PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1334383
PUBLISHER: Mordor Intelligence | PRODUCT CODE: 1334383
The Europe Data Protection-as-a-Service Market size is expected to grow from USD 5.22 billion in 2023 to USD 10.32 billion by 2028, at a CAGR of 14.60% during the forecast period (2023-2028).
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 a competitive advantage, further contributing to the market's growth.
In Europe, the General Data Protection Regulation (GDPR) is the primary legal framework that structures guidelines for collecting personal data and information. 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 enable 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 mobile data generated, more data sources are likely to be added. Hence, the region requires more advanced data preparation solutions.
Even though the number of data breaches and cyberattacks is increasing in several European countries, customers in this region have been reluctant to share their data with third-party companies. For instance, as per the data provided by Kaspersky, on May 30, 2020, Germany observed 502,424 web threats. With these increasing numbers of threats in 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 made its way much more transparent than previously in 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 was extended by six months. The policy was extended so as not to pressure healthcare services currently dealing with the coronavirus's unexpected impact.
However, the market is facing uncertainties owing to the Brexit effect in the European Union. Google plans to move its British customer's accounts out of EU privacy regulators' control and place 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.
With the increasing digital initiatives of banking and financial services industry players, protecting enterprise information from data security threats is crucial. Modernized bank data centers with hybrid cloud infrastructure backed by a digital foundation technology and powered by self-driving operations ensure significantly 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 multiple banking providers. The company migrated to VMware vSphere on IBM's cloud technology in two data centers to containerize 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. The European banks are opting for three major United States cloud providers, Microsoft, Amazon, and Google.
French and German government officials are in talks with major technology, telecommunications, and finance players 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 the United States providers to increase the flexibility of data-related regulations.
Players operating in the market continually invest in innovative solutions to tackle problems efficiently. For instance, Fortinet, a significant cybersecurity solutions provider, announced the launch of FortiGate-VM, extending its native support of VMware NSX-T to provide advanced security for East-West traffic.
The increasing preferences for big data, blockchain, and other initiatives across the UK market landscape have contributed to market growth.
According to the SAS Institute, retail banking organizations in the United Kingdom are expected to lead in Big Data adoption by a staggering 80%, likely contributing to the market's growth positively.
The fashion retailer H&M recently started using Big Data to tailor its merchandising mix in its brick-and-mortar stores. To enhance its bottom line, the fashion retailer uses algorithms and different customer data sources to gain insights from receipts, returns, and data from loyalty cards.
In the United Kingdom, 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 legislation 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 observed 855,206 network attacks and 496,804 on May 1, 2020.
The European data protection-as-a-service market is moderately competitive and has several significant players. These players account for a substantial market share and are focusing on expanding their customer base across the European region. These vendors focus on research and development investment to introduce new solutions, strategic alliances, and other organic and inorganic growth strategies to capture a significant share during the forecast period.
In March 2023, Axis Security, a company that offers cloud protection, will soon be acquired by Hewlett-Packard Enterprise HPE. Additionally, it expanded its edge-to-cloud security capabilities by providing a unified Secure Access Services Edge (SASE) solution. It will now be able to satisfy the increasing demand for integrated networking and security solutions that are provided as a service.
In July 2021, Zerto, a pioneer in cloud data management and protection, was acquired by Hewlett Packard Enterprise to extend its HPE GreenLake edge-to-cloud platform. Purchase hastens HPE Storage's transition to a software-defined, cloud-native data services company.