DUBLIN – (WIRE BUSINESS)–That “European Data Protection Market as a Service – Growth, Trends, Forecasts (2020-2025)” a report was added to ResearchAndMarkets.com offerings.
The European data-as-Service-Europe-protection market is valued at 1.51 billion US dollars in 2019 and is expected to reach 3.81 billion US dollars in 2025, registering a CAGR of 17.41% over the forecast period 2020-2025.
Factors driving European markets for data protection as a service are increasing focus on third party risk management coupled with strict regulations such as GDPR encouraging the adoption of data protection solutions. Many market vendors based in Europe also innovate their product offerings by penetrating various industries, to gain a competitive advantage, further contributing to market growth.
In Europe, the General Data Protection Regulation (GDPR) is the main legal framework that sets guidelines for the collection of personal data and information. Compliance with GDPR’s core principles, relating to personal information collected, accessed and stored, is difficult for companies. Therefore, data protection services can play an important role in enabling business self-service analytics while ensuring corporate governance and compliance.
Cloud migration is also very high among the end-user industries in the region. With more and more cellular data, more data sources will be added. Therefore, this region needs more sophisticated data preparation solutions.
Although the number of data breaches and cyber attacks is increasing in several European countries, customers in this region are reluctant to share data with third-party companies. For example, according to data provided by Kaspersky, as of May 30, 2020, Germany has observed 502,424 total web threats. With the increasing number of threats in European countries encouraging the adoption of data protection services.
With the increasing incidence of the COVID-19 pandemic, the need for a safe and simple way to exchange data between public bodies and health professionals has made it far more transparent than ever before to fight the virus.
For example, in March 2020, the UK digital data allowance scheme was postponed due to the ongoing crisis. The deadline for compliance with new opt-out data has been extended by six months. The policy has been extended so that it does not put pressure on health services, which are currently dealing with the unexpected impact of the corona virus.
In April 2020, the United Kingdom’s Information Commissioner (ICO) stated a significant modification in the regulation of data, where the rules were made flexible to some extent.
However, the market faces uncertainty due to the Brexit effect on the European Union. For example, in February 2020, Google plans to move its British customer accounts outside the control of EU privacy regulators and place them under US jurisdiction. The shift, driven by Britain’s exit from the European Union, will leave sensitive information from millions of customers with fewer protections and more easily accessible by British law.
The BFSI industry is expected to grow at a significant rate
With the increasing digital initiatives taken by the banking & financial services industry players, it is very important to protect company information from data security threats. Bank data centers that are modernized with hybrid cloud infrastructure supported by digital foundation technology and supported by self-driving operations ensure a better level of customer experience. On the other hand, modernization creates different security holes, resulting in data breaches and other information loss.
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 cloud technology in two data centers to store its secure banking applications.
Many European banks are looking for cloud computing providers with higher security standards than they can find in the United States. European banks choose three major cloud providers in the United States, Microsoft, Amazon and Google.
At present, French and German government officials are in talks with major players in technology, telecommunications and finance to create competitive continental cloud services run by regional technology providers. However, banks such as Germany’s Commerzbank AG have worked together to bring together cloud requirements to US providers to increase the flexibility of data-related regulations.
Players operating in the market continue to invest in developing innovative solutions to solve problems in an efficient manner. For example, in September 2019, Fortinet, a significant provider of cyber security solutions, announced the launch of FortiGate-VM, which expands the original support of VMware NSX-T to provide advanced security for East-West traffic.
The UK Is Expected To Hold Significant Stocks
The increasing preference for big data, blockchain and other initiatives across the UK market landscape has contributed to market growth.
According to the SAS Institute, retail banking organizations in the UK are expected to take the lead in the adoption of Big Data, by 2020, with a staggering 80%, which is likely to make a positive contribution to market growth.
Recently, fashion retailer, H&M, started using Big Data to adjust the mix of merchandise in its brick and mortar stores. Fashion retailers use different customer data sources and algorithms to get insights from receipts, returns, and data from loyalty cards, to increase profits.
In the United Kingdom, blockchain users can refer to guidelines developed in France to help them comply with data protection laws. The UK data protection authority has neglected significant legislatures related to cryptocurrency mining and related technologies. The guide developed by CNIL, the French data protection authority, has been considered efficient for people who work in the blockchain field.
In addition, the increasing number of cyber threat incidents also drives the growth of the segment of the United Kingdom in the coming years. For example, as stated by Kaspersky, on May 30, 2020, the country had observed 855,206 network attacks, namely 496,804 on May 1, 2020.
The European data-protection-as-service-market market is quite competitive and consists of several important players. These players play a large role in the market and focus on expanding their customer base throughout the European region. This vendor focuses on investment research and development to introduce new solutions, strategic alliances, and other organic & inorganic growth strategies to obtain a significant share during the forecast period. Some recent industrial 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 complex data discovery and replication and application recovery. This framework provides a centric approach to data protection for applications with APIs for data extraction, recovery, and copying.
In February 2020, Hewlett Packard Enterprise announced progress in data protection services in partnership with Veeam, a European software vendor. Veeam and HPE have worked together to protect customer data over the past decade, and the newly developed support for HPE Primera ensures that customer data can always be restored and protected.
Main Topics Covered
1.1 Study Assumptions and Market Definitions
1.2 Scope of Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Stakeholder Analysis
4.3 Industry Attractiveness – Analysis of Five Porter Strengths
5 MARKET DYNAMICS
5.1 Market Movers
5.1.1 Growing Focus on Third Party Risk Management
5.1.2 Strict Regulations such as GDPR Prompting Adoption of Data Protection Solutions
5.1.3 Raising Awareness among EU Institutions
5.2 Market Challenges
5.2.1 Uncertainty Regarding Data Protection Landscapes due to Brexit
6 IMPACT OF COVID-19 ON THE EUROPEAN DATA PROTECTION MARKET AS A SERVICE
7 MARKET SEGMENTATION
7.1.2 Backup as a Service
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
7.3.2 Health Services
7.3.3 Government and Defense
7.3.4 IT and Telecommunications
7.3.5 Other End-User Industries
7.4.1 United Kingdom
7.4.4 Rest of Europe
8 COMPETITIVE LANDSCAPE
8.1 Company Profile
8.1.1 IBM Corporation
8.1.2 Amazon Web Services Inc.
8.1.3 Hewlett Packard Enterprise Company
8.1.4 Dell Technology
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 MARKETS
For more information about visiting this report https://www.researchandmarkets.com/r/qdwz6o
to request modification Contact us at Here or [email protected]