the industry’s most extensive partner ecosystems.

(Source: Veritas Technologies LLC, Press Release, 2024)

• Veeam® Software, the #1 leader by market share in Data Protection and Ransomware Recovery, today announced the new Veeam Data Cloud, which is built on Microsoft Azure and delivers the confidence and reliability of the industry’s leading platform with the ease and accessibility of a cloud service. Today, Veeam Data Cloud provides backup-as-a-service (BaaS) for Microsoft 365 and Microsoft Azure, enabling radical resilience and leveraging powerful data protection and security technology within a simple, seamless user experience.

(Source: Veeam® Software, Press Release, 2024)

Data Protection as a Service Market Report Coverage and Deliverables

The “Data Protection as a Service Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles