The global disaster recovery as a service market registered a revenue of nearly $3,332.2 million in 2018 and is anticipated to grow at a 42.9% CAGR, surpassing $57,133.1 million by 2026.
The market has witnessed significant growth previously, but due to the COVID-19 pandemic, the market witness additional growth in 2020, owing to the increasing demand for the use of DRaaS by many organizations. This growth will be majorly driven by the cost effectiveness and greater flexibility provided by DRaaS to the organization. Moreover, data breach is predicted to be the major restraint for the market. Our analysts have estimated the condition of the DRaaS Market during the COVID-19 outbreak, and have come to the following conclusions.
|Realtime BPS||*Estimated market Size, 2020,
|**Real Time market Size, 2020,
|40.6%||42.9%||234||USD 6,587.1 Million||USD 6,777.3 Million|
* The numbers are estimated prior to the COVID-19 Pandemic in 2020
** The data will vary depending on upcoming developments announced by the operating players
KEY ASPECTS OF THE INDUSTRY
BOOMERS AND DECLINERS
DRaaS uses the cloud services which helps the organization to work remotely, and during the pandemic situation many governments across the globe have implemented lockdown in their respective countries. Most of the organizations have adopted DRaaS services to sustain their business any disastrous situation. Disaster recovery as a service solution enables the company to recover data within a few minutes depending on the server without any interruption in the business operation if any disaster occurs. This is predicted to be the major driving factor for the market in the forecast period.
Moreover, breaching of data and security related issues are predicted to hinder the market growth in the forecast period.
The global disaster recovery as a management has witnessed growth in the forecast period. Most of the companies have adopted DRaaS services after the covid-19 pandemic situation. Organizations have adopted cloud services and implemented work from home (wfh), which has proven to be the world’s biggest wfh experiment. Many organizations have recognized the virus impact and responded to the crisis and adopted cloud for smooth flow of business. For instance, TCS have implemented the wfh option to 75% of 4.5 lakh TCS employees globally.
MANAGING SUCCESS AMIDST
THE PANDEMIC STRESS
It has been noticed that the pandemic situation has created a positive impact on the disaster recovery as a service market. The disaster recovery as a service market is projected to grow with the increasing adoption rate of cloud-based services by every vertical of the organization and offering greater automation and flexibility capabilities in a cost-effective manner. In addition, the faster way of recovering data wherever it is necessary is predicted to be the major driving factor for the market. Moreover, implementation of automation through artificial intelligence is predicted to create a huge opportunity in the forecast period.
How can we help you?
Our group of skilled analysts provide a solution to help the companies to survive and sustain in this global pandemic. We support companies to make informed decisions based on our findings resulting from the comprehensive study by our qualified team of experts. Our study helps to acquire the following:
- Long-term and Short-term impact of Covid-19 on the market
- Cascading impact of Covid-19 on the Disaster Recovery as a Service Market , due to the impact on its extended ecosystem
- Understanding the market behaviour pre- and post-Covid-19 pandemic
- Strategic suggestions to overcome the negative impact on your business or turn the positive impact into an opportunity