DUBLIN--(BUSINESS WIRE)--The "Europe Data Protection-as-a-Service Market - Growth, Trends, Forecasts (2020-2025)" report has been added to ResearchAndMarkets.com's offering.
The European data protection-as-a-Service market was valued at USD 1.51 billion in 2019 and expected to reach USD 3.81 billion by 2025, registering a CAGR of 17.41% during the forecast period of 2020-2025.
The factors driving the European market for data protection-as-a-service are increased focus on third-party risk management coupled with stringent regulations such as GDPR prompting the adoption of data protection solutions. Many Europe-based market vendors are also innovating their product offerings by penetrating various industries, to gain competitive advantage, further contributing to the growth of the market.
- In Europe, the General Data Protection Regulation (GDPR) is the primary legal framework that structures guidelines for the collection of personal data and information. The compliance with the core tenets of GDPR, relating to personal information collected, accessed, and stored, is a hard take for companies. Therefore, data protection services can play a critical role in enabling business self-service analytics while ensuring enterprise governance and compliance.
- Cloud migration is also very high among the end-user industries in the region. With more amount of mobile data generating, more data sources are likely to be added. Hence, the region requires more advanced data preparation solutions.
- Even though the numbers of data breaches and cyberattacks are increasing in several European countries, customers in this region have been reluctant in sharing their data with third party companies. For instance, as per the data provided by Kaspersky, on May 30, 2020, Germany has observed 502,424 number of web threats. With these increasing numbers of threats in the European countries are driving the adoption of data protection services.
- With the increasing incidence of the COVID-19 pandemic, the necessity for safe, simple avenues for data exchange between public bodies and healthcare professionals has made it way much more transparent than previously to fight against the virus.
- For instance, in March 2020, England's digital data opt-out scheme was put on hold due to the ongoing crisis. The deadline for compliance with the new data opt-out has extended by six months. The policy has extended so as not to put pressure on healthcare services, which is currently dealing with the coronavirus's unexpected impact.
- In April 2020, the United Kingdom's Information Commissioner (ICO) declared significant modifications in the data regulations, where the rules have been made flexible upto a certain extent.
- However, the market is facing uncertainties owing to the Brexit effect in the European Union. For instance, in February 2020, Google is planning to move its British customer's accounts out of the control of EU privacy regulators and placing them under the United States jurisdiction. The shift, prompted by Britain's exit from the European Union, will leave the sensitive information of millions of customers with less protection and within more comfortable reach of British law.
BFSI Industry Expected to Grow at a Significant Rate
- With the increasing digital initiatives taken by banking & financial services industry players, it is crucial to protect the enterprise information from data security threats. Modernized bank data centers with hybrid cloud infrastructure backed by a digital foundation technology and powered by self-driving operations are assuring a significant level of improved customer experiences. On the other hand, modernization created different security loopholes, resulting in data breaches and other information losses.
- Technology service providers such as Eurobits help banks work together so that their customers can quickly pay and manage their bank accounts at more than one banking provider. The company migrated to VMware vSphere on IBM's cloud technology in two data centers to containerize its secured banking applications.
- Many European banks are looking for cloud computing providers with higher security standards than they can find in the United States. The European banks are opting for three major United States cloud providers, Microsoft, Amazon, and Google.
- Presently, French and German government officials are in talks with major players in technology, telecommunications, and finance to create a competitive continental cloud service run by regional technology provider companies. However, banks like Germany's Commerzbank AG have teamed up to present joint cloud requirements to United States providers to increase the flexibility of data-related regulations.
- Players operating in the market are continually investing in the development of innovative solutions to tackle down problems in an efficient way. For instance, in September 2019, Fortinet, a significant provider of cybersecurity solutions, announced the launch of FortiGate-VM, which is extending its native support of VMware NSX-T to provide advanced security for East-West traffic.
United Kingdom Expected to Hold a Significant Share
- The increasing preferences of big data, blockchain, and other initiatives across the United Kingdom market landscape have contributed to market growth.
- According to the SAS Institute, retail banking organizations in the United Kingdom are expected to lead in the Big Data adoption, by 2020, by a staggering 80%, which is likely to positively contribute to the market's growth.
- Recently, the fashion retailer, H&M, started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. The fashion retailer is using algorithms and different customer data sources to gain insights from receipts, returns, and data from loyalty cards, to enhance its bottom line.
- In the United Kingdom, the blockchain users can refer to the guidance developed in France to help them comply with data protection laws. The United Kingdom's data protection authority has ignored the significant legislature related to cryptocurrency mining and related technologies. The guidance developed by CNIL, the French data protection authority, has been considered efficient for people working in the blockchain field.
- Furthermore, the increasing number of cyber-threat incidents is also driving the growth of the United Kingdom country segment in the coming years. For instance, as Kaspersky stated, on May 30, 2020, the country has observed 855,206 network attacks, which was 496,804 on May 1, 2020.
The Europe data protection-as-a-service market is moderately competitive and consists of several significant players. These players account for a substantial share in the market and are focusing on expanding their customer base across the European region. These vendors are focusing on the research and development investment to introduce new solutions, strategic alliances, and other organic & inorganic growth strategies to capture a significant share over the forecast period. Some recent industry developments include:
- In May 2020, VMware Inc. announced the development of the Astrolabe Data Protection framework dedicated to complex applications. The newly developed data protection framework offers the discovery and replication of data and the restoration of complex applications. The framework provides a data protection-centric approach for applications with APIs for data extraction, recovery, and copying.
- In February 2020, Hewlett Packard Enterprise announced advancements in its data protection services in partnership with Veeam, a European software vendor. Veeam and HPE have teamed up to protect customer data for the past decade, and the newly developed support for HPE Primera ensures customer data is always recoverable and protected.
Key Topics Covered
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Focus on Third-party Risk Management
5.1.2 Stringent Regulations such as GDPR Prompting the Adoption of Data Protection Solutions
5.1.3 Increasing Awareness among EU Institutions
5.2 Market Challenges
5.2.1 Uncertainty Regarding Data Protection Landscape due to Brexit
6 IMPACT OF COVID-19 ON THE EUROPE DATA PROTECTION-AS-A-SERVICE MARKET
7 MARKET SEGMENTATION
7.1.3 Disaster Recovery-as-a-Service
7.2.1 Public Cloud
7.2.2 Private Cloud
7.2.3 Hybrid Cloud
7.3 End-user Industry
7.3.3 Government and Defense
7.3.4 IT and Telecom
7.3.5 Other End-user Industries
7.4.1 United Kingdom
7.4.4 Rest of Europe
8 COMPETITIVE LANDSCAPE
8.1 Company Profiles
8.1.1 IBM Corporation
8.1.2 Amazon Web Services Inc.
8.1.3 Hewlett Packard Enterprise Company
8.1.4 Dell Technologies
8.1.5 Cisco Inc.
8.1.6 Oracle Corporation
8.1.7 VMware Inc.
8.1.8 Commvault Systems Inc.
8.1.9 Veritas Technologies UK Ltd.
8.1.10 Quantum Corporation
8.1.11 Quest Software UK Ltd.
8.1.12 Hitachi Vantara Corporation
9 INVESTMENT ANALYSIS
10 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/qdwz6o