Increasing Data Loss & Breaches propel Global Disaster Recovery as a Service Market Demands

As per Inkwood Research, the Global Disaster Recovery as a Service Market is projected to rise with a CAGR of 24.62% in terms of revenue over the forecast period of 2022-2030.
"Browse 60 Market Data Tables and 49 Figures spread over 200 Pages, along with an in-depth TOC on the Global Disaster Recovery as a Service Market Forecast 2022-2030."

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A business can be affected by a disaster ranging from data hacks to malicious ransomware attacks. Disaster Recovery as a Service is a cloud computing service model that enables organizations to store and recover their data efficiently in the event of a disaster.

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Rising Data Loss & Breaches drive Market Growth
One of the key growth drivers of the global Disaster Recovery as a Service (DRaaS) market is data loss by organizations. For instance, as per the Data Breach Investigations Report, out of the 23,896 analyzed security incidents, 5,212 were confirmed data breaches. In addition, 82% of breaches had a human element, including misuses, errors and social attacks. Also, the study observed a 13% increase in ransomware breaches more than in the last 5 years combined.
Further, the study mentioned that 62% of incidents in the system intrusion pattern had threat actors comprising partners. Besides, data loss is an increasing concern in such incidences where businesses can incur losses in millions, face blame from their stakeholders, lawsuits, etc. As a result, the implementation of high-caliber DRaaS solutions is a crucial aspect for businesses. Therefore, the rising data breach and loss incidents propel the DRaaS demands globally.

Private Cloud is the Fastest-Growing Deployment Type
A private cloud, also known as an internal cloud, is a set-up offered by vendors exclusive to a single customer, where it avails specially dedicated software and hardware resources. Also, it provides the user control over the data, security, and quality of the service. In addition, businesses opt for private cloud since they deal with different data like intellectual property & other important data, confidential documents, personal & medical records, and financial data.
Also, a company's cloud provider and IT department can set up and manage a private cloud. A business can build, set up, and run the necessary technology in its enterprise data center to support a private cloud in the 'hosted private' approach. Furthermore, the private cloud offers a high level of security and privacy to data through internal hosting and firewalls. Additionally, it ensures that sensitive and operational data are not accessible to third-party providers. Examples of private cloud include Ubuntu, Elastra-private cloud, Microsoft, and HP Data Centers.

North America: Largest Revenue-Generating Region
The continuous evolution of cloud computing and the early adoption of cloud-based networks drive market growth in the region. In countries like Canada, the growth is attributed to data recovery & cloud computing services and software service solutions. Also, the North American market prospects benefit from the presence of key vendors.
There is intense competition among the leading players in the market with the continuous development of new technologies. Some of the prominent firms in the market include NTT Data Corporation, Kyndryl Holdings Inc, Recovery Point Systems Inc, Microsoft Corporation, etc.

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