The healthcare and life sciences industry has witnessed an enormous surge in data in recent years and is one of the fastest-growing industries worldwide. From digitizing patient health records to the adoption of digital imaging [Electronic Health Records (EHR), and Picture Archiving and Communications System (PACS)], health organizations are struggling with data protection and budgetary challenges. The need to accurately protect the increasing volume of patients’ data with complete confidentiality is the most important focus area in this vertical. The healthcare sector has always been under constant pressure to improve patient care at reduced cost. Moreover, ensuring compliance with regulatory needs is of utmost importance in the healthcare industry. In order to meet compliance needs, the Health Insurance Portability and Accountability Act (HIPAA) of 1996 demands that healthcare organizations backup their complete data; if organizations fail to adhere to the compliance requirements, they may have to face heavy penalties. Hence, in order to maintain the security of patients’ data and meet compliance needs, the healthcare and life sciences industry is adopting advanced technologies at a rapid pace. The adoption of DRaaS in this vertical can help in securing data and eliminating infrastructure cost.
Frequently Asked Questions
What is the expected CAGR for the Disaster Recovery as a Service market?The Disaster Recovery as a Service (DRaaS) market size is projected to grow at a Compound Annual Growth Rate (CAGR) of 41.8% during the forecast period (2017–2022).
What are the major growth drivers in the DRaaS market?Some of the major factors expected to drive growth in the DRaaS market include rising preference for custom tailored services, advancement of cloud computing into specialized clouds, and growing awareness among enterprises about loss due to IT outages. With an increasing adoption rate of cloud-based solutions among Small and Medium-sized Enterprises (SMEs), the Disaster Recovery as a Service (DRaaS) market is expected to grow rapidly.
How is the DRaaS market segmented?The DRaaS market has been segmented into real-time replication, backup and recovery, data protection, and professional services. Real-time replication can be defined as the duplication of a database from one computer or server to another, enabling end-users to avoid data ambiguity. Backup and recovery enables enterprises to back up and restore their business-critical data for avoiding data loss in the event of man-made or natural disasters. Data protection safeguards an enterprise’s data, keeping in mind the regulatory compliances needed for specific businesses and verticals. Professional services provide enterprises with the technical expertise required for storing and managing applications and data, overcoming complex problems, and managing operational challenges. Organizations are deploying DR services to overcome the loopholes in traditional DR systems. Moreover, low maintenance requirements and cost-effectiveness of DR services are the other benefits driving the growth of the DRaaS market.
What are the benefits of having a Disaster Recovery as a Service over traditional Disaster Recovery solution?DRaaS delivers quicker automated and more dependable recovery operation than traditional DR approaches, it leverages data replication technologies, as well as automated and orchestrated recovery. DRaaS combines infrastructure, platform and software as a service and hence organizations dont bear additional costs to invest in infrastructure. It also minimizes the administrative burden placed on IT and allows businesses to assign team members to handle more productive tasks.