According to researchers at Future Market Insights, continuous innovations for the implementation of disaster recovery-as-a-service across industry verticals, increasing ransom ware and cyber threats, and risk in compliances are some critical factors creating concurrent demand for disaster recovery-as-a-service, globally. Expanding at an exponential CAGR of 35.4 percent in 2019, the global Disaster Recovery-as-a-Service market is expected to increase 25.9 times between 2018 and 2028, standing at a valuation of $4.4 Billion through 2019, the researchers state further.
- High demand for recovery and backup services will result in the segment holding more than 67 percent market share, in terms of services, representing a robust yearly revenue growth.
- Deployments over cloud is expected to translate into a larger share of more than 62 percent for Cloud service providers in the Global disaster recovery-as-a-Service market. The suite will be followed by telecommunications service providers, growing at an exceptional CAGR of more than 40 percent.
- BFSI especially for e-payments applications and telecommunication and IT will witness high adoption of disaster recovery-as-a-Service considering increasing pressure for recovery and protection of valuable information within these verticals.
- Retails and consumer goods is also a rapidly emerging vertical, projected to generate US$ 768.3 Mn in 2019, through increased deployment of disaster recovery-as-a-Service.
- Small and medium enterprises continue to reign supreme over larger companies in terms of deployment of disaster recovery-as-a-Service—the former expanding at an exponential CAGR of approximately 42 percent.
- Regional Analysis: FMI Spots Lucrative Opportunities in Developing Markets
- Although North America is expected to dominate the disaster recovery-as-a-Service landscape, owing to high adoption and implementation of advanced IT software and services in the region, in conjunction with increasing cyber threats and crimes, emerging markets including China, and SEA and Others of APAC are also projected to demonstrate substantial growth opportunities.
- In terms of value, the market in China is expected to increase 36.2X between 2018 and 2028. Although still in infancy, real time replication services in China is expected to exhibit a relatively higher growth along with recovery and backup services, considering higher threats to SMEs in the region.
- Expanding at 22.1X, the disaster recovery-as-a-Service marker in SEA and others of APAC also presents rewarding revenue opportunities for vendors, arising from ever-growing digitization and various tier-1 companies having strong presence across developing economies.
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