NEW YORK, May 06, 2020 (GLOBE NEWSWIRE) -- In the course of this nerve-wracking circumstances, Research Dive helping our clients in comprehending the effects of COVID-19 on the Disaster Recovery-as-a-Service Market. Our report includes the following aspects:
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Research Dive published study report title, Impact Analysis Of Covid-19 On Disaster Recovery As A Service Market, is anticipated to surpass $57,133.1 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 and Cloud Service Provider 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 $ million 2,148.1 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.
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 media and entertainment segment in disaster recovery as a service market was valued at $359.7 million in 2018, and is estimated to rise at a healthy growth rate of 48.1% 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 Industry Players
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.Microsoft, Cable & Wireless Communications Limited., NTT Communications Corporation, IBM Corporation, and TierPoint, LLC.
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