Disaster Recovery as a Service Market 2022 Industry Size by Global Major Companies Profile, Competitive Landscape and Key Regions 2031

Kenneth Research has evaluated the current market opportunities in Disaster Recovery as a Service Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Disaster Recovery as a Service Market products.

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Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018.

With the rapid deployment of organizational data into cloud storage platforms, there has been a significant rise in demand for the data recovery services. Disaster recovery as a service (DRaaS) is a cloud security solution that secures and recovers the organizational data from any human disaster(such as communication failure, downtime data loss, security breaches, service disruptions) or natural disaster(such as fires, floods, hurricanes and so on). Data protection and security has become a vital concern for business organizations to ensure business continuity these days.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

Disaster recovery services provided through by DR providers, telco providers, and cloud service providers are called disaster recovery as a service. The global disaster recovery as a service market is expected to reach up to $ 13.5 billion by 2028 growing at 44.2% CAGR during 2018-2028. The market is majorly driven by the rising demand for data protection, dynamic environmental changes that could lead to natural disaster, rising incidence of data loss, better efficiency and cost effectiveness from cloud deployment, rising adoption among SMEs and so on.

However, many organizations rarely have plans for disaster recovery thus budget allocation is a major challenge in the market. Moreover, due to lack of universal compatibility of disaster recovery solutions, the data may still at risk. Though, there has been continuous efforts from the service providers to overcome these issues. Also rising awareness levels will lead to pre planning in the organizations.

The global disaster recovery service market is segmented on the basis of solutions, by services, by company size, by application sector and by geography. On the basis of company size the market is segmented into small companies, mid-size companies, and large companies. Currently, the market is dominated by large companies as they have better plans and higher investments. However, increasing awareness levels are expected to drive the growth in small companies and mid sized companies. The major players discussed in the report includes, Amazon.com, Inc., Cisco Systems, Inc., IBM Corporation, Microsoft Corporation, VMWare, Inc., Rackspace Hosting Inc., Google Inc. and so on.

On the basis of application sectors the market is segmented into BFSI applications, government applications, telecom and IT applications, e commerce and retail, healthcare, education transport and logistics, media and entertainment, manufacturing and others. Currently the market is dominated by government, retail and ecommerce and media and entertainment industry holding more than 35% of the market altogether. However, over the forecasted period BFSI, healthcare, and transport & logistics are expected to be the fastest growing application sectors.

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Geographically the market is dominated by North America region followed by Europe. The presence of number of active players, and the stringent government regulations for data protection are the major drivers for higher adoption in these two regions. However, there has been significant rise in demand from the developing countries in APAC region will lead the market growth. The Asia pacific disaster recovery as a service market is expected to grow at 50% CAGR. Rising efforts for digitalization in many developing countries is expected to boost the demand for disaster recovery solutions in Asia Pacific region.

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