The global disaster recovery as a service market will touch USD 41.26 billion at a 42.3% CAGR by 2030, states the latest Market Research Future (MRFR) report.
Disaster Recovery as a Service (DRaaS) is a cloud computing service model that allows an organization to regain access and functionality to its IT infrastructure in the event of a disaster. DRaaS involves replicating and hosting physical or virtual servers by a third party provider, which can be used to restore critical data and applications in the event of a failure or outage. This type of service is especially useful for organizations that need to quickly recover from natural disasters or other major outages. DRaaS allows organizations to minimize downtime and data loss, and quickly get their operations back up and running.
Growing Implementation of DRaaS Technology in Enterprises to Boost Market Growth
The growing implementation of DRaaS technology in enterprises for its different benefits will boost market growth over the forecast period.
Emerging Trend of Digitization to offer Robust Opportunities
The emerging trend of digitization coupled with the increasing use of cloud-based services across industries will offer robust opportunities for the disaster recovery as a service market over the forecast period.
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Reluctance of Enterprise to Adopt Cloud-based DR to act as Market Restraint
The reluctance of enterprises towards the adoption of cloud-based DR over traditional methods may act as market restraint over the forecast period.
Difficulty to Attain Compliance and Security in Cloud Environments to act as Market Challenge
The difficulty to attain compliance and security in cloud environments will act as a market challenge over the forecast period.
The global disaster recovery as a service market is bifurcated based on deployment, service provider, and service type.
By service type, the backup segment will lead the market over the forecast period.
By service provider, the managed segment will dominate the market over the forecast period.
By deployment, the public segment will spearhead the market over the forecast period.
The COVID-19 outbreak had a positive effect on the disaster recovery as a service market. Owing to the trend of work from home in most of the organizations, there has been an increased need for cloud-based solutions. Thus most organizations have chosen advanced IT infrastructure through cloud-based technology, and this demand is likely to grow in few years. For instance Microsoft in May 2020 announced its cloud technology for healthcare to control COVID-19 situations. The company introduced some cloudy offerings for improving workflow efficiency, for healthcare, and healthcare organizations. Similarly, VMware has launched cloud technology for lowering the cost and for faster delivery time. Following the growth of cloud services, the market is also on the rise.
North America to Remain Domineer in Disaster Recovery as a Service Market
North America will remain domineer in disaster recovery as a service market over the forecast period. Technological advances, increase in the investments made in cloud-based solutions, the growing adoption in Canada and the US, the presence of major DRaaS developers, increasing number of data breaches in the country, both private and public sectors inclining to invest more in cyber solutions to study these attacks and also take preventive measures, the country being an early adopter of digital transformation strategies that possess multiple end-users to become highly vulnerable to cyber-attacks, the prevalence of key market players, and the increased adoption of cloud-based solutions by small scale and medium enterprises are adding to the global disaster recovery as a service market growth in the region.
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Eminent industry players profiled in the global disaster recovery as a service market report include Cable & Wireless Communications (UK), Treo Information Technology (Turkey), Amazon Web Services (USA), Cisco Systems (USA), Microsoft Corporation (USA), HP Enterprises Company (USA), IBM Corporation (USA), NTT Communications (Japan), Sungard Availability Services (USA), and VMware Inc. (USA).
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