The sudden outbreak of COVID-19 has hugely impacted the global disaster recovery as a service market in a positive way. The cloud service provider and solution service segments are expected to garner a significant market share by 2026. The telecommunications IT and SMBs segment are will create enormous growth opportunities for the growth of global market during the period of forecast. The Asia Pacific region will grow at an impressive rate. The key players of the market have served a number of companies with DRaaS services to sustain in this pandemic situation.
New York, USA, May 19, 2020 (GLOBE NEWSWIRE) -- The new coronavirus strain (COVID-19) that evolved in China signifies a remarkable business disruption and has created a havoc for employees as well as business operations all across the globe. However, the disease has left an optimistic influence on the DRaaS market. Soon after the outburst of this pandemic, several companies have started adopting DRaaS services, at a great extent. Many companies have brought a major change in their regular work processes by adopting work-from-home business model, thus providing liberty and safety to their employees. Moreover, the adoption of cloud services by these companies has established world’s largest work-from-home experimental model based on cloud services. As many companies realized the severity of this virus, they promptly reacted to the catastrophe at very early stage and implemented cloud services for the smooth-running of their business. During this hard times, TM One, the enterprise and public sector business member of Telekom Malaysia Bhd (TM), came up with cloud services campaign called cloud alpha for businesses. TM One introduced this concept with an aim to upkeep the working and productivity of businesses during the isolation period, thus helping people stay safe at home and simultaneously do their jobs efficiently. In the course of this nerve-wracking circumstances, we are helping our clients in comprehending the effects of COVID-19 on the Disaster Recovery-as-a-Service Market. Our report includes the following aspects:
- Technological Impact
- Social Impact
- Investment Opportunity Analysis
- Pre- & Post-COVID Market Scenario
- Infrastructure Analysis
- Supply Side & Demand Side Impact
According to a new report published by Research Dive, the Global Disaster Recovery as a Service Market is anticipated to surpass $57,133.1 Million by 2026, growing at a striking growth rate of 42.9% throughout the estimated timeframe, 2019—2026. The global market has been segmented based on organization size, component, provider, vertical, and region. The report offers comprehensive insights on drivers & restraints, key segments, opportunities, and top companies in the market. According to our analysts, affordability and improved flexibility are factors that are immensely contributing to the evolution of disaster recovery as a service market. To survive their business during this disaster, several companies have adopted cloud services for storing data. However, these companies are concerned about data breaching and security which might act as a restrain for the growth of global disaster recovery as a service market.
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Solution Service Segment to Grab a Significant Market Share
By component, the global market for disaster recovery as a service is categorized into solution and service. The solution service segment was valued at $2,148.1 Million in 2018 and is estimated to grow at a CAGR of 37.7% during the projected timeframe. This is mostly due to the benefits of solution service segment which lets businesses increase the efficacy of their storage systems and optimize the data.
Cloud Service Provider Segment to Grab a Significant Market Share
Based on provider, the global market is segmented into disaster recovery service provider, cloud service provider, and telecom & communications service provider. The cloud service provider segment was valued at $1,934.5 million in 2018 and is foreseen to surge at a CAGR of 40.5% throughout the estimated period. This growth is especially because of the rising customer base in the IT departments.
SMBs and Telecommunication & IT Segment to Unlock Rewarding Opportunities
By organization size, the global disaster recovery as a service market is bifurcated into small and medium businesses (SMBs), and large enterprises. The SMBs segment was valued at $1,112.3 million in 2018 and is expected to rise at a CAGR of 50.7% during the forecast period. Requirement of minimal operational cost and easy usage are the major factors fueling the growth of this segment.
By vertical, the global market is classified into government, BFSI, education, manufacturing, media & entertainment, telecommunication & IT, healthcare, retail & wholesale, transport & logistics, and others. The telecommunication & IT disaster recovery as a service market was valued at $305.4 million in 2018, and is estimated to rise at a healthy growth rate of 42.6% throughout the projected period.
Regional Analysis and key Market Players
Based on region, the global disaster recovery as a service market is bifurcated into Asia Pacific, North America, Europe, and LAMEA. The Asia-Pacific market was valued at $851.7 million in 2018 and is estimated to rise at a growth rate of 48.6% during the anticipated period. In order to rise from the drastic economic crisis, the governing bodies in this region are investing massively to overcome the economic crisis experienced during COVID-19, which is eventually going to fuel the growth of the DRaaS market.
Top Companies Profiled in DRaaS Market
The key players of the global disaster recovery as a service market consists of
- VMware Inc.
- Amazon Web Services, Inc.
- HP Development Company, L.P.
- RACKSPACE US, INC
- Cable & Wireless Communications Limited.
- NTT Communications Corporation
- IBM Corporation
- TierPoint, LLC.
Access Varied Market Reports Bearing Extensive Analysis of the Market Situation, Updated with the Impact of COVID-19: https://www.researchdive.com/covid-19-insights
Mr. Abhishek Paliwal
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