Major players in the disaster recovery as a service (DRaaS) market are Amazon Web Services, IBM Corporation, Cisco Systems Inc. , Microsoft Corporation and Citrix Systems. The global disaster recovery as a service (DRaaS) market is expected to grow from $5.
New York, Sept. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Disaster Recovery as a service (DRaaS) Global Market Report 2021: COVID-19 Growth And Change To 2030" - https://www.reportlinker.com/p06151551/?utm_source=GNW
19 billion in 2020 to $6.35 billion in 2021 at a compound annual growth rate (CAGR) of 22.4%. The growth is mainly due to the companies resuming their operations and adapting to the new normal while recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $21.2 billion in 2025 at a CAGR of 35.2%.
The disaster recovery as a service (DRaaS) market consists of sales of cloud based disaster recovery as a services for protecting applications and data from the disruption caused due to disaster.DRaaS helps in business continuity in any event of system failure.
Some features of these solutions are hybrid cloud availability monitoring, cross-cloud infrastructure management, and cross-platform health monitoring.
The disaster recovery as a service (DRaaS) market covered in this report is segmented by service type into backup & recovery, real-time replication, data protection. It is also segmented by application into banking, financial services and insurance (BFSI), government, it and telecom, media and entertainment, manufacturing and logistics, education; by deployment model into premises-to-cloud, cloud-to-cloud; by size of enterprise into large enterprises, small & medium enterprises and by cloud type into public, private, hybrid.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Many companies fear data breaches, as they are concerned about the company’s sensitive information being compromised and hence show a lack of trust in data security when sourcing from a third party vendor.This lack of trust prevents people from adopting the DRaaS, which acts as a restraint for the DRaaS market.
For instance, in March 2020, the hotel chain Marriott disclosed a security breach that impacted the data of more than 5.2 million hotel guests who used their company’s loyalty application. In a report published by digital security specialists Gemalto, it was revealed that 945 data breaches led to a staggering 4.5 billion data records being compromised worldwide in the H1 2018. The number of records compromised increased by a massive 133% year-on-year.
In May 2018, the general data protection regulation (GDPR) came into force in the European Union.This regulation focuses attention on citizen’s right for data portability, security, access and transparency in relation to the processing of their information.
It also provides a right to customers that they are being informed in case of any data breaches.With GDPR, disaster recovery solution providers now need to permit a level of access that allows data to be erased, or freed up to move to another provider upon request.
Further, the GPDR mandates that all breaches should be reported to the Information Commissioner’s Office (ICO) within 72 hours of the incident. In 2016, cloud infrastructure services providers in Europe had drawn up a code of conduct for data protection which allows customers to process and save data exclusively within the EU/EEA.
In January 2018, Veeam Software, Inc., an US-based intelligent data management solutions provider acquired N2WS for $42.5 million. This acquisition reduces risk for AWS workloads, and expands the reach of Veeam’s Availability Suite, which utilize virtualization and cloud technologies in the data center to help organizations save time, reduce risks, capital and operational costs. N2WS, a US-based cloud-native enterprise backup and disaster recovery provider for Amazon Web Services (AWS).
The rise in need for backing up public and private data drives the growth of the disaster recovery as a service market. There is 2.5 quintillion bytes of data created every day and a major factor contributing to the loss of this data is unplanned downtime of systems which further results in the shutdown of various companies. The potential losses and damage due to the system downtimes are huge and hence there is a need for backup services. These backup services would insure companies of any unforeseen disasters and hence drive the growth of the DRaaS market. For instance, according to invenio IT study, less than 10% of the companies survive a disaster without a disaster recovery plan. These companies include not only small players in the market but also major players such as FedEx and Nissan, who require backup services for their survival.
Due to rise in the number of cyber threats, companies started using AI and Machine Learning in DRaaS solutions to detect threats and unusual behavior in advance.There are predictive learning algorithms that are being developed to differentiate between real and false disaster recovery situations.
These learning algorithms can automatically perform proactive recoveries, eliminating outages before they are detected.For example, Unitrends, an US-based company offers a variety of business continuity and backup services.
The company has developed the use of artificial intelligence (AI) in its services which runs during every backup in order to identify backups that are affected by ransomware. Once data threats are identified, the company with the help of AI and new technologies immediately informs about the same making data more secure.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
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