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The pandemic situation has brought a positive impact on disaster recovery as a service market. The market is predicted to grow significantly in the forecast period despite the pandemic COVID-19 situation. The primary factor for the growth of DRaaS before COVID -19 was due to the rising demand by most organizations for its cost effectiveness and greater flexibility. The factor which affects the positive growth of the disaster recovery as a service is the lockdown and most of the organizations implementing work from home. However, data breach is considered to be the major restraint for the market. Implementation of artificial intelligence in DRaaS is predicted to create vast opportunity for the DRaaS Market in the forecast period. For instance, TM One launched cloud alpha promotion for business at the time of bleeding economy stating #stayproductive during the quarantine time by urging people to stay home and work from home.
Our report includes:
As per a new report published by Research Dive, the DRaaS is set to generate a revenue of $57,133.1 million by 2026, at a CAGR of 42.9% during the forecast period from 2019 to 2026. The segmentation of the market has been done on the basis of component, solution, service, providers, organization size, verticals and region. The report provides in-depth insights on drivers, vital segments, opportunities, restraints, and key players of the market. As per our analysts, Cost effectiveness and greater flexibility is predicted to drive the Disaster Recovery as a Service Market. Moreover, data Breach and security is considered to be the major restraints for the disaster recovery as a service market.
Depending on the 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 to grow with a CAGR of 37.7% in the forecast period. Most of the enterprises optimize the data and improve the efficiency of the storage system with the use of solution provided by DRaaS, which is predicted to boost the segment in the forecast period
Depending on the solution, the market is segmented into real time replication, backup solution, data security & compliance, and disaster recovery planning & testing. The backup services type accounted for $837.0 million in 2018 and is predicted to grow with a CAGR of 38.8% in the forecast period.
Depending on the service, the market can be segmented into cloud service provider, managed service provider, telecom and communication service provider and others. The managed service providers segment accounted for $389.9 million in 2018 and is predicted to grow with a CAGR of 53.9% in the forecast period.
Depending on the provider, the market is segmented into cloud service provider, telecom and communication service provider and disaster recovery service provider. Cloud service provider segment accounted for $1,934.5 million in 2018 and is predicted to grow with a CAGR of 40.5% in the forecast period. Cloud allows to store data virtually and can be accessed anywhere due to which it is predicted to boost the cloud segment in the forecast period.
Depending on the organization size, the market can be segmented into small & medium enterprises and large enterprises. The small and medium business market was accounted for $1,112.3 million in 2018 and is predicted to grow with a CAGR of 50.7% in the forecast period.
Depending on the vertical, the market can be segmented into BFSI, Education, Government, Healthcare, Manufacturing, Media & Entertainment, Telecommunication & IT, Retail and Wholesale, Transportation and Logistics and Others. Media and Entertainment accounted for $359.7 million in 2018 and is predicted to grow with a CAGR of 48.1% in the forecast period.
On the basis of region, the global disaster recovery as a service 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 with a CAGR of 48.6% in the forecast period. Shifting of major tech companies in the region and the government initiatives for the establishing new companies is predicted to boost the region market in the forecast period.
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.
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