The data protection software market continues to observe bullish prospects, with a revenue increase estimated at over US$ 750 Mn in 2018 over 2017, according to a recent Fact.MR study. The report envisages solutions to remain sought-after in the data protection and software market, while revenues from services are foreseen to outpace those from solutions through 2028.
Managed services have traditionally reigned supreme in the data protection software market, meanwhile professional services have rapidly gained ground recently. Fact.MR’s study envisages professional services to pose a close competition to managed services in terms of revenue share, with the difference in 2018 estimated at just 1%.
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Demand for managed services continues to remain at an all-time-high, with new providers emerging in the market as SMEs outsource their IT requirements to free up internal resources for focusing on critical activities. However, professional services are now attracting established organizations and SMEs alike, owing to their proactivity in identifying sensitive data and assessing the same. Professional data protection services further aid in demonstrating compliance for data processing to maintain security, meanwhile facilitating establishment and maintaining of data inventory.
Sensing varied requirements from end-use verticals, data protection software developers have introduced diverse solutions to the market, ranging from data backup & recovery to data compliance. While data backup & recovery and disaster recovery have traditionally subjugated revenue share of worldwide data protection software solution sales, growth of data security and data compliance has witnessed rapid rise recently, and the status quo is expected to prevail in the forthcoming years.
How data protection software market in US poised to provide maximum revenue-generating opportunities?
Data management and security have been a key requirement for various businesses, educational institutes, banking sectors and telecommunication facilities running across major regions. Out of those, North America is expected to generate USD 382 Million, i.e. ~32% of global data protection software market by 2022 end.
U.S. being the biggest consumer of data management technologies over past half-decade is expected to carry forward similar trend for next 10 years. The increasing awareness regarding data privacy and management among U.S. business organisations acts as a market driver. In addition, stringent laws implemented on data protection as per California Consumer Privacy Act swelled up demand of such software. Data protection software market in US is anticipated to multiply by 27X by 2032 end and is poised to gain 1150 BPS during the forecast period.
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Global Data Protection Software Market Key Segments
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By Solution Type :
- Data Backup & Recovery
- Disaster Recovery
- Data Security
- Data Compliance
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By Deployment Type :
- Cloud
- On-Premises
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By Enterprise Size :
- SMBs
- Large Enterprises
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By End-Use Industry :
- IT & Telecom
- Healthcare
- BFSI
- Retail Business
- Manufacturing Business
- Education
- Other
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Cloud-based deployment of data protection software is estimated to speed up, to account for nearly-equal revenue share of the data protection software market as that of on-premise deployment, despite latter’s supremacy. Cloud-based deployment of the data protection software, as the technology aids in ensuring data protection practices compliant with regulations. However, security issues continue to prevail in case of cloud-based data protection software deployments, which in turn underpins the preeminence of on-premise deployment.
Key vendors in the data protection software market are focusing on global expansion, by installing new facilities or entering into partnership with software distributors or vendors. The primary objective behind such expansion strategies is to strengthen their support services associated with advanced data security solutions. Leading data protection software market vendors are also concentrating on application-specific advanced data protection suite offerings, to prevent data theft and data loss, thereby gaining customer loyalty and enhancing their business profiles.
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