As digital technology is rapidly evolving, organizations from different industry verticals started adopting digitalization. Major advancements in data storage technologies are enabling organizations to access resilience solutions for managing critical business solutions. With the implementation of disaster recovery as a service (DRaaS), the organizations get the option to duplicate their physical and virtual servers using cloud services of third party vendors. This functionality helps to avoid loss of data caused due to human errors or other reasons. However, it is a complex and time-consuming process to develop own disaster recovery strategy, thus fuels demand the disaster recovery as a service solution. With a huge rise in incidences of cybercrimes, most organizations already opted for such solutions.
The key factor driving the growth of the disaster recovery as a service market is the increasing adoption rate of automation and virtualization in different industry verticals. The growing trend of organizations to use managed services along with major benefits of using DRaaS such as increased flexibility, secure storage & backup and cost-effectiveness accelerated demand of the market. In addition to this, the rise in the adoption of cloud technology along with a rising need for faster recovery services across the globe, are supporting the market growth. Furthermore, increasing concerns related to data loss consequences and rising government support are positively impacting the disaster recovery as a service market.
COVID-19 Pandemic’s Impact on Disaster Recovery as a Service Market
The global market for disaster recovery as a service witnessing a continuous upsurge in growth and the outbreak of the COVID-19 pandemic has increased it even further. Most of the organizations across industries have adopted the work from home model to ensure the safety of their employees and maintain operational efficiency. Organizations are looking to advance their IT infrastructure through cloud-based solutions, thus fueling demand for DRaaS solutions, which in turn will drive market growth.
Recovery & Backup Services to Propel Market Growth
With rapid advancements in telecommunication, banking, IT, and healthcare, there has been a tremendous rise in demand for recovery and backup services. Medium-scale as well as large scale organizations realize the importance of recovery services and need cost-effective solutions to fulfill the requirements. The world is witnessing a surge in cyber-attacks and technical disasters that poses a major risk for confidential data. In a situation where the company losses their crucial data, it becomes critical for them to recover this data on priority. During such incidents, having an efficient disaster recovery as a service solution could be the major plus. In addition to this, taking the back-up of data is required frequently during the system upgrade and maintenance process. Due to all these reasons, recovery and backup services play a key role across industry verticals.
North America Set to Maintain Dominance over Disaster Recovery as a Service Market
Region-wise, the North American DRaaS market has been leading and is expected to extend its dominance in the coming years. The increased adoption rate for advanced resilience solutions by small and large organizations has resulted in huge surged demand in the regional market for disaster recovery as a service. Digital advancements across the Asia Pacific, especially in major economies such as China, India, and Australia creating lucrative opportunities for players operating in the region. Additionally, governments are also increasing their IT investment to safeguard vital data regarding national policies.
Deep-dive Insights on Disaster Recovery as a Service (DRaaS) Market by Polaris Market Research: https://www.polarismarketresearch.com/industry-analysis/disaster-recover-service-market