Disaster Recovery-as-a-Service Market Drivers Shaping Future Growth, Revenue USD 60.4 billion by 2031 | CAGR 23.9%
Increasing adoption of advanced resilience solutions by both SMEs and large businesses is propelling the disaster recovery-as-a-service market forward.
PORTLAND, PORTLAND,OR, UNITED STATE, November 7, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Disaster Recovery-as-a-Service Market Drivers Shaping Future Growth, Revenue USD 60.4 billion by 2031 | CAGR 23.9%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Growth in the prevalence of cyber-attacks, blackouts, and others on various organizations, surge in need for a service that ensures continuity to the businesses and protecting their crucial data, need for efficient data recovery to drive the global disaster recovery-as-a-service market growth. Global demand for Disaster Recovery-as-a-Service (DRaaS) has significantly increased as a result of its widespread use in natural disasters and during business disruptions during the COVID-19 pandemic.
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The report offers detailed segmentation of the global disaster recovery-as-a-service market based on operating model, service type, deployment mode, organization size, end-use industry, and region.Based on deployment mode, the public cloud segment held the largest market share in 2021, holding more than three-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. The private cloud segment, on the other hand, is expected to cite the fastest CAGR of 24.3% during the forecast period.
Based on service type, the Real-time Replication segment held the dominating market share in 2021, holding nearly two-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. The Backup & Restore segment, on the other hand, is expected to cite the fastest CAGR of 24.6% during the forecast period.
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Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR o 24.7% during the forecast period.
The key players analyzed in the global disaster recovery-as-a-service market report include IBM Corporation, Axcient, Sunguard, Amazon Web Services, Inc., Cable & Wireless Communications Limited., TierPoint, LLC., Microsoft Corporation, VMware Inc., NTT Communications Corporation, and Rackspace Technology.
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COVID-19 Scenario:
• The outbreak of COVID-19 has had a positive impact on the growth of the global disaster recovery-as-a-service market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in increased internet penetration during the pandemic as more and more individuals and businesses around the world switched to work from home model.
• This was mainly done to safeguard the lives of their employees and to prevent the spread of the COVID-19 virus. The work-from-home model has pushed several organizations across the world to opt for cloud-based solutions that have increased the need for data backup, data recovery, and data privacy. This has paved the way for the disaster recovery-as-a-service industry due to which it has gained significant traction.
• Lockdown imposed across several countries is driving the adoption of cloud-based disaster recovery-as-a-service solutions to prevent data breach.
• The flexibility and cost-effectiveness offered by various DRaaS solutions have positively impacted the market growth during the COVID-19 pandemic.
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