Pre & Post Covid-19 Impact: Reveal Clear Picture of the Future of Disaster Recovery as a Service Industry 2020

Disaster recovery as a service is a cloud based platform used to store files and applications on virtual or physical server which helps in the continuity of the business in the event of natural or manmade disaster which are mainly facilitated by the managed service providers or system integrators. DRaaS enables the recovery and backup of files and application on a secondary storage or infrastructure. These services can be useful for the SMEs, but due to lack of expertise and awareness the DRaaS remains unused. DRaaS could minimize the operational and the capital expenditure incurred in the organization.

DRaaS market helps in the faster recovery of data that is lost due to manmade or natural disasters; this is predicted to be a major driving factor for the market over the forecast period. DRaaS minimizes the amount of the downtime and assures that the productivity of the organization is not affected. With faster recovery facility, organizations can easily restore its file in the most cost-effective way. As the recovery of the files can be done with pay-as-you-go model, the user has to pay only for the amount of usage done.

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Lack of disaster recovery plan among the organization is considered to be the biggest restraint for the market. Most of the organization lacks disaster recovery plan which is very helpful for their continuity of the business. An organization won't be able to identify the loss that a disaster can cause and if there will be a huge loss caused by the disaster then the organization might have to face a lot of consequences. Therefore, enterprises need to have a backup plan for the disaster recovery process. Lack of awareness is going to hamper the growth of the DRaaS market.

On the basis of component, the market is segmented into solution and service. The solution type component in disaster recovery as a service market accounted for $2,148.1 million in 2018 and is predicted by generating a revenue of $24,408.2 million by 2026. The solution type is predicted to grow with the adoption of disaster recovery as a service in the enterprises at a faster rate. The solution component enables the enterprises to optimize the data and improve the efficiency of the storage system. Due to the above mentioned reasons the solution type component is predicted to give boost to the sales of the disaster recovery as a service market in the forecast period.

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On the basis of solution, the market is segmented into real time replication, backup solution, data security & compliance, and disaster recovery planning & testing. The backup services type was $837.0 million in 2018 and is predicted to grow by generating a revenue of $10,131.4 million by 2026. The backup and recovery is predicted to grow due to the backing up for the historical data and documents which is considered to be the most crucial to recover in case disaster happens. With the help of backup and recovery, the management of files becomes easier and data can be easily stored in real time and can be recovered whenever required.

On the basis of vertical, the market can be segmented into BFSI, education, government, healthcare, manufacturing, media & entertainment, telecommunication & IT, retail and wholesale, transportation and logistics and others. Telecommunication and IT accounted for $305.4 million in 2018 and is predicted to grow by generating a revenue of $4,570.4 million by 2026. Telecommunication and IT is growing at a rapid pace and adoption of disaster recovery as a service market by deployment model is very essential as it has a huge customer base and the recovery of data is most essential to keep the customers informed. The telecommunication and IT industry is gaining worldwide importance in disaster recovery as a service market as many communication service providers are giving importance to the customer experience and trying to increase their customer base. With the help of disaster recovery as a service, telecommunication and IT sector can keep their database safer which will eventually give boost to the overall market in the forecast period.

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On the basis of region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region for the disaster recovery as a service market accounted for $851.7 million in 2018 and is predicted to grow by generating a revenue of $7,876.6 million in 2026. The market for the Asia-Pacific region is predicted to grow due to the rise in the investment done by the major tech companies, and government initiatives for establishing new companies is predicted to boost the market over the forecast period. North America region for the disaster recovery as a service accounted for $1,046.3 million in 2018 and is predicted to grow by generating a revenue of $10,965.9 million by 2026. The market for the region is expected to grow as most of the major companies are in this region and the penetration rate of BFSI and IT industry is very high as compared to other sector where the usage of disaster as a service is more.

The top market players in the disaster recovery as a service market include IBM Corporation, HP Development Company, L.P., Amazon Web Services, Inc., Cable & Wireless Communications Limited., TierPoint, LLC., Microsoft, VMware Inc., NTT Communications Corporation, and RACKSPACE US, INC., among others.

Mr. Abhishek Paliwal
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