The data protection market is likely to grow to $55-billion size by 2020, according to the research firm IDC, as businesses increasingly move to cloud to secure their data.
Cloud Data Protection and Management company Druva on Tuesday said it has crossed $100 million in annual recurring revenue (ARR) — essentially a SaaS business metric that shows how much recurring revenue company can expect according to yearly subscriptions. The development comes five months after the company raised its late-stage funding of $130 million led by Viking Global Investors and other investors. According to Gartner, 80 per cent of the business would switch completely to the cloud, Druva said as it focuses on businesses improving their customer experience, collaboration and ensuring compliance through its cloud data protection solution built entirely on Amazon Web Services.
Druva claimed to have over 600 customers (businesses) using its services to protect their data centre workloads along with more than 800 customers protecting their cloud workloads (SaaS applications and AWS workloads). The company has over 10 per cent of the Fortune 500 companies as clients including Flex, Hitachi, Live Nation, Marriott, and Pfizer. “There is only one technology capable of keeping pace with today’s demands for rapid innovation, on-demand scalability, robust security and sheer compute power – cloud,” said Jaspreet Singh, founder and CEO, Druva in a statement. The company, which is based in Pune and California and was founded back in 2008, turned unicorn with the last fundraise.
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The data protection market is likely to grow to $55 billion size by 2020, according to the research firm IDC, as businesses increasingly move to the cloud to secure their business data online. “The data protection space has quickly become an incredibly crowded markets, especially as cloud-based solutions continue to enter the market,” said Phil Goodwin, research director, IDC. Druva was last month recognised in the Deloitte Technology Fast 500 ranking. It counts Microsoft, Dell, Rubrik, IBM, Acronis among its major competitors globally. The company was founded IIT-Guwahati alumnus Jaspreet Singh along with Milind Borate and Ramani Kothandaraman who worked with him at data protection company Veritas.