Market Highlights
Market Research Future (MRFR), reports that global disaster recovery as a service market 2020 is likely to be largely influenced by COVID-19 pandemic. As per MRFR study, the world market of disaster recovery as a service is expected to rise at 44% CAGR through the assessment period 2017 and 2023. The expansion of the global disaster recovery as a service market value is likely to be at USD 21 Bn by 2023. Disaster recovery as a service market offers replication and hosting of virtual or physical servers via third party and aid failovers events of natural or man-made catastrophe.
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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Segmentation:
The segment study of the disaster recovery as a service market are deployment, service type, service provider, and verticals.
The deployment-based segments of the disaster recovery as a service market are public cloud, hybrid cloud, and private cloud. The service provider-based segments into telecom & communication service provider, managed service provider, cloud service provider, and others. The service type based segments of the disaster recovery as a service market are professional services, backup service, real-time replication, data security service, support & maintenance, system integration, and training & consulting. The verticals-based segments of the disaster recovery as a service market are retail, BFSI, Information Technology (IT), government, healthcare, media, Telecommunication manufacturing, 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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