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COVID-19 Impact: Disaster Recovery as a Service Market generate a promising revenue at a CAGR of 40.6%
Disaster Recovery as a Service Market
The global disaster recovery as a service market is expected to generate a promising revenue at a CAGR of 40.6%, rising from $3,332.2 million in 2018 during the forecast period.
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Key Players of the Market
The report also enlists the leading players of the disaster recovery as a service market. They include HP Development Company, IBM Corporation, TierPoint, LLC., L.P., Amazon Web Services, Inc., Microsoft, Cable & Wireless Communications Limited., NTT Communications Corporation, VMware Inc., and RACKSPACE US, INC.
Regional Analysis
According to the report, the Asia-Pacific region will lead the market in the coming years. Asia-Pacific disaster recovery as a service market accounted for $851.7 million in 2018 and is further foretold to grow at a CAGR of 46.2% in the forecast period. The reason behind growth is the huge investments done by the major companies. In addition, the governments’ initiative for data security is going to boost the market in this region in upcoming years.
Key Segments of the Report
The report has divided the market into different segments based on component, provider, organization size, vertical, and region.
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By component, the solution sub-segment will earn the highest share at a growth rate of 35.4% during the forecast period. With the help of solution component, the enterprises are able to optimize the data and boost the competence of the storage system. This is the main reason behind the growth of this sector.
By provider, the market is further segmented into Cloud Service Provider, Disaster Recovery Service Provider, and Telecom & Communication Service Provider. Cloud service provider is estimated to surpass the $1,934.5 million revenue of 2018 at a growth rate of 38.2%. The growing customer base on IT sector is the main driving factor of this sector of the market.
By organization size, the small and medium business segment is anticipated to grow at a CAGR of 48.2%, increasing from $1,112.3 million in 2018. Pay-as-you-go payment model, ease of use, less operational cost, and flexibility offerings are the factors increasing the demand for DRaaS in small and medium businesses.
By vertical, telecommunication and IT segment is going to be the most profitable.
Market Dynamics
The main attributor behind the growth of the disaster recovery as a service market is its affordable price. Disaster recovery as a service helps in eliminating the additional costs which involves storing data in a cloud server. This software also helps in eradicating other expenses occur in purchasing or leasing server, owning a space for secondary data centers, power and bandwidth at the secondary data centers, network and storage equipment, monthly cost associated for cooling, to mention a few. This popular solution also enables the company to recover any data within a few minutes in case of any disaster. These are major growth driving factors of the global agriculture robot market.
Data breaches and hacking are the major threats that may hamper of the industry during the forecast period.
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Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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