Organizations worldwide have embraced Disaster-Recovery-as-a-Service to safeguard mission-critical assets from disruptions. A Transparency Market Research report suggested the global DRaaS sector will increase from $621.3 million in 2013 to more than $10.5 billion by 2022, experiencing a compound annual growth of rate of 36 percent, Ping! Zine reported.
The research organization explained organizations are adopting DRaaS to support their information technology and IT-enabled departments, including minimizing downtime and delivering services to clients every hour of the day. In many respects, DRaaS has evolved from an option to an essential requirement for completing these tasks.
Businesses unable to maintain operational efficiency for their customers will likely struggle to achieve brand loyalty. Whether brands are consumer-facing or company-facing, downtime is unacceptable among both parties.
"The global DRaaS marketplace is surging."
In addition to addressing the above tasks, Transparency Market Research explained DRaaS is also a cost-effective service that is automated, easier to test and offers faster recovery and increased flexibility. Businesses – micro, small and medium-sized firms – are the ones driving the global DRaaS market.
This finding should not be surprising, given that these organizations lack the resources of large enterprises that can procure the best disaster recovery solutions on the market and develop robust internal IT departments. DRaaS enables companies, regardless of size, to receive the necessary support to avoid prolonged periods of downtime without the maintenance and costs required with on-premise equipment.
Other reports expect much of the same
A MarketsandMarkets report also suggested the global DRaaS industry will experience rapid growth in the years ahead. The research firm projected the sector to increase from $641 million in 2013 to roughly $5.8 billion by 2018, good for a CAGR of 55.2 percent.
The research organization detailed the financial benefits of DRaaS compared to traditional solutions. The latter often accounts for a bulk of yearly IT expenditures, while the former includes a pay-as-you-go service model.
This type of flexible pricing is ideal for businesses that want to be charged for the resources they consume, as opposed to buying on-site equipment that requires an upfront capital investment that may never be used to full capacity.
Banking, financial services and insurance relying heavily on DRaaS
Certain industries are expected to lead the charge adopting DRaaS, Transparency Market Research said. Banking, financial services and insurance, government and public organizations, manufacturing, e-commerce, retail and telecommunications companies are all turning to the service. The BFSI segment in particular appears to be among the most staunch supporters of DRaaS.
With such a wide pool of organizations turning their attention to DRaaS, one would surmise that there will be many first-time adopters of the service in the near future. Businesses that want to implement the solution without any complications should consider contacting recovery specialists to oversee the process. These providers are experts in helping clients select the most appropriate disaster models for their respective firms.
Disasters can strike at any time, causing prolonged periods of downtime that may severely harm a company's long-term growth prospects. Recovery specialists make sure customers receive the necessary support to sustain operations at all times.