The disaster recovery-as-a-service market is on the rise
FYI, this story is more than a year old
FMI delivers key insights on the global disaster recovery-as-a-service market in its report titled ‘Disaster Recovery-as-a-Service Market: Global Industry Analysis 2013 to 2017 and Opportunity Assessment 2018 to 2028.’
Disaster recovery-as-a-service has witnessed an upsurge in the past four years owing to an increase in the number of small- and medium-sized enterprises across the globe, growth in the number of cyber crimes and threats, increase in ransomware, rise in awareness in countries that have the resources to implement disaster recovery-as-a-service effectively and an increase in the transition towards digitalisation in developing countries.
As time progresses and advanced technologies are implemented, the demand for disaster recovery-as-a-service is also expected to increase. As a result, the market is expected to exhibit a high double-digit growth rate during the forecast period.
The global disaster recovery-as-a-service market is expected to register a significantly high global CAGR during 2018 to 2028, with Western Europe and North America accounting for approximately 50% market value shares by the end of the forecast period.
On the basis of the type of service, the market is segmented into recovery & backup services, real-time replication services, data protection services, professional services and managed services.
Among the above-mentioned services, the recovery & backup services segment has witnessed the maximum preference.
Disaster recovery-as-a-service is available in a suite that includes multiple solutions, such as backup, recovery and data protection.
However, as recovery & backup services are the primary requirements of most organisations, the data protection services segment holds a comparatively lower market share in the global disaster recovery-as-a-service market.
On the basis of the service provider, the market is segmented into cloud service provider, telecommunication service provider, managed service provider and others.
On the basis of vertical, the market is segmented into BFSI, IT & telecommunication, retail & consumer goods, public sector, healthcare, media & entertainment, defence and others.
Since its inception, the BFSI and IT & telecommunication verticals have been the major adopters of these services.
These segments are also expected to be among the most attractive segments in terms of incremental opportunity in the global market.
Hence, it is recommended for solution providers to target the above-mentioned segments owing to the high growth opportunities associated with the same.
Vendors in the disaster recovery-as-a-service market are now focusing on partnering with various solution providers in the industry to enhance their solutions and expand their sales channels across the globe.