Disaster Recovery as a Service Market Growth Forecast, Opportunities, Business Statistics, Sales Revenue, Challenges, Development Status
Market Highlights
Benefits of cost-effectiveness and fast data recovery, along with flexibility offered by disaster recovery as a service (DRaaS) are expected to boost the growth of the global disaster recovery as a service market, reveals MRFR after conducting an exhaustive study on the market. According to MRFR analysis, the global market of disaster recovery as a service market is expected to strike a 44% CAGR during the forecast period (2017 to 2023) and touch a valuation of USD 21 Billion by 2023.
The growing adoption of cloud-based solutions due to their advantage of speedy data recovery is another important factor that is expected to surge the expansion of the global DRaaS market. The reliability, scalability and highly effective security solutions offered by the cloud based DRaaS during any disaster is observed to add momentum to the market growth pace. Other causes that are likely to propel the growth of the DRaaS market are customized tailored services and specialized cloud computing advancements. In some instances, such as IT outrage, severe loss of data is observed. This adversely affects work. Hence, enterprises are gaining popularity in the IT sector. However, other sectors, such as healthcare, government, and retail that generate high volume of data, also require DRaaS to properly maintain and safeguarded data of enterprises, for building work efficacy.
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Key Players:
MRFR listed renowned disaster recovery as a service provider. They are; IBM Corporation (U.S.), Amazon Web Services (U.S.), Sungard Availability Services (U.S.), Microsoft Corporation (U.S.), Treo Information Technology (Turkey), VMware Inc. (U.S.), Cisco Systems (U.S.), Cable & Wireless Communications (U.K.), HP Enterprises Company (U.S.), NTT Communications (Japan), and others.
Segmental Outlook
The global DRaaS Market is assessed by service type, service provider, deployment, and vertical. By service type, the market is segmented into backup, real time replication, data security, professional services, support & maintenance, training & consulting, and system integration. The professional segment is expected to thrive at the highest CAGR across the assessment period. The backup service segment is likely to gain traction for the DRaaS market owing to benefits of the technology, such as scalability and reliability. It is due to the increase in business requirements, such as support and maintenance, training and consultation, and system integration. By service provider, the market is segmented into a managed service provider, cloud service provider, telecom & communication service provider, and others. By deployment, the market is segmented into private cloud, hybrid cloud, and public cloud. By vertical, the market is segmented into BFSI, manufacturing, manufacturing, government, healthcare, retail, media, it & telecommunication, and others.
Regional Outlook
The regional segments of the disaster recovery as a service market are; North America, Asia Pacific, Europe, and the Rest of the World. According to MRFR analysis, the market in North America is expected to hold a significant share of the global market. The market in the Asia Pacific is expected to exhibit fast-paced expansion. The generation of online data is high due to rapid industrialization. Hence, the growing need for data protection and recovery in cases of mishaps is expected to boost the disaster recovery as service market in the region. The availability of effective solutions for disaster mitigation in North America is expected to gain traction for the regional market. In addition, technical advancements and rise in investments in cloud-based solutions for disaster mitigation is expected to propel the growth of the North America regional market. The US is expected to make good profits for the regional market. In Europe, the presence of numerous disaster recovery as a service provider can spur regional market growth.
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Disaster Recovery as a Service Market, By Service Type (Real-Time Replication, Backup, Data Security), By Service Provider (Cloud, Managed, Telecom & Communications), By Deployment (Private, Public, Hybrid) - Forecast 2023
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