Converged data protection is witnessing a significant traction, driven by consolidation of the data recovery capabilities into highly scalable hybrid platform, and increased efficiencies of single universal solutions. Layers of protection, in the form of archiving, data enablement, DR, and backup, centralized to curtail operational costs and capital, offered by converged data protection continues to underpin its demand in the Data Protection Software Market. Vendors of converged data protection, such as Rubrik and Cohesity, are emphasizing ways for their platforms to leverage the public cloud. Despite great improvements associated with an organization’s disaster recovery through public cloud, ambiguities persist regarding cloud-based data protection in all use cases. Key vendors are involved in utilizing a physical appliance as backup target as well as a platform to host virtual machines wherein instant recovery is an imperative requirement.
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Investment in data security is increasingly becoming a priority for mid-market and decentralized companies. Reluctance to invest in latest data protection software and data security has been offset by regulations that make it mandatory to have effective safeguards in place. After decades of evolutions, the mid-sized IT companies now face a challenging prospect – they are governed by the same stringent regulations as multinational behemoths minus the budget and staff. Sensing the opportunities in the scramble to comply with new and proposed regulations, Data Protection Software security vendors are offering products tailored specifically for mid-market companies. Dell EMC’s integrated data protection appliance launched in July, 2018 received widespread coverage; however, there have been other notable developments that signify how data protection software vendors are targeting this landscape. StorageCraft, a data backup and disaster recovery platform launched OneXafe, a platform that combines primary and secondary storage. Data protection software vendors will be focusing on addressing the longstanding challenges that have prevented widespread adoption in mid-market. Competitive pricing and shorter deployment times are likely to remain the key focus areas for data protection software vendors and mid-sized companies.
Data Protection Software Market Witnessing a Shift towards Converge of Universal Solutions
The evolutions and potency in data security risks is inducing a shift towards convergence of universal solutions. There is an increasing realization among data protection software vendors and end-users that traditional security apparatus that involves silo solutions for specific threats is incompetent to address new age cyber threats. Unified threat management solutions – that offer a holistic solution by combining various data points are gaining prominence as the way forward. For instance, Arcserve Unified Data Protection software combines the various data protection software security apparatus – Backup, D2D, and High Availability and Replication – under a common interface. The pragmatism and lucrativeness of offering unified data security solutions is also inducing collaboration and mergers – Catalogic Software teamed up with Storware to expand their range of offerings in North America.
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Higher Emphasis on Ransomware Protection in Data Security Solutions
Data protection software vendors are taking efforts in mitigating effects of ransomware, after it gained significance in international headlines in 2017. From constant issues of ransomware attacks to implementation of the General Data Protection Regulation by the EU, backup vendors witnessed a slew of movements, with established ones making acquisitions to increase their presence in lucrative markets. As businesses seek ways for proactively combating cyberthreats, challenges prevail pertaining to availability of data protection software that include ransomware prevention feature. Recently, ransomware protection has gained significant emphasis as an imperative feature in data security solutions, with an uptake of acquisitions & mergers between data protection and data security providers. Vista Equity Partners’ acquisition of the data protection vendor Datto to integrate several technologies, including ransomware protection, into single data protection platform for small & medium sized businesses, is a primary example of such acquisitions.
Implementation of Data Protection Laws Complementing Demand for Security Solutions
Demand for data protection software is being driven by initiatives taken by the governments to enforce data protection regulations on organizations offering relevant services. For example, to standardize the data privacy legislations, the EU has implemented the General Data Protection Regulation, which has come into effect from May 25th, 2018. The regulation mandates IT organizations, which cater data management requirement requirements of various industries, to reconfigure their privacy settings in their websites and digital products as default. These organizations are also required to conduct privacy impact assessment, and calibrate ways for using the personal data of their customers. Additionally, incompliance to the regulation will impose the organizations with a penalty of € 20 Mn or 4% of annual turnover, whichever is greater. Such regulations have led the organizations to increase their spending on data security to avoid the penalties associated with the incompliance, thereby creating demand for data security solutions such as data protection software.
About the Report
Fact.MR’s report on the data protection software market is an all-inclusive compilation of valuable & actionable insights. A detailed assessment on the data protection software market has been delivered in the report, which include analysis on key dynamics including drivers, trends, opportunities and restraints, affecting current and future growth of the data protection software market. Primary objective of the report is to offer its readers with authentic intelligence on data protection software market that aids them in aggregating and slating possible strategies based on the holistic insights offered on data protection software market. This further aids the report readers in aligning well with changing dynamics of the data protection software market.
An overview of the data protection software market at a global scale is covered, to help clients in better understanding future growth potential of the data protection software market. This further enables them in devising future direction of their data protection software businesses and making proper investment decisions in the data protection software market. The report also offers a realistic view of data protection software market acumen, eliminating all biases, along with data on data protection software sales in terms of value (US$ Mn).
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Global Data Protection Software Market Expected to Secure Notable Revenue Share during 2018-2028
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