Disaster recovery as a service by Service Type Insights
Based on service type, the disaster recovery as a service market segmentation includes Training & Consulting, Support & Maintenance, Backup, Data Security, Professional Services, Real-Time Replication, and System Integration. Real-time replication accounted for the largest share, with a share of 30.21% in 2022, and is anticipated to grow at a CAGR of 20.83% through the forecast period. Moreover, when a change in the data source happens, real-time replication synchronizes data between a source and a destination database. Disaster recovery as a service (DRaaS) deployment types include premises-to-cloud and cloud-to-cloud. Small and medium-sized businesses are among the several sizes of enterprises.
Disaster recovery as a service uses public, private, and hybrid clouds to store or backup the data..
Services for disaster recovery real-time replication transfers data as it is being created from one site or more to another. There is always a lag between when data is created and duplicated. Real-time replication has many uses, including data synchronization with remote offices, data dissemination to other servers for reporting or application processing, and data warehouse feeding.
Figure 2: Disaster recovery as a service Market, by Service Type, 2022 & 2030 (USD Billion)
Source: Secondary Research, Primary Research, Market Research Future Database and Analyst Review
The training and consulting service is also projected to grow at a CAGR of 20.55% through the forecast period. Moreover, services for emergency planning, consulting, and numerous businesses offer process development. At the local, state, and federal levels, these are provided. Businesses offer end-to-end emergency management consulting services and create, develop, plan, and prepare for natural and man-made disasters. One of the consulting services is the planning and design of disaster management infrastructure and readiness. These services enable proactive risk management, improved alignment of program goals with business objectives, and more benefit realization.
February 2023:The "au" mobile phone service is operated by KDDI Corporation, one of Japan's top three telecom companies, has chosen Oracle Database to update its au PAY online payment brand and au Ponta Points Program consumer loyalty program. By collaboration with Oracle, the processing of au Pay payments is now five times faster than it was previously, and the processing speed of the au Ponta Points Program has increased by 200 percent.
February 2023:Veeam Software announced a brand-new data platform that combines its current data management and protection products with a ransomware warranty for users. The Veeam Data Platform was created as a result of the continuing occurrence of ransomware since adequate protection involves more than just backup but also management tools like monitoring and orchestration.
Disaster recovery as a service by Verticals Insights
Based on the Verticals, the disaster recovery as a service market segmentation includes BFSI, IT, government, healthcare, and others. Among these, the BFSI segment dominated the market with a share of more than 35% in 2022 and is also estimated to propel the market growth with a CAGR of 21.3% during the forecast period. Disasters can be crucial for banking, financial services, and insurance (BFSI) businesses since downtime can have serious repercussions. Thus, it is essential to have a thorough disaster recovery plan that ensures business continuity.
Therefore, every BFSI business must build the essential strategy to implement resilience and comprehend the "predictive intelligence" principles, including incident prevention, monitoring, reaction, restoration, and recovery. BFSI is also the sector most concerned with data security and compliance. While implementing cloud-based disaster recovery in the BFSI market segment, ensuring security and privacy and having the capacity to manage and control information is of utmost importance.
Furthermore, every BFSI business must build the essential strategy to implement resilience and comprehend the "predictive intelligence" principles, including incident prevention, monitoring, reaction, restoration, and recovery. A good substitute is Disaster Recovery-as-a-Service (DRaaS), which enables companies to balance speedy catastrophe recovery and lower costs.
The rise in the risk of data loss and downtime resulting in financial losses can be attributed to increased demand for the finest disaster recovery as a service solution. The increased requirement to secure data and speed up restoration in data center, particularly in the United States and the United Kingdom, can be attributed to the demand for DRaaS in North America and Europe.
Disaster recovery as a service Deployment Insights
Based on deployment type, the market segmentation for disaster recovery as a service includes private, public, and hybrid solutions. Among these, the public deployment segment dominated this market and is estimated to grow at a CAGR of 19.2% in the forecast period. Public cloud storage has various uses where its scalability, agility, and financial flexibility are desirable. Public cloud disaster recovery is responsible for operationalizing the fail-over sites in a cloud provider's workload, such as Azure or Amazon.
Licensing is the only operational cost related to disaster recovery in public clouds; nevertheless, the cost of operating public clouds may increase based on the quantity and use of protected resources.
Moreover, the use of cloud-based disaster recovery as a service is another crucial factor contributing to the increase in market demand because it lowers the operating expenses of hardware while also enhancing flexibility and producing high performance. Moreover, cloud-deployed services are a cost-effective alternative by enabling businesses to pay only the sums specified by the service provider while also obviating the need for software licensing and computing hardware.
