Press release
Disaster Recovery in Banking Market: Global Opportunity Analysis and Industry Forecast, 2023-2032
The disaster recovery in banking market share is segmented into component, deployment model, enterprise size, and region. Based on component, the market is classified into solution and services. Based on deployment model, it is bifurcated into on-premises and cloud. Based on enterprise size, the market is classified into large enterprise and small & medium enterprises. Based on region, it is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, UK, France, and Rest of Europe), Asia-Pacific (China, Japan, India, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa).
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Rise in need for greater customer retention
Clients nowadays demand nothing less than perfection and dependability. When it comes to failures or downtime, they are unforgiving, owing to which many banks and fintech institutes are adopting this software to recover data from various disasters, thereby driving the growth of the market. In addition, businesses can maintain high level of service quality regardless of the circumstances due to disaster recovery planning, which also enhances the growth of the disaster recovery in banking market share. In the aftermath of an IT disaster, regaining an old customer can be nearly impossible - a disastrous effect that many businesses have witnessed firsthand. Therefore, financial institutions make sure that previous mistakes are not repeated by adopting disaster recovery planning to sustain their customer retention.
Geographic separation of financial institutions
Majority of financial institutions, particularly community banks and credit unions, have branches within a specific geographical location. If any disaster, such as cyclone, tornado, and ice storm, occurs, there is a good chance that they will lose data from multiple branches at the same time. As a result, any on-premises servers will almost certainly be destroyed in this disaster. In situations like these, cloud recovery solutions, which include disaster recovery planning play a major role, thereby enhancing the growth of the market.
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COVID-19 Impact Analysis
In the wake of COVID-19 pandemic, the demand for disaster recovery in banking sectors has exponentially grown due to the need among banks to regularly cross-check and update their list of feasible and credible recovery options that are in their recovery plans, especially by taking into account the current COVID-19 system-wide stress.
Many of the enterprises across the banking sector have adopted the work from home model to safeguard employee well-being and maintain operational efficiency by increasing the demand for cloud-based solutions, which has reflected a surge in demand for disaster recovery planning in banking.
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Key Benefits of the Report
This study presents analytical depiction of the disaster recovery in banking market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the market share.
The current market is quantitatively analyzed to highlight the disaster recovery in banking market growth scenario.
Porter's five forces analysis illustrates the potency of buyers & suppliers in the disaster recovery in banking market.
The report provides a detailed market analysis on the basis of present and future competitive intensity of the market.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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