Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Data Protection as a Service Market Size & Share Analysis - Growth Trends & Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The Data Protection as a Service (DPaaS) sector is undergoing an exceptional phase of expansion, with predictions indicating a growth surge from its current valuation of USD 18.48 billion in 2023 to USD 75.88 billion by 2028. This translates to a remarkable Compound Annual Growth Rate (CAGR) of 32.64% over the forecast period from 2023 to 2028. This trend reflects the escalating demand for more sophisticated cloud-hosted services, which are favored for their advanced scalability, management, and recovery features.
In light of the burgeoning cybersecurity threats, businesses across various sectors are progressively adopting DPaaS solutions. The increase in high-profile data breaches and the critical need for multi-layered security systems offer significant impetus to the DPaaS market's growth trajectory. The Third Quarter of 2022 alone witnessed around 15 million data records exposed worldwide, accentuating the essential nature of DPaaS in today's digital ecosystem.
Emergent Market Trends
- Hybrid Cloud Deployment: Organizations increasingly favor the flexibility afforded by hybrid cloud models, blending the benefits of on-premises, private, and public cloud functionalities. An outstanding 58% of organizations are tapping into hybrid cloud solutions for disaster recovery endeavors. The burgeoning trend of hybrid cloud usage is seen as integral in forging the future landscape of data protection and management.
- Adoption Across Industries: With the proliferation of next-generation technologies and a collective shift towards cloud-based infrastructure, the uptick in DPaaS adoption cuts across various sectors—driving robust market growth.
Geographic Market Highlights
North America is projected to secure a dominant position in the global DPaaS market, spurred on by technological awareness and a robust demand for implementation, amplified by the presence of key market players. The region's data center landscape has been invigorated by a dynamic shift from private servers to expansive cloud networks, which necessitates staunch backup and recovery frameworks to counter potential service disruptions. The regulatory scenario in the U.S., compounded by pronounced data breaches, is also providing impetus for the market's forward movement.
As the DPaaS market broadens, the competitive landscape is evolving, with key industry participants introducing innovative data solutions and forming strategic alliances to bolster their market presence and cater to the mounting demand. Recent collaborations among cybersecurity giants and datasphere specialists are indicative of the synergistic efforts aimed at enhancing data security and forging stronger cyber-defensive infrastructures.
A selection of companies mentioned in this report includes:
- IBM Corporation
- Amazon Web Services Inc.
- Hewlett Packard Enterprise Company
- Dell Inc.
- Cisco Inc.
- Oracle Corporation
- VMware Inc.
- Commvault Systems Inc.
- Veritas Technologies LLC
- Asigra Inc.
- Quantum Corporation
- Quest Software Inc.
- NxtGen Datacenter & Cloud Technologies Pvt. Ltd.
- Hitachi Vantara Corporation
For more information about this report visit https://www.researchandmarkets.com/r/n7y7mn
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