The data protection market is expected to grow from USD 57.22 Billion in 2017 to USD 119.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.0%. The major drivers of the market include growth of enormous amount of data and the need for data security and privacy concerns, regulations to increase the adoption of data protection solutions, and rising concerns of critical data loss in the on-premises environment.

Major data protection solutions include data backup and recovery, data archiving and eDiscovery, disaster recovery, encryption, tokenization, Data Loss Prevention (DLP), Identity and Access Management (IAM), and compliance management. Among various solutions, the disaster recovery segment is expected to grow at the highest CAGR during the forecast period due to the increased concerns to secure critical business data from advanced cyber-attacks.

Data protection services have been segmented into 2 major types: professional services and managed services. The professional services segment has been further categorized into risk assessment and consulting services, implementation and integration services, support and maintenance services, and training and education services. The support and maintenance services segment is expected to grow at the highest CAGR during the forecast period. The adoption of data protection solutions is growing, which is likely to create a huge demand for professional services during the forecast period.

The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period, owing to the increasing incidences of data breaches on enterprise cloud applications, as well as, rise in the sophistication level of cyber-attacks. However, the large enterprises segment is estimated to account for the larger share of the data protection market in 2017. Large enterprises were the early adopters of data protection solutions, as they use a large number of business applications that are susceptible to cyber-attacks.

Data protection solutions and services have been adopted by various industry verticals, including government and defense; Banking, Financial Services, and Insurance (BFSI); healthcare; IT and telecom; consumer goods and retail; education; media and entertainment; manufacturing; and others (hospitality, transport and logistics, and energy and utilities). The healthcare industry vertical is witnessing growth in advanced cyber threats, causing harm to valuable assets of this sector. Therefore, the healthcare industry vertical is expected to grow at the highest CAGR during the forecast period.

The global data protection market has been segmented on the basis of regions into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and Latin America to provide a region-specific analysis in the report. The North American region, followed by Europe, is estimated to become the largest revenue-generating region for data protection vendors in 2017. This is mainly because in the developed economies of the US and Canada, there is a high focus on innovations obtained from Research and Development (R&D), and technology. The APAC region is expected to be the fastest-growing region in the data protection market. The growth in this region is primarily driven by the rapid digital transformation of the region, high adoption of cloud and web-based applications, and increasing Bring Your Own Device (BYOD) trends.

The major Data Protection Market vendors include IBM (US), Symantec (US), CA Technologies (US), Oracle (US), McAfee (US), Hewlett Packard (US), NetApp (US), Quest Software (US), Veeam Software (US), and Acronis (Switzerland). The strategies of partnerships and new product launches are the key strategies majorly adopted by the market players to offer feature-rich products and services to their customers and penetrate deep into uncatered regions.

To speak to our analyst for a discussion on the above findings, click Speak to Analyst