Disaster Recovery Solutions Market Set to Witness an Uptick during 2018 to 2025Posted by Mrudula Anil Karmarkar on March 26th, 2021 The global disaster recovery solutions market size is expected to reach USD 26.23 billion by 2025, according to a new study by Grand View Research, Inc., registering a strong CAGR of 36.5% during the forecast period. The market has been experiencing a significant increase in demand owing to growing instances related to infrastructure failure, cyberattacks, natural disasters, and other internal and external threats. Unanticipated events such as these cause disruption in business operations, resulting in massive losses for organizations. Artificial Intelligence (AI), Virtual Reality (VR), and Augmented Reality (AR) solutions are anticipated to substantially contribute while responding to the COVID-19 pandemic and address continuously evolving challenges. The existing situation owing to the outbreak of the epidemic will inspire pharmaceutical vendors and healthcare establishments to improve their R&D investments in AI, acting as a core technology for enabling various initiatives. The insurance industry is expected to confront the pressure associated with cost-efficiency. Usage of AI can help in reducing operating costs, and at the same time, can increase customer satisfaction during the renewal process, claims, and other services. VR/AR can assist in e-learning, for which the demand will surge owing to the closure of many schools and universities. Further, VR/AR can also prove to be a valuable solution in providing remote assistance as it can support in avoiding unnecessary travel. The report will account for Covid19 as a key market contributor. Various companies are reconsidering their plans for backup and recovery of important business applications and data over the past few years owing to increasing occurrences of planned, manmade disasters. For instance, malicious attacks such as WannaCry and Locky ransomware in 2017 led to the loss of thousands of encrypted files and systems. The government and private sectors incurred considerable financial losses owing to these attacks. Businesses are increasingly incorporating disaster recovery (DR) solutions in their business continuity strategies, making DR plans a critical part of IT priorities. Moreover, increasing awareness about the benefits of implementing such solutions and the growing adoption of cloud-based solutions are promoting the adoption of disaster recovery solutions among SMEs. Further key findings from the study suggest:
Rising investments in disruptive cloud technologies and an increase in instances of natural and manmade disasters are expected to drive the market over the forecast period. Cyberattacks such as WannaCry and Locky ransomware that occurred in the past few years have negatively influenced businesses across various sectors and most businesses were unable to recover from losses incurred during the disruption of business operations. Thus, demand for DR has increased significantly, especially among small and medium enterprises (SMEs). Established ICT players are observed making considerable investments to expand their existing data center storage capabilities. Companies are extensively relying on virtual platforms to perform computing and this is promoting the adoption of virtual server infrastructure. Additionally, virtual infrastructure is considered to be more resilient and convenient to replicate. Most organizations are seeking Disaster-as-a-Recovery Services (DRaaS), owing to the need for remote monitoring, protection, and centralized backup/recovery at relatively lower costs. They are also demanding DR plans that facilitate a considerable reduction in costs incurred due to site failures or downtime. With increasing awareness about the advantages of DR solutions and the growing adoption of cloud-based solutions, small and medium enterprises are expected to increasingly implement DR plans in their business continuity strategies. Have a Query? Ask Our Expert: https://www.grandviewresearch.com/inquiry/2139/ibb The industry is characterized by the presence of numerous market players, including established players with worldwide operations and regional/local players catering to a limited number of clients. Prominent players in the market include IBM Corporation, Unitrends, Sungard Availability Services, iland Internet Solutions, and Microsoft Corporation. Companies such as Unitrends, IBM Corporation, and Microsoft Corporation are a few of the industry players who have collaborated with other vendors in the past few years. These partnerships usually covered technology sharing and new product development activities. Grand View Research has segmented the global disaster recovery solutions market based on type, deployment, enterprise size, end use: Disaster Recovery Solutions Type Outlook (Revenue, USD Million, 2014 - 2025)
Disaster Recovery Solutions Deployment Outlook (Revenue, USD Million, 2014 - 2025)
Disaster Recovery Solutions Enterprise Size Outlook (Revenue, USD Million, 2014 - 2025)
Disaster Recovery Solutions End-use Outlook (Revenue, USD Million, 2014 - 2025)
About Grand View Research Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare. For More Information:www.grandviewresearch.com Like it? Share it! More by this author |