The data protection as a service (DPaaS) market is primed to hit $28 billion by 2022, according to a new study.

A study by Allied Market Research concludes that data protection is in high demand and will grow at a compounded annual growth rate (CAGR) of 32.6 percent over the next five years. The study named IBM, AWS, HP, VMware among some of the vendors that lead DPaaS efforts.

The study also made predictions about which methods of data protection will grow in the time period from 2017 to 2022. Private cloud deployment had the highest market share in 2015, but hybrid cloud is expected to have the fastest growth.

“In 2015, private cloud accounted for the maximum revenue share in the overall DPaaS market as it is much safer than public cloud,” said Seapee Bajaj, lead analyst of software and services at AMR. “In addition, hybrid cloud is expected to witness the fastest growth over the forecast period as many companies plan to make hybrid cloud a crucial part of their IT strategies.”{ad}

Large enterprises are currently the most common buyers of data protection services, but the study argued that small and medium-size businesses will have the highest growth over the next five years.

The study also noted Commvault, EMC, Quantam, Asigra, Veritas and Cisco as leaders in the global DPaaS space.

North America will be the biggest DPaaS market over that period of time, according to the study.