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(Wireless-NewsWire.Com, February 21, 2018 ) The Global Disaster Recovery Service Market was valued at USD 1.94 billion in 2017 and is projected to reach a value of USD 13.74 billion by 2023, at a CAGR of 38.58% over the forecast period, 2018-2023.
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Disaster recovery services play a vital role in today's businesses, as they are highly dependent on and steered by the IT environment. The system helps in gathering and storing all the data relevant to the company. Thus, it creates a necessity for IT-dependent industries to keep pace with advances in the disaster recovery technology. The cloud-based storage method is expected to attract business firms and increase the outsourcing of recovery service during the forecast period.
Increasing Applications through Cloud-based Disaster Recovery
There are several advantages to cloud-based disaster recovery solutions, of which, the most important are the inherent benefit of flexibility and cost effectiveness. Cloud-based disaster recovery leads to faster data recovery, and hence, attains the recovery goals of the company. With increase in the adoption of hybrid cloud, SMEs have found various benefits to protect them from certain disasters. The adoption of hybrid cloud disaster recovery by businesses will eliminate the need for a secondary disaster recovery site. Moreover, the hybrid cloud will also reduce expenses and complexities of managing and maintaining a system.
North America Occupied Major Market Share
In North America, disaster recovery services are expected to account for a greater share of the overall IT expenses of organizations over the forecast period. The need to reduce the financial toll that arises from network outages and system downtime is driving an increasing number of SMEs to plan actively for business continuity services. Changing regulatory compliance is also pressurizing organizations, particularly in the United States to adopt disaster recovery services.
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Key Developments in the Market
• October 2017 - IBM introduced IBM Cloud Private software, designed to enable companies to create on-premise cloud capabilities and accelerating app development. The software also facilitates integration and portability as they adapt to any cloud environment.
Major Players: MICROSOFT CORPORATION, DELL EMC, COMMVAULT, IBM CORPORATION, HPE CO., VERITASTECHNOLOGIES, SYMANTEC CORPORATION, ORACLE CORPORATION, VMWARE INC., CISCO SYSTEMS INC. amongst others
Reasons to Purchase this Report
• Impact of data loss on the increasing growth of disaster recovery service market.
• Analysis of various perspectives of the market with the help of Porter’s five forces analysis.
• Growth across various end users, such as IT, government, BFSI, and healthcare.
• Regional analysis of the market.
• Identify the latest developments, market shares, and strategies employed by the major market players.
• 3 months analyst supports, along with the Market Estimate sheet (in excel)
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our repesentative, who will ensure you get a report that suits your needs.
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