New York, USA, Aug. 17, 2022 (GLOBE NEWSWIRE) -- A new report on the global disaster recovery as a service (DRaaS) market has been added by Research Dive to its repository. According to the report, the global market is expected to hit $17,876.6 million by 2026, rising at a CAGR of 40.6% from 2019 to 2026. This report is an in-depth study offering meticulous insights into the present situation and future scope of the global industry. The report is drafted by expert market analysts and assures to be a reliable source of data and comprehensive market insights for new market players, investors, prevalent players, stakeholders, shareholders, etc
Factors Impacting the Disaster recovery as a service (DRaaS) Market Growth:
The key factor boosting the growth of the global Disaster recovery as a service (DRaaS) market is the rising adoption of DRaaS services from a third party provider by several businesses owing to its affordability and flexibility for storing data in a cloud server. Moreover, in case of disasters, DRaaS helps businesses in recovering the data in very less time without causing disruptions in the business processes; this is projected to open doors to rewarding opportunities for the growth of the market in the forecast period. However, data breach and security concerns related to DRaaS solutions is expected to hamper the market growth.
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The report segments the global Disaster recovery as a service (DRaaS) market into component, provider, organization size, vertical, and region.
Solution Sub-Segment to Observe Significant Growth
The solution sub-segment of the component segment is anticipated to grab leading market share by growth with a CAGR of 35.4% during the forecast period. This growth is chiefly because the solution component of a DRaaS system allows businesses to optimize data and enhance storage system’s efficacy.
Cloud Service Provider Sub-Segment to Experience Leading Growth
The cloud service provider sub-segment of the provider segment is anticipated to hold highest share of the market and grow with a CAGR of 38.2% during the forecast period. This growth is chiefly owing to the rising adoption of DRaaS solutions by companies, which enables data storage on cloud without the need for buying new infrastructure and software.
Small and Medium Businesses Sub-Segment to Perceive Rapid Growth
The small and medium businesses sub-segment of the organization size segment is anticipated to grow speedily with a CAGR of 48.2% in the forecast period. This growth is chiefly owing to the rising demand for DRaaS solution by small and medium businesses, owing to its various benefits such as user-friendliness, pay-as-you-go payment model, and reduced operational costs.
Telecommunication and IT Sub-Segment to Contribute the Market Growth
The telecommunication and IT sub-segment of the vertical segment is anticipated to grow rapidly and garner significant revenue during the forecast period. This is chiefly because of the rising adoption of DRaaS services in the telecommunication and IT industries worldwide.
Asia-Pacific Disaster recovery as a service (DRaaS) Market to Observe Highest Growth
The report analyzes the global Disaster recovery as a service (DRaaS) market across several regions such as Asia-Pacific, Europe, North America, and LAMEA. Among these, the Asia-Pacific market is estimated to observe noteworthy growth with a CAGR of 46.2% in the forecast period. The growth of the region market is mainly because of the developing economy and massive investments by major businesses in DRaaS solutions in this region.
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Key Disaster recovery as a service (DRaaS) Market Players
The report lists some of the foremost players operating in the global Disaster recovery as a service (DRaaS) market including
- VMware Inc.
- HP Development Company, L.P.
- Amazon Web Services, Inc.
- RACKSPACE US, INC.
- Cable & Wireless Communications Limited.
- IBM Corporation
- TierPoint, LLC.
- Microsoft
- NTT Communications Corporation, and others.
The report also offers several industry-top tactics and approaches such as top strategic moves & developments, product/solution range, business performance, Porter’s five forces analysis, and SWOT analysis of the foremost players, functioning in the global industry. – Speak with an Expert Analyst or Schedule a Call to Get More Insights
For instance, in October 2021, Cohesity, a front-runner in next-generation data management, announced the complete accessibility of its next ‘as a service’ providing – disaster recovery as a service (DRaaS). With this launch, Cohesity aims to grab a leading position in the global Disaster recovery as a service (DRaaS) market.
More About Disaster recovery as a service (DRaaS) Market:
- Rising Need for Backing Up Data to Escalate the Growth of Global Disaster Recovery as a Service Market
- Top 4 Considerations When Choosing Disaster Recovery as a Service (DRaaS)
