The global cloud-based disaster recovery market has experienced
growth due to several factors such as the increase in frequency and
severity of natural disasters, along with the surging need for data
security and scalability.
NEW CASTLE, Del., Aug. 22, 2024 /PRNewswire/ -- Allied Market
Research published a report, titled, "Cloud-based Disaster Recovery
Market by Service Type (Data Protection, Real-time Application,
Backup and Recovery and Professional Services), Deployment Mode
(Private Cloud, Public Cloud and Hybrid Cloud), Organization Size
(Small & Medium-sized Enterprises and Large Enterprises), and
End User (BFSI, Retail and Consumer Goods, Government and Public
Sector, Manufacturing, Healthcare and Life Sciences, Media and
Entertainment and Others): Global Opportunity Analysis and Industry
Forecast, 2024-2033". According to the report, the cloud-based
disaster recovery market was valued at $9.9
billion in 2023, and is estimated to reach $92.8 billion by 2033, growing at a CAGR of 25.1%
from 2024 to 2033.
Prime determinants of growth
The global cloud-based disaster recovery market has experienced
growth due to several factors such as increase in frequency and
severity of natural disasters, surge in need for data security and
scalability, and rise in focus among businesses to equip a reliable
and scalable disaster recovery solution. However, the increase
in complexity of cloud disaster recovery and the rise in concerns
over dependency on service providers hinder market
growth. Moreover, the advent of artificial intelligence and
machine learning in cloud DR, along with the growing awareness and
understanding of the importance of disaster recovery offer
remunerative opportunities for the expansion of the global
cloud-based disaster recovery market.
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Report Coverage and Details:
Report
Coverage
|
Details
|
Forecast
Period
|
2024–2033
|
Base Year
|
2023
|
Market Size in
2023
|
$9.1 billion
|
Market Size in
2033
|
$92.8 billion
|
CAGR
|
25.10 %
|
No. of Pages in
Report
|
250
|
Segments
Covered
|
Service Type,
Deployment Mode, Organization Size, End User, and Region
|
Drivers
|
Increasing frequency
and severity of natural disasters
|
|
Surging need for data
security and scalability
|
|
Growing focus among
businesses to equip a reliable and scalable disaster recovery
solution
|
Opportunities
|
Advent of artificial
intelligence and machine learning in cloud DR
|
|
Growing awareness and
understanding of the importance of disaster recovery
|
Restraints
|
Increasing complexity
of cloud disaster recovery
|
|
Rising concerns over
dependency on service providers
|
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Segment Highlights
The data protection segment held the highest market share in
2023
By service type segment, data protection held the highest market
share in 2023, accounting for about two-fifths of the global
cloud-based disaster recovery market revenue throughout the
forecast period. The demand for data protection is driven by the
increasing frequency and sophistication of cyberattacks, including
ransomware, phishing, and data breaches, driving the demand for
robust data protection services. Also, growing awareness among
consumers and businesses about data privacy issues is pushing
organizations to prioritize data protection, which is expected to
contribute to market growth.
The public cloud segment held the highest market share in
2023
By deployment mode segment, the public cloud segment held the
highest market share in 2023, accounting for nearly two-fifths of
the global cloud-based disaster recovery market revenue.
This growth can be attributed to the fact that public cloud
disaster recovery solutions provide scalability, flexibility, and
cost-effectiveness, making them appealing to enterprises of all
sizes looking to enhance their disaster recovery capabilities
without making substantial upfront infrastructure investments.
The large enterprises segment held the highest market share
in 2023
By organization size segment, the large enterprises segment held
the highest market share in 2023, accounting for about three-fifths
of the cloud-based disaster recovery market revenue
globally. This growth is driven by the broader availability of
resources, complex IT infrastructures, and rising sensitivity to
disruption. Large organizations prioritize investments
in cloud-based disaster recovery market solutions to
secure vital data, minimize downtime, and maintain business
continuity in the event of a disaster or cyberattack.
The BFSI segment held the highest market share in
2023
By end-user segment, the BFSI segment held the highest market
share in 2023, accounting for more than one-fourth of
the cloud-based disaster recovery market revenue
globally. Financial institutions are increasingly collaborating
with cloud-based disaster recovery solution providers to fortify
their organization size, thereby driving the BFSI segment growth in
the global market. These partnerships empower banks and financial
institutions to ensure the security and endurance of their critical
organization sizes. For instance, in September 2023, IBM signed a definitive
partnership agreement with Indian Bank, a leading public sector
bank in India. This collaboration
aimed to leverage IBM's advanced technology solutions to drive
digital transformation and enhance the banking experience for
Indian Bank's customers.
North America held the
highest market share in 2023
By region, North America held
the highest market share in terms of revenue in 2023, accounting
for nearly two-fifths of the global cloud-based disaster
recovery market revenue throughout the forecast period. The
robust government initiatives promoting data security, along with
the presence of major cloud service providers are expected to drive
the growth of the cloud-based disaster recovery market. In
addition, the rising imperative to secure critical data for various
organizations in sectors, such as BFSI, government, and others has
led to considerable demand for innovative products, which is
expected to boost the market growth.
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Major Industry Players
- Amazon Web Services, Inc.
- Cable & Wireless Communications Limited
- Dell Technologies, Inc.
- Hewlett Packard Enterprise Development LP
- IBM Corporation
- Kaseya (Unitrends)
- Microsoft Corporation
- NetApp, Inc.
- NTT Data Group Corporation
- Seagate Technology LLC
The report provides a detailed analysis of these key players in
the global cloud-based disaster recovery market. These players have
adopted different strategies such as new product launches,
collaborations, expansion, joint ventures, agreements, and others
to increase their market share and maintain dominant shares in
different regions. The report is valuable in highlighting business
performance, operating segments, product portfolio, and strategic
moves of market players to highlight the competitive scenario.
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