Multi-cloud data protection services provide a number of benefits to enterprises such as cost-effective storage and backup of retained data, which eliminates the need for physical tape infrastructure. Hence, these factors are expected to boost the multi-cloud data protection market growth.
Enormous amount of data uploaded on cloud and digital transformation across the globe are the major key factors that drive growth of the market. In addition, rise in cyber-attacks and data breaches among various industries is expected to supplement the market growth.
However, lack of industry expertise and high cost of these data protection services hampers the market growth. Furthermore, surge in the use of multi-cloud by enterprises around the world is expected to provide lucrative opportunities for the market.
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Companies are making strategies to sustain in the competitive market and are launching upgraded services, which boosts the market growth. For instance, IBM introduced its integrated backup & disaster recovery approach, which provides reliable and robust data protection to a wide number of applications.
North America is expected to lead the market, owing to early technological advancements and wide number of service providers present in the region. In addition, Asia-Pacific is also expected to witness a significant growth during the forecast period, owing to emerging economies such as India, China, and Japan.
Moreover, large number of small and medium enterprises are adopting multi-cloud data protection, which is expected to create demand for these types of solutions and boost the market growth.
COVID-19 Scenario Analysis:
- Since the COVID-19 virus outbreak in December 2019, the disease has spread to almost 180+ countries around the globe with the WHO declaring it a public health emergency. The global impacts of the disease are already starting to be felt, and expected to significantly affect the multi-cloud data protection market in 2020.
- Though governments have imposed lockdowns to contain spread of the virus, all businesses have shifted to online mode and have initiated work from home for employees. This leads to uploading of more data on the cloud. Multi-cloud data protection services help companies to manage and access this data more efficiently. In addition, with the data protection services, data lost on cloud can easily be recovered.
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