According to ResearchAndMarkets, the Data Protection-as-a-Service market was valued at US$7.61 billion in 2020 and is expected to reach US$18.96 billion by 2026, registering a CAGR of 17.1% from 2021 - 2026.
He explained that DPaaS solutions are extremely valuable to enterprises managing data and application sprawl across core and cloud environments, as well as mitigating the perpetual threat of cyberattacks and ransomware.”
The DPaaS market is moderately competitive and consists of several major players. In terms of the market share, few of the players currently dominate the market.
However, with innovation in the data storage and security systems, the companies are increasing their market presence by securing new contracts by tapping across the emerging markets.
Disaster Recovery-as-a-Service (DRaaS)
Protecting the data and the infrastructure, DRaaS allows a business to restore its entire data framework in the event of a natural disaster, ransomware attack, or technological failure from a backup at an offsite location. It is far enough to remain unaffected by the same crisis.
According to the Evaluator Group, 58% of the organizations use hybrid cloud data protection solutions for disaster recovery.
There are various aspects concerning data management with hybrid clouds that make data protection more complex. Protecting physical assets and data at the same time in the data centre remains an essential requirement. Protecting virtual assets and data is also gaining traction.
DRaaS adoption in APJ
In Veeam’s latest Cloud Protection Trends Report, 41% of surveyed organizations in Asia-Pacific and Japan (APJ) use cloud storage as an offsite repository. This is slightly higher than the global standard of 40%.
The report also noted that APJ organisations are most likely to use purpose-built DRaaS solutions (30%) compared to other regions. Interestingly, 38% of APJ organizations will recover on-premises and 46% of them have written scripts for reconnecting resources that are now running remotely.