Disaster Recovery as a Service Market Anticipated to Reach US$ 11.71 Billion by 2022 Report By TBRC
LONDON, Dec. 2, 2019 /PRNewswire/ -- The global disaster recovery as a service (DRaaS) market was valued at about $3.16 billion in 2018, and is expected to grow to $11.71 billion at an annual growth rate of 38.8% through 2022. DRaaS helps in business continuity in any event of system failure. Some features of these solutions are hybrid cloud availability monitoring, cross-cloud infrastructure management, and cross-platform health monitoring. View More @ https://www.thebusinessresearchcompany.com/report/disaster-recovery-as-a-service-draas-global-market-report
The rise in need for backing up public and private data drives the growth of the disaster recovery as a service market. There is 2.5 quintillion bytes of data created every day and a major factor contributing to the loss of this data is unplanned downtime of systems which further results in the shutdown of various companies. The potential losses and damage due to the system downtimes are huge and hence there is a need for backup services. These backup services would insure companies of any unforeseen disasters and hence drive the growth of the DRaaS market. For instance, according to invenio IT study in 2017, less than 10% of the companies survive a disaster without a disaster recovery plan. These companies include not only small players in the market but also major players such as FedEx and Nissan, who require backup services for their survival.
Lack Of Trust In Data Security Might Restrain Market Growth For DRaaS
Many companies fear data breaches, as they are concerned about the company's sensitive information being compromised and hence show a lack of trust in data security when sourcing from a third-party vendor. This lack of trust prevents people from adopting DRaaS, which acts as a restraint for the DRaaS market growth. For instance, in 2017, over 99 billion records were exposed due to data breaches with a majority share held by cloud data services including Disaster Recovery as a Service. In a report published by digital security specialists Gemalto, it was revealed that 945 data breaches led to a staggering 4.5 billion data records being compromised worldwide in the H1 2018. The number of records compromised increased by a massive 133% year-on-year.
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DRaaS Market Regulations
In May 2018, the General Data Protection Regulation (GDPR) came into force in the European Union. This regulation focuses attention on citizen's right for data portability, security, access and transparency in relation to the processing of their information. It also provides a right to customers that they are being informed in case of any data breaches. With GDPR, disaster recovery solution providers now need to permit a level of access that allows data to be erased, or freed up to move to another provider upon request. Further, the GPDR mandates that all breaches should be reported to the Information Commissioner's Office (ICO) within 72 hours of the incident. In 2016, cloud infrastructure services providers in Europe had drawn up a code of conduct for data protection which allows customers to process and save data exclusively within the EU/EEA.
AI and Machine Learning In The DRaaS Market
Due to an increase in the number of cyber threats, companies started using AI and Machine Learning in DRaaS solutions to detect threats and unusual behavior in advance. There are predictive learning algorithms that are being developed to differentiate between real and false disaster recovery situations. These learning algorithms can automatically perform proactive recoveries, eliminating outages before they are detected. For example, Unitrends, an US-based company, offers a variety of business continuity and backup services. The company has developed the use of artificial intelligence (AI) in its services which runs during every backup in order to identify backups that are affected by ransomware. Once data threats are identified, the company with the help of AI and new technologies is immediately informed about the same thus making data more secure.
Major Players And Their Business Strategies
Major players in the DRaaS market are Amazon Web Services (Washington, US), IBM Corporation (Armonk, New York, US), Cisco Systems, Inc., Microsoft Corporation (Washington, US) and Citrix Systems (Florida, US). Companies have been investing in merger and acquisition activity to strengthen and expand their businesses. In January 2018, Veeam Software, Inc., a US-based intelligent data management solutions provider acquired N2WS for $42.5 million. This acquisition reduces risk for AWS workloads, and expands the reach of Veeam's Availability Suite, which utilizes virtualization and cloud technologies in the data center to help organizations save time, reduce risks, capital and operational costs. N2WS is a US-based cloud-native enterprise backup and disaster recovery provider for Amazon Web Services (AWS).
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