Disaster Recovery as a Service Market, By Service Type (Real-Time Replication, Backup, Data Security), By Service Provider (Cloud, Managed, Telecom & Communications), By Deployment (Private, Public, Hybrid) – Forecast 2023
Disaster recovery as a service market is estimated to exhibit high growth potential during the forecast period owing to increasing adoption of emerging and advanced technologies which allows limited utilization of resources and hence is flexible and proves to be cost effective solution for speedy recovery of data.
Major factor driving the disaster recovery as a service market is its flexibility and cost effectiveness. Due to increasing adoption of cloud based solutions by small and medium enterprises, the disaster recovery as a service market is expected to witness significant growth during the forecast period.
The prominent players in the disaster recovery as a service market are – Amazon Web Services (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Sungard Availability Services (U.S.), VMware Inc. (U.S.), Cable & Wireless Communications (U.K.), Cisco Systems (U.S.), HP Enterprises Company (U.S.), Treo Information Technology (Turkey), NTT Communications (Japan), among others.
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Market Research Analysis:
The global disaster recovery as a service market, by geography, has been segmented into North America, Europe, Asia Pacific and Others. In the global disaster recovery as a service market, Asia Pacific is expected to dominate the disaster recovery as a service market during the forecast period owing to the changing culture in organizations and increasing adoption of advanced technologies. Asia Pacific is anticipated to witness relatively faster adoption and hence is expected to grow at the highest CAGR during the forecast period. Within Asia Pacific, disaster recovery as a service market is projected to contribute faster to the growth of revenue backed by increasing number of organizations adopting disaster recovery services in countries such as Japan, China and India.
Across Europe, countries including Germany, France and the U.K. are anticipated to drive the growth of disaster recovery as a service market. In Europe, the presence of advanced infrastructure and technological advancements in numerous countries is driving the market growth of disaster recovery as a service market. Early adoption of emerging and advanced technologies and increasing business needs are other major factors driving the growth of disaster recovery as a service market.
Disaster recovery as a Service Market Segmentation
The disaster recovery as a service market has been segmented on the basis of service type, service provider, deployment and vertical. The provider segment is further bifurcated into cloud service provider, managed service provider and telecom and communications service provider. Out of these, the cloud service provider is expected to dominate the service providers segment and hold the largest market share of disaster recovery as a service market during the forecast period. This is due to the increasing investments in the cloud based solutions. While the managed service provider is expected to grow at the highest CAGR during the forecast period.
In this rapidly changing world of technology, disaster recovery as a service market is projected to show major growth prospects during the forecast period. The continuous developments and increasing technological advancements are major factors leading to rapid adoption of disaster recovery as a service solutions.
As compared to other regions, the disaster recovery as a service market in North America is expected to witness significant growth. North America is expected to hold the largest market share and dominate the market of the disaster recovery as a service market during the forecast period. U.S and Canada are anticipated to drive the growth of disaster recovery as a service market. This is owing to the early adoption of advanced and emerging technologies in that region. In addition to this, the region also has a well-established infrastructure and allows high penetration of devices, while the increasing investments in cloud based solutions is another reason for the growth of disaster recovery as a service market.
The disaster recovery as a service market is growing rapidly over 44% of CAGR and is expected to reach at approx. USD 21 billion by the end of forecast period.
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Disaster recovery as a service market has been segmented on the basis of service type, service provider, deployment and vertical. The vertical segment is further bifurcated into BFSI, healthcare, manufacturing, retail, media, IT and telecommunication and government. Out of these, the media segment is expected to grow at the highest CAGR during the forecast period. While the BFSI sector is expected to dominate the market share of disaster recovery as a service market. This is owing to the increasing adoption of disaster recovery solutions and services across various verticals.
Major restraining factor in the growth of disaster recovery as a service market is difficulty in achieving security and compliance and high network bandwidth requirements. Other restraining factor is the compatibility concern of some applications in the cloud environment. This could cause hindrance in the growth of disaster recovery as a service market.
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