“The global disaster recovery as a service market has been expected to grow at the CAGR of 41.6% and with an estimated revenue of around $12600 million by 2022. Last few years have brought significant growth in disaster recovery as a service market due to rising awareness all over the world.
growing application base in the emerging market of disaster recovery services is boosting the market in an effective manner. The rising governmental concern regarding disaster recovery is a major driver for the global disaster recovery as a service market. Minimal plans for disaster recovery is a major restraint for the global disaster recovery as a service Market. The global disaster recovery as a service market has been expected to grow in near future due to rising investments from various region in the market.
High cost effectiveness is boosting the global disaster recovery as a service market.
There have been certain chances for the growth of the global disaster recovery service market as it avails the whole maintenance costs, personnel, and capital expenditures do not exist. The consumer have to pay only for the part of the costs on an annual or on monthly basis, relies on the terms of the DRaaS vendor. This flexible “as-a-service” pricing model permits companies of all sizes to make a disaster recovery architecture that scales. In this, a company have to pay for what they use, and they will be charged with no other expenses to maintain. Further, most DRaaS solutions enables you to take benefit of cloud storage. While company data growing at 60% yearly, data storage charges can be deduct significantly. To address this issue, many DRaaS vendors even provide unlimited cloud storage.
More investment in various regions affects the growth of the market
IT organizations spend approximately 1.3% of their functional budgets on disaster recovery in 2010. That is approximately the same level as in 2007, when companies spent an approximately 1.2% of their budget on disaster recovery. In the same period, there has been rising spending on data center software with the rise in percentage of the IT budget. The enhancing investments in data center software, which involves storage management software, may be increasing disaster recovery capacity without showing up as an expense in disaster recovery. Thus, disaster recovery spending is defined as spending on backup and recovery facilities, secondary data centers, testing, offsite data storage and related running businesses and disaster recovery services.
Lack of infrastructure is the key challenge for the growth of the market.
IT infrastructure is one of the basic requirement now a days and now it is really a matter of concern that how many companies take it seriously or not. Companies rarely do not concentrate on email security unless and until a spyware, malware or incipient virus causes damage to the confidential or essential information of the company. Thus, lack of IT infrastructure is a major challenge for the disaster recovery market during the forecasted period.