GlobalData Protection Market was valued at USD 77.31 Million in2019 andis projected to reach USD 257.52 Million by 2027, growing at a CAGR of 15.67% from 2020 to2027. Increasedusage of mobile devices and cloud facilities in companies is leading to a databreach, mobile devices theft and loss are some of the factors that will boostthe Data Protection Market.

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54– Tables
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85 – Pages

In terms of industry, BFSI segment is estimated to be thefasted-growing type in the Global Data Protection Market.

Privacyin technology is becoming a critical concern. For fraudsters, the risk of databreaches and unauthorized access to personal data has become conspicuous.Managing data privacy and preventing unauthorized access has become the mostessential matter for individuals and corporations alike.

Inrecent years, there has been a significant increase in cyber-attacks andmalfeasance. Things went wrong in such a way that users are unaware that theirdata or finances have been jeopardized by fraudsters. When things get out ofhand, they find out. But now, people are concerned about where their data isstored, who has access to it, and who manages it. The increased awareness ofdata security and cyber-attacks has, thankfully, changed the situation.

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Dataprotection is the essential to prevent critical information from becomingmisused, tainted, or lost. It seeks to strike a balance between individualprivacy rights and the ability of data to be used for business reasons. Therising acts of web fraud and data leakage are factors influencing the growth ofthis market.

Individualsand corporations alike are becoming more concerned with data and information.One of the major factors driving market growth is the increasing adoption ofnext-generation technologies and the integration of data to a cloud model togain flexibility, agility, and cost savings. Protecting critical data from dataloss and operational disasters is influencing enterprises to considercloud-based data protection solutions and services. The key factor that hasaccelerated the growth of this market with backup solutions and data protectionservices is data protection as a service.

Interms of area, American market is estimated to be the fastest-growing type inthe Global data protection market by 2027.

Onthe basis of end user, the data protection market is segmented into largeorganizations and small-medium sized organizations. According to recent research,the large organizations segment has dominated the market, accounting for morethan half of the market share.

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Theprimary drivers of segment growth are increasing cyber threat risks, datathefts, and cloud spending among large enterprises. Another factor influencinglarge enterprises to adopt data protection and recovery solutions is the needto adhere with changing data protection standards and guidelines.

Moreover,large enterprises pursue a wide range of strategic measures, from technologycollaboration to mergers and regional distribution. The chief reason drivingsegment growth is the increasing adoption of cloud-based solutions among SMEs.The Small and Medium Enterprises (SMEs) segment is also expected to growsteadily over the forecast period. SMEs prefer to use cost-effectiveintegration solutions, because they lack the resources to invest in high-costIT infrastructure to store and protect data.

Key players

Theincreasing demand for data recovery and backup services is increasing marketcompetition. IBM, NetApp Inc.,Oracle, Quantum Corporation, CA Technologies andQuest software are some prominent players in the Data Protection Market.

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