According to the market research report 'Data Protection Market by Component (Solutions and Services (Professional Services and Managed Services)), Deployment Mode (On-premises and Cloud), Organisation Size (Large Enterprises and SMEs), Industry Vertical, and Region - Global Forecast to 2022', published by MarketsandMarkets, data protection market is expected to grow from $57.22bn in 2017 to $119.95bn by 2022, at a Compound Annual Growth Rate (CAGR) of 16.0%.
The major forces driving the data protection market include growth of enormous amounts 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.
Some of the Prominent Key Players in the Data Protection Market are:
• IBM (US)
• Symantec (US)
• CA Technologies (US)
• Oracle (US)
• McAfee (US)
• Hewlett Packard (US)
• NetApp (US)
• Quest Software (US)
• Veeam Software (US)
• Acronis (Switzerland)
Identity and Access Management (IAM) segment is estimated to have the largest market share in 2017 and is expected to dominate the data protection market from 2017 to 2022.
The IAM solution comprises provisioning, advanced authentication, directory technologies, password management, audit, and Single Sign-On (SSO). The IAM solution is gaining traction in the data protection market due to its features, such as centralised nature and cost-effectiveness.
The healthcare industry vertical is expected to grow at the highest CAGR during the forecast period. Cybercriminals have turned their interest toward the healthcare industry vertical, as it holds patient’s critical medical information. Therefore, there has been a strong adoption of advanced data protection solutions in the healtcare industry vertical in the recent years.
North America is expected to have the largest market share and dominate the data protection market from 2017 to 2022, due to the presence of major security vendors, data protection vendors, and Managed Security Service Providers (MSSPs).
The organisations in this region are increasingly adopting advanced data protection solutions to protect their critical IT assets. The other drivers for the increasing demand for data protection solutions and services include the need for regulatory compliance and the need for data security and privacy concerns.