Market Overview
The Data Protection As-A-Service Market is predicted to increase its market growth by USD 7.6 billion for the year 2020. In the forecast year of 2027, the global market has expectations to meet at USD 28.2 billion. This is meant that the global market has predicted to meet a CAGR of 24.53% in the forecast period of 2027. According to the Data Protection As-A-Service Market outlook report, the disaster recovery as a service (DRaaS) type is predicted to generate more market value with registering the highest CAGR for the forecast period.
The increasingly advanced cyber-attacks are increasing concerns for secure critical business data, which automatically increases demand over these disaster recovery type segments. In the forecast period of 2020 to 2027, the private cloud deployment model segment is registered to generate more market revenue. This deployment model is increasing demand because it is offering greater data security to large enterprises in the global market.
Among all the end-users, the banking, financial services, and insurance (BFSI) sector are investing more for data protection as-a-service as a large chunk of critical data has been managed by the sector, which may lead to an increase in cyber-attacks or threats to the sector. Accordingly, the global market is generating more Data Protection As-A-Service Market share. The Data Protection As-A-Service Market outlook report has highlighted that the key players' adoption of various key strategies can enhance the global market’s growth. The report mentions that the increasing cyber threats are driving the Data Protection As-A-Service Market share.
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Market Segmentation
The Data Protection As-A-Service Market outlook shows that the global market is segmented based on end-user, type, and deployment model. According to the type segmentation, the global market is divided into three types such as backup as a service (BaaS), storage as a service (STaaS), and disaster recovery as a service (DRaaS). Among all these type segments, the disaster recovery as a service (DRaaS) type is predicted to generate more market value with registering the highest CAGR for the forecast period. The increasingly advanced cyber-attacks are increasing concerns for secure critical business data, which automatically increases demand over these disaster recovery type segments. The Data Protection As-A-Service Market outlook report mentions that based on the deployment model segment, the global market is divided into three models such as private cloud, hybrid cloud, and public cloud. The private cloud deployment model segment is registered to generate more market revenue in the forecast period of 2018 to 2023. This deployment model is increasing demand because it is offering greater data security to large enterprises in the global market.
Based on the end-users segment, the global Data Protection As-A-Service Market is segmented into healthcare; IT and telecom; government and defense; education; media and entertainment; banking, financial services, and insurance (BFSI); consumer goods and retail; and others. Among all the end-users, the banking, financial services, and insurance (BFSI) sector are investing more for data protection as-a-service as a large chunk of critical data has been managed by the sector, which may lead to an increase in cyber-attacks or threats to the sector.
Regional Analysis
The regional classification of the Data Protection As-A-Service Market explains that the global market has covered the regions like Asia-Pacific, South America, North America, Europe, and the Rest of the World. As compared to all these regions, North America is generating a higher Data Protection As-A-Service Market share due to the higher focus on the advancement in the technology.
Industry News
In the first half of the year 2020, the Data Protection As-A-Service Market has got affected due to the pandemic lockdown. The key players have adopted many strategies to combat the pandemic situation. In the present scenario, the global market has able to stand in the market and is expected to generate more Data Protection As-A-Service Market share in the forecast period.
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