The trend lines are clear: just as applications and data are moving to the cloud, data security is also moving to the cloud because of the scalability, flexibility, and accessibility that the cloud provides.
According to Spherical Insights & Consulting, the total global data protection market was valued at $136 billion in 2023 and is expected to reach $610 billion by 2022. Data protection as a service (DPaaS) is a rapidly growing segment within the overall data protection market, driven by organizations that have adopted hybrid cloud and need to protect data hosted by hyperscalers and SaaS providers on top of data stored locally. According to the research firm, the DPaaS market is estimated at $25 billion in 2024 and is expected to grow 33% per year, reaching $100 billion by 2029. Mordor Intelligence,
Phil Goodwin, research vice president of the Infrastructure Systems, Platforms, and Technologies group at IDC, says, “Data protection as a service remains a very important route to market for data protection software vendors. In some cases, this is sold directly by data protection software vendors using DPaaS solutions, and in other cases it is through cloud service providers. Either way, (DPaaS) represents the fastest growing consumption model and opportunity in the data security market.”
