PUNE, India, May 7, 2020 /PRNewswire/ -- The Coronavirus disease (COVID-19) pandemic has had a significant impact on the global disaster recovery as a service (DRaaS) market. The cloud service provider segment is expected to foresee exponential growth in the global market. The managed service providers are expected to achieve new heights. The Asia-Pacific region will have enormous opportunities for the massive expansion during the period of forecast. The global leaders of the market are following multiple business strategies to strengthen their footprint in the global market.
The dramatic outbreak of the COVID-19 pandemic has posed a significant impact on the DRaaS market, during the analysis period. 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. The sustainability of the DRaaS market is majorly attributed to affordable cost and significant flexibility. Due to these key factors, ventures across the world are highly preferring DRaaS. Furthermore, during this world crisis situation, the majority of the new startups and established organizations are opting for situational decisions to acquire a prominent position in the global market. For instance, in April 2020, Intracom Systems, LLC, launched the highly advanced VCOM DRaaS. VCOM DRaaS is highly scalable and primarily offers critical communication systems to the user. These factors may drive the demand for DRaaS in this widespread emergency of COVID-19. However, cyber-attack, data breach, and human-related errors are some of the restraining factors for the growth of the global DRaaS market, during the analysis period. Also, to gain confidence and trust of the client, market players such as TM One has released cloud alpha promotion, called #stayproductive for the business to motivate the employees, during this pandemic.
This report is designed to guide leaders in strategic, operational, and financial planning over, the next upcoming years. Our report consists of:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
As per a new report published by Research Dive, Impact Analysis of COVID-19 on Disaster Recovery as a Service Market is expected to register a revenue of $57,133.1 million by 2026, growing at a remarkable CAGR of 42.9% from 2018 to 2026. The report segments the global market based on component, solutions, service, provider, organization size, vertical, and regions. This report is an in-depth analysis of recent opportunities, drivers, restraints, key segments, and prominent players of the market.
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Factors Affecting the Market Growth
As per the publication, the substantial growth of DRaaS is mainly attributed to greater access, cost-effectiveness, and the growing emphasis on in-house control. However, cyber-attacks and data-breach may decline the demand for DRaaS in the global market, during the analysis period.
Solution Component Type will see Lucrative Growth
On the basis of component, the global market for DRaaS is categorized into service and solution. The solution component is valued at $2,148.1 million in 2018 and is expected to rise with a noteworthy CAGR of 37.7% in the period of forecast. This growth is mainly attributed to the growing emphasis of SMEs on data optimization and efficient storage system.
Backup Services Type will Have Substantial Growth in the Global Market
On the basis of solution, the market is broadly classified into backup solution, real-time replication, data security & compliance, and disaster recovery planning & testing. The backup services type is expected to reach upto $837.0 million in 2018 and is anticipated to rise with a CAGR of 38.8% in the period of forecast.
Cloud Service Provider Shall Have Significant Growth in the Global Market
Based on the service, the global market for DRaaS is fragmented into managed service provider, cloud service provider, telecom and communication service provider, and others. The managed service providers segment is expected to foresee $389.9 million in 2018 and is estimated to rise with a CAGR of 53.9% in the period forecast. High reliability, user-friendliness and lower cost are some of the factors boosting the demand for the cloud service provider.
A Small and Medium Business will Foresee Huge Growth
on the basis of organization size, the global market is mainly classified into small & medium enterprises and large enterprises. The small and medium business market was valued at $1,112.3 million in 2018 and is expected to increase with a rate of 50.7%.
Media and Entertainment Expected to be the Most Profitable Segments in the Global market
On the basis of verticals, the global market is broadly categorized into BFSI, education, government, healthcare, manufacturing, media & entertainment, telecommunication & it, retail and wholesale, transportation and logistics, and others. Media and entertainment has generated revenue of $359.7 million in 2018 and is expected to rise with a CAGR of 48.1%, by 2026
Regional Breakdown of the Market
Based on the region, the global market for disaster recovery as a service market is classified into North America, Asia-Pacific, Europe, and LAMEA. Asia-Pacific region for the DRaaS market valued at $851. 7million in 2018 and is anticipated to boost with a CAGR of 48.6% in the projected period. This is mainly because shifting of tech giant ventures and the governmental supportive initiatives for the establishment of startups particularly in South-Korea, China, and India.
Largest Players Leading the Market
The established key players in the disaster recovery as a service market consist 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. These organizations are implementing multiple business strategies like mergers and acquisitions, product development, technology advancements in order to gain a major market share in the global marketplace.
COVID-19 sector heatmaps: https://www.researchdive.com/covid-19-insights
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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