New York, USA, July 15, 2020 (GLOBE NEWSWIRE) --
The Global Discovery Recovery as a Service Market is likely to witness a progressive growth due to the COVID-19 pandemic. - Research Dive
According to a new report published by Research Dive, the global disaster recovery as a service market accounted for $3,332.2 million in 2018 and is projected to surpass $57,133.1 million by 2026. Comprehensive analysis on drivers, restraints, growth opportunities, and strategies executed by various governments & major market players to sustain in the COVID-19 pandemic are further provided in the report.
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Pre Market Scenario Vs Current Market Situation
The global DRaaS market was estimated to grow at a CAGR of 40.6% by 2026 prior to COVID-19 crisis. Although due to the COVID-19 pandemic, now the market is projected to exhibit a CAGR of 42.9% during the forecast period. This is majorly owing to the growing demand for DRaaS and rising adoption of clod services by numerous organizations in these trying times.
The estimated pre COVID-19 market size for DRaaS industry was $6,587.1 million in 2020 and is expected to witness a tremendous growth and reach up to $6,777.3 million due to COVID-19 pandemic. A number of organizations across the globe have adopted work from home as a response to the pandemic crisis, which has increased the demand for disaster recovery as a service. For instance, TCS has implemented the work from home option to about 75% of its employees across the globe. Furthermore, the rising adoption of cloud for smooth flow of business is another factor driving the global DRaaS market growth.
Post-Pandemic Market Scenario
As per the report, the global DRaaS market is anticipated to maintain its positive growth even after the pandemic. The implementation of automation through AI in DRaaS is expected to create lucrative opportunities in the global market after COVID-19 pandemic. Besides, the cost-effectiveness and flexibility of DRaaS is predicted to boost the market growth by the end of 2026.