Market Highlights
PUNE, India, Jan. 06, 2020 (GLOBE NEWSWIRE) -- Market Research Future (MRFR) reveals that the global market for disaster recovery as a service can achieve an approx. valuation of USD 21 Billion by 2023. The market is also deemed to record a stunning growth rate of 44% between 2017 and 2023, which is the forecast period.
Disaster recovery as a service (DRaaS) helps facilitate business continuity during cases of system failure. These solutions feature cross-cloud infrastructure management, cross-platform health monitoring and hybrid cloud availability monitoring. The increasing need to back up public as well as private data is believed to be one of the prime reasons for the strong growth of the global disaster recovery as a service market.
It is estimated that close to 2.5 quintillion bytes of data are produced every day, and the main cause of loss of this data is sudden downtime of systems that leads to the shutdown of a number of companies. The potential damage incurred during system failures or downtimes is massive and thereby calls for effective backup services. Backup services help companies gain foresight of any unforeseen disasters and prove to be an integral aspect of data safety; a factor that helps with the growth of the DRaaS market. For example, as per studies conducted in the year 2017, not more than 10% of the companies are able to deal with any disaster without any disaster recovery backup. These companies are not only the small sized ones but also major players like Nissan and FedEx among others.
Given the surge in the number of cyber threats, a number of companies have started deploying AI as well as Machine Learning in DRaaS solutions for threat detection or any unusual behavior. Predictive learning algorithms are being used to identify real or false disaster recovery situations. These also help automatically conduct proactive recoveries and curb outages much before being detected.
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Segmentation:
The market segments for disaster recovery as a service include service type, service provider, deployment and vertical.
The service types covered in the report are data security, real-time replication, professional services, backup, system integration, support & maintenance, and training & consulting.
Depending on the service provider, the global disaster recovery as a service market includes managed service provider, telecom & communication service provider, cloud service provider, and others.
The disaster recovery as a service market, deployment-wise, comprises public, hybrid and private.
Vertical-based segments in the disaster recovery as a service market are healthcare, BFSI, governments, retail, manufacturing, IT & telecommunication, media, and others.
Regional Insight
The geographical classification of the disaster recovery as a service market includes North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
As of now, North America holds the top position in the global market for disaster recovery as a service and has the potential to maintain its supremacy throughout the review period. Technological innovations and the region’s willingness to adopt the latest technologies work in favor of the market. The regional market is also set to benefit from the illustrative IT infrastructure. Product innovation facilitated by the renowned players located in the region can also boost the market growth in the ensuing years. Some of these renowned players include IBM, Amazon, Oracle, Microsoft and others.
APAC can clinch the fastest growth rate in the global disaster recovery as a service market in the years to come. Expanding investments in the IT industry, coupled with the increasing technological advancements in the region is bound to create a host of growth opportunities for the regional market in the near future.
Europe is among the top contenders in the global DRaaS market, given the rising application in industries like e-commerce, telecommunication, manufacturing, and education. The leading markets for disaster recovery as a service in the region are the United Kingdom (UK), France and Germany can gain better positions in the region in the coming years.
Top Players
Cable & Wireless Communications (U.K.), VMware Inc. (U.S.), Sungard Availability Services (U.S.), Amazon Web Services (U.S.), Microsoft Corporation (U.S.), Cisco Systems (U.S.), Treo Information Technology (Turkey), HP Enterprises Company (U.S.), NTT Communications (Japan), IBM Corporation (U.S.), are some of the most prominent vendors in the worldwide market for disaster recovery as a service market.
Summary
Disaster recovery service makes extensive use of storage models and cloud computing in order to curb data loss during failures or downtime. With the surge in data loss across enterprises, the demand for disaster recovery service has risen considerably over the years. Therefore, Market Research Future (MRFR) believes that the global disaster recovery as a service market has the potential to attain a valuation of USD 21 Bn by 2023. MRFR also says that the market can flourish at a phenomenal rate of 44% during the forecast period (2017 to 2023).
Growing investments in IT solutions and the uptake of these solutions across organizations are some of the chief growth-inducing factors in the disaster recovery as a service market. Moreover, these solutions are an integral part of the decision-making processes and also help elevate the overall efficiency of the organization. Such appealing qualities have boosted the demand for disaster recovery as a service and can benefit the market in the following years.
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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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