GMI Research analysis indicates that the Data Protection Market size was estimated at USD 120.2 billion in 2022 and is slated to register a single digit CAGR of 15.8% over the forecast period, and is projected to reach USD 388.7 billion in 2030.

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Major Data Protection Market Drivers

Data protection market is driven by the increased demand for data security and privacy concerns, rapid adoption of data protection solution, growth of massive amount of data and increasing concerns about the loss of critical data in the on-premises environment. In addition, increased adoption of data protection solutions across various sectors including BFSI, retail, IT & telecom, manufacturing, and others because of the increasing need for managing, monitoring and safeguard data by hackers, will boost the market during the forecast period. Rising worries regarding the cyber security, data security, and protection against different viruses, malware, and ransomware has raised concern about the data breaches at global level is propelling the market growth. As per the Surfshark, 108.9 Million accounts was breached in 3rd quarter of 2022 worldwide. In addition, five major countries such as Russia, France, Indonesia, U.S. and Spain was affected by the data breaches in Q3, 2022. Increasing penetration of smart phone and internet users has increased the social and financial activities as a result the demand for data protection arises as large amount of data are shared every day across the globe.

Growing government focus towards cyber security along with the increasing awareness about the data integrity among organisations is further projected to positively influence the global data protection market. In addition, increasing spending on various security solutions by governments and businesses is further anticipated to create better opportunities for the market in the upcoming years. More and more companies are moving their workloads to cloud from on premise owing to cloud features such as flexibility, security limitation and scalability to businesses. In turn driving the demand for cloud-based data protection solutions globally. However, high cost associated with the data protection software and solutions and lack of skilled expertise may hinder the growth of the data protection market.

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Based on organization size, the small and medium size enterprise segment is expected to attain the highest CAGR.

Small and Medium-sized Enterprises (SMEs) driven by the rise in the incidents of data breaches on business cloud applications and increase in the complexity of cyberattacks. However, large enterprise segment dominates the data protection market due to the increased adoption of data protection solutions as they maintain large number of business applications which are easily exposed to cyber-attacks.

Based on deployment, the cloud segment is anticipated to acquire the largest market share.

The cloud segment is expanding in the market due to a number of advantages provided by cloud computing, including scalability, ample storage capacity, configuration for automatic updates, affordability, and others. In addition, the cloud frequently offers built-in security measures and capabilities to safeguard data processed and stored on their systems. These advantages include services for identity management, access control, and encryption. Additionally, rising trend of cloud computing in healthcare will accelerate the growth of the cloud segment.

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Based on region, APAC market is anticipated to grow in the forecast period. 

The data protection market is anticipated to expand significantly in the Asia Pacific region over the forecast period due to numerous acquisitions and the development of new business locations in the Asia-Pacific region which will aid the growth of the data protection market throughout the projected period. Increasing adoption of web and cloud-based applications along with the rising trend of bring your own device in APAC countries is boosting the market growth. For instance, Surfshark estimated Asia reported 24.2 Million account breached in Q3 2022.

North America data protection market is estimated to hold the largest share in the market due to the increasing focus on R&D and technological advacements in US and Canada. As per the Surfshark, 8.5 Million accounts was breached in 3rd quarter of 2022 in US. Moreover, rise in the number of cyber attacks and concerns regarding the data security is driving the growth of North America region.

Data Protection Market Leaders 

Some of the major players operating in the global Data Protection market includes IBM, HPE, Symantec, CA Technologies, Mcafee, Oracle Corporation, Quest Software, Netapp, Veeam, Acronis, among others.

Key Developments:

• • In 2023, Mcafee signed a partnership agreement with Samsung to protect customer personal data and information from cyber threats. Samsung planned to pre install Mcafee antivirus protection in smartphones and PCs to protect customer data from online threats.
  • In 2023, Veeam Software partnered with the Microsoft to protect data and to provide backup & ransomware recovery capabilities to Microsoft 365 users. The company planned to provide backup and restore solutions to the customers.
  • In 2023, Indian Government has passed a Digital Personal Data Protection Bill that secures rights of an individual data through online privacy rules and regulations. In addition, the bill highlighted the guidelines on the usage of Indian citizens’ data by government as well as private organization.
  • In 2022, Veracode acquired the dynamic application security testing (DAST). Veracode planned to integrate DAST tool in their product to offer run-time testing solutions to their clients to overview the latest developments.
  • In 2022, The Purple Guys has completed the acquisition of Golden Tech, this deal will expand product portfolio of the company.

Segments covered in the Report:

The global Data Protection market has been segmented on the basis of Component, Deployment Mode, Organization Size, Verticals, and region. Based on Component, the market has been segmented into Solutions and Services. Based on the Deployment Mode, the market has been segmented into On-premises and Cloud. Based on Organization Size, the market has been segmented into SMEs and Large Enterprises. Based on Verticals, the market has been segmented into Government and Defense, BFSI, Healthcare, IT and Telecom, Consumer Goods and Retail, Education, Media and Entertainment, Manufacturing and Others.

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Market Segmentation

Global Data Protection Market by Component

• • Solutions
    • Data Backup and Recovery
    • Data Archiving and EDiscovery
    • Disaster Recovery
    • Encryption
    • Tokenization
    • Data Loss Prevention
    • Identity and Access Management
    • Compliance Management
  • Services
    • Professional Services
    • Managed Services

Global Data Protection Market by Deployment Mode    

• • On-premises
  • Cloud

Global Data Protection Market by Organization Size        

• • Large Enterprises
  • SMEs

Global Data Protection Market by Verticals         

• • Government and Defense
  • BFSI
  • Healthcare
  • IT and Telecom
  • Consumer Goods and Retail
  • Education
  • Media and Entertainment
  • Manufacturing
  • Others

Global Data Protection Market by Region

• • North America Data Protection Market (Option 1: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Verticals
    • US Market All-Up
    • Canada Market All-Up
  • Europe Data Protection Market (Option 2: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Verticals
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Data Protection Market (Option 3: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Verticals
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Data Protection Market (Option 4: As a part of the free 25% customization)
    • By Component
    • By Deployment Mode
    • By Organization Size
    • By Verticals
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the Global Data Protection (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • IBM
  • HPE
  • Symantec
  • CA Technologies
  • Mcafee
  • Oracle Corporation
  • Quest Software
  • Netapp
  • Veeam
  • Acronis