Report ID :10233500 |
Published Date : 21 Oct 2022 |
Report Format : |
Delivery Timeline :48-72 Business Hours
With the rapid deployment of organizational data into cloud storage platforms, there has been a significant rise in demand for the data recovery services. Disaster recovery as a service (DRaaS) is a cloud security solution that secures and recovers the organizational data from any human disaster(such as communication failure, downtime data loss, security breaches, service disruptions) or natural disaster(such as fires, floods, hurricanes and so on). Data protection and security has become a vital concern for business organizations to ensure business continuity these days.
Disaster recovery services provided through by DR providers, telco providers, and cloud service providers are called disaster recovery as a service. The global disaster recovery as a service market is expected to reach up to $ 13.5 billion by 2028 growing at 44.2% CAGR during 2018-2028. The market is majorly driven by the rising demand for data protection, dynamic environmental changes that could lead to natural disaster, rising incidence of data loss, better efficiency and cost effectiveness from cloud deployment, rising adoption among SMEs and so on.
However, many organizations rarely have plans for disaster recovery thus budget allocation is a major challenge in the market. Moreover, due to lack of universal compatibility of disaster recovery solutions, the data may still at risk. Though, there has been continuous efforts from the service providers to overcome these issues. Also rising awareness levels will lead to pre planning in the organizations.
The global disaster recovery service market is segmented on the basis of solutions, by services, by company size, by application sector and by geography. On the basis of company size the market is segmented into small companies, mid-size companies, and large companies. Currently, the market is dominated by large companies as they have better plans and higher investments. However, increasing awareness levels are expected to drive the growth in small companies and mid sized companies. The major players discussed in the report includes, Amazon.com, Inc., Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, VMWare, Inc., Rackspace Hosting Inc., Google Inc. and so on.
On the basis of application sectors the market is segmented into BFSI applications, government applications, telecom and IT applications, e commerce and retail, healthcare, education transport and logistics, media and entertainment, manufacturing and others. Currently the market is dominated by government, retail and ecommerce and media and entertainment industry holding more than 35% of the market altogether. However, over the forecasted period BFSI, healthcare, and transport & logistics are expected to be the fastest growing application sectors.
Geographically the market is dominated by North America region followed by Europe. The presence of number of active players, and the stringent government regulations for data protection are the major drivers for higher adoption in these two regions. However, there has been significant rise in demand from the developing countries in APAC region will lead the market growth. The Asia pacific disaster recovery as a service market is expected to grow at 50% CAGR. Rising efforts for digitalization in many developing countries is expected to boost the demand for disaster recovery solutions in Asia Pacific region.
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