Disaster Recovery as a Service Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024
Albany, NY -- (SBWIRE) -- 08/30/2018 -- The global DRaaS (Disaster Recovery as a Service) market has a highly fragmented and an intensely competitive vendor landscape, featuring a number of heavy-weight legacy disaster recovery companies and a vast number of pure-play DRaaS start-up ventures, observes Transparency Market Research in a recent report. Robust growth opportunities in the global DRaaS market have compelled several traditional disaster recovery companies such as HP Company, SunGard Data Systems, and IBM Corp., to venture into the sector of cloud-based disaster recovery services in the past few years.
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In terms of application, the global DRaaS market witnessed the most promising uptake in the government sector in 2015. The government sector accounted for the dominant 18.3% of the global market's revenue in the said year and, chiefly owing to the rising demand for implementing disaster recovery backup plans to avoid loss of information and transactions. The segment will continue to remain one of the key application areas of the global DRaaS market over the forecast period as well.
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The global DRaaS market is chiefly driven due to the vast cost and flexibility related benefits of cloud-based disaster recovery solutions over traditional disaster recovery solutions. Moreover, other benefits such as faster data recovery, simplicity in testing, and automation work in favor of DRaaS solutions as compared to traditional disaster recovery plans.
The vast rise in worldwide enterprise spending on the development of internal IT infrastructures across a number of industry verticals is also key to the vast growth opportunities of the global DRaaS market.