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Data Protection Market Growing at a CAGR 16.0% | Key Player IBM, HPE, Symantec, CA Technologies, Mcafee

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Data Protection Market Growing at a CAGR 16.0% | Key Player IBM, HPE, Symantec, CA Technologies, Mcafee

August 28
22:13 2020
Data Protection Market Growing at a CAGR 16.0% | Key Player IBM, HPE, Symantec, CA Technologies, Mcafee

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)
Data Protection Market by Component (Solutions and Services (Professional Services and Managed Services)), Deployment Mode (On-premises and Cloud), Organization Size (Large Enterprises and SMEs), Industry Vertical, and Region – Global Forecast to 2022

The overall Data Protection Market size is estimated to be USD 57.22 Billion in 2017 and is expected to reach USD 119.95 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 16.0%. The major factors driving the growth of the data protection 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.

IAM is estimated to have the largest market share in the data protection market in 2017

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 centralized nature and cost-effectiveness.

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The healthcare industry vertical is expected to grow at the highest CAGR in the data protection market during the forecast period

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.

Some of the key players in the data protection market 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). Partnerships and new product/service launches are the major key strategies adopted by market players to offer feature-rich integrated products and services to their customers and penetrate deep into uncatered regions.

IBM, one of the leading providers of networking solutions and services across various industry verticals, was founded in 1911 and is headquartered in New York, US. The company provides data protection solutions to help its clients transform and optimize their IT infrastructure. IBM has adopted various organic and inorganic growth strategies, such as new product launches, business expansions, acquisitions, and strategic alliances, to capture new markets and increase its global footprint. For instance, in 2017, IBM launched a new data protection software, IBM Spectrum Protect Plus, to protect data in cloud, virtualized, and data center environments. In addition, it partnered with leading storage and data management companies, such as Veritas Technologies and NetApp. The company enhanced the capabilities of data protection solutions and services with these partnerships. Furthermore, in 2017, the company acquired Agile 3 Solutions, a developer of software used by the C-Suite, to better visualize, understand, and manage risks associated with the protection of sensitive data. The company aims at investing its revenue on further expanding its business in the Asia Pacific (APAC) region. With regard to this, IBM opened security command centers in various regions of India, such as Bangalore and Mumbai. These different strategies and operational activities are helping IBM maintain long-term growth in the competitive data protection market.

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Another key vendor of the data protection market, NetApp, founded in 1992 and headquartered in California, US, provided solutions and products in enterprise storage, data management software, and hardware products. Its data protection program offers modern backup and recovery to enterprises to keep the data safe and available. The solution is designed to deliver easy-to-manage, high-speed, cost-effective backup and recovery processes. Furthermore, it simplifies backup search and security, and fulfills the compliance needs. In the recent years, NetApp has established its position in the cloud storage, data protection, and data management field. NetApp is more focused on providing storage backbone for private cloud infrastructures. It is strategizing its growth in the data storage and data management segment by launching new products and solutions. For instance, in 2015, NetApp introduced a new solution to deliver data backup and archive to the cloud. It enabled customers to build a secure path for data, from on-premises to AWS. Moreover, it provided customers the flexibility of AWS to address their backup, recovery, and archive challenges. NetApp’s business strategy focuses on building strong long-term relationships with its key clientele and emphasizes on building close partnerships with technology market leaders. For instance, in 2017, NetApp partnered with Microsoft to integrate Microsoft Azure with NetApp Data Fabric innovations to help enterprises accelerate digital transformation for the hybrid cloud. Moreover, it would deliver enterprise-grade data visibility and insights, data access and control, and data protection and security.

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