Data Protection Software Market to Observe a Close Revenue Share Competition between Managed and Professional Services

Data Protection Software Market to Observe a Close Revenue Share Competition between Managed and Professional Services

Data protection software is a tool to safeguard important intelligence from compromise, loss, or corruption. Data protection software further helps organizations in selecting modules that are well-suited for particular & distinct requirements. Modern data protection software feature in-built systems that supplement or replace backups, meanwhile protecting against potential issues including media failure, data corruption, and storage system failure.

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.

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Converged Data Protection Gains Traction Leveraging the Cloud

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.

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.

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