Disaster Recovery as a Service Market is expected to grow at a CAGR of 19.05%
Global
Disaster Recovery as a Service Market is expected to grow owing to exponential
growth of data and the ongoing digital transformation initiatives across industries
necessitate scalable and efficient disaster recovery solutions throughout the
forecast period
According
to TechSci Research report, “Disaster
Recovery as a Service Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2019-2029”, the Global Disaster Recovery as a
Service Market is expected to register robust growth during the
forecast period.
The escalating frequency
and severity of natural disasters, such as hurricanes, earthquakes, floods, and
wildfires, are driving organizations to prioritize disaster recovery solutions.
DRaaS offers a cloud-based approach to data backup and recovery, ensuring that
critical information is securely stored offsite and accessible in the aftermath
of a natural disaster.
As
cyber threats become more sophisticated and frequent, there is a growing demand
for comprehensive cybersecurity solutions, including robust disaster recovery
strategies. DRaaS providers have the opportunity to capitalize on the
increasing awareness among businesses about the need to protect critical data
and applications from cyberattacks. Offering integrated solutions that address
both backup and recovery in the event of a cyber incident positions DRaaS
providers as essential partners in cybersecurity resilience.
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Disaster Recovery as a Service Market"
Based
on organization size, the
Large Enterprises segment is expected to dominate the market during the
forecast period. The scalable nature of DRaaS aligns well with the dynamic
requirements of large enterprises. As these organizations experience growth,
mergers, or changes in IT infrastructure, they need disaster recovery solutions
that can scale up or down accordingly. DRaaS allows large enterprises to adapt
their disaster recovery capabilities to match the evolving needs of their
expansive and complex IT environments. Large enterprises often operate in
highly regulated industries with stringent compliance standards. DRaaS
solutions help these organizations meet regulatory requirements by ensuring the
secure and compliant storage of data. The ability to demonstrate a robust
disaster recovery plan is crucial for large enterprises to comply with
industry-specific regulations and maintain the trust of customers and
stakeholders. The integration of artificial intelligence (AI) and machine
learning (ML) in disaster recovery is a growing trend among large enterprises.
These organizations are leveraging AI-driven predictive analytics to enhance
their disaster recovery intelligence, allowing them to anticipate and mitigate
potential risks more effectively. DRaaS providers targeting large enterprises
should emphasize AI-powered features to stay competitive in the market.
Based
on end-user, the BFSI segment is projected to dominate the market throughout
the forecast period. The BFSI sector deals with vast amounts of sensitive
customer data, making data security a top priority. Any disruption in services
or data loss can have severe consequences, eroding customer trust and damaging
the reputation of financial institutions. DRaaS addresses these concerns by
providing secure offsite storage and rapid recovery capabilities, bolstering
the overall resilience of the BFSI sector against potential threats.
Uninterrupted operations are paramount for the BFSI sector, where downtime can
result in financial losses, reputational damage, and regulatory penalties.
DRaaS enables financial institutions to maintain continuous operations by ensuring
the availability of critical applications and data, even in the face of
unexpected disruptions such as cyberattacks, natural disasters, or hardware
failures. Given the critical nature of financial services, there is a growing
trend within the BFSI sector towards focusing on rapid recovery and conducting
regular resilience testing. DRaaS providers catering to this segment should
offer solutions that not only ensure data backup but also emphasize rapid
recovery times and facilitate routine testing to validate the effectiveness of
disaster recovery plans.
Key
market players in the Global Disaster Recovery as a Service Market are:-
- iLand Internet
Solutions Corporation
- Microsoft
Corporation
- Recovery Point
Systems Inc.
- Evolve IP LLC
- TierPoint LLC
- IBM Corporation
- Sungard
Availability Services LP
- C and W
Business Ltd
- Expedient
Holdings USA LLC
- Cloudhpt
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“The
Global Disaster Recovery as a Service Market in Asia-Pacific is poised to be
the dominant force in the industry. North
America is a significant contributor to the overall revenue and growth of the
Global DRaaS Market. The region, encompassing the United States and Canada, is
characterized by a large number of enterprises across various industries,
including technology, finance, healthcare, and manufacturing. The mature IT
landscape and the constant threat of natural disasters and cyberattacks
contribute to the substantial market size and ongoing growth of DRaaS solutions
in North America.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based global management consulting firm.
“Disaster
Recovery as a Service Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Organization Size (Large Enterprises and
Small & Medium Enterprises), By Deployment Mode (Public Cloud and Private
Cloud), By End-User (BFSI, IT & Telecommunication, Government and Other),
By Region, and By Competition 2019-2029” has evaluated the future growth
potential of Global Disaster Recovery as a Service Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Disaster Recovery as a Service Market.
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