The Disaster Recovery-as-a-Service Market is currently valued at USD 75.22 Billion in the year 2030, likely to surge at a vigorous 24.8% CAGR during the examination period 2022 – 2030.
With the rising cases of cybercrime in recent years, the demand for the disaster recovery-as-a-service (DRaaS) market is surging exponentially. Steered by the rapid penetration of the internet and increasing digitization, a staggering volume of data is generated on a daily basis. This also has led to surging threats, especially the risk of cyber-attacks.
The disaster recovery-as-a-service market is gaining traction due to its flexibility and cost-effectiveness. Deployed over the cloud, DRaaS can store and compute data instantly and hence it is used widely to speed up various enterprises’ functionalities.
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Despite facing a few constraints due to the COVID-19 pandemics, such as closed manufacturing units, travel constraints, nonoperational working units, and others, the market is expected to keep growing over the forecast period.
Due to having several advantages over conventional services, such as no space constraints, fast recovery time, and others, the DRaaS market demand is projected to escalate further in the coming years.
As the global market competition is expected to increase further, the key market players such as Amazon Web Services, Axcient, Citrix, IBM, Microsoft, Sunguard, and others are approaching strategic ways to excel.
Some of the key takeaways from the report are highlighted below-
- The extensive flexibility of the DRaaS market, is catering to the market growth
- As DRaaS market is capable of providing cost-effective solutions, it is gaining rapid popularity across the world
- Advancement of digitization is projected to further market growth during the upcoming years
- Managed service provider segment among service providers is expected to forecast growth at a higher rate among forecast period. Managed service providers offer DRaaS solutions that are designed to duce the burden of data protection and data security among organizations
- Public cloud segment is expected to dominate in terms of deployment. By the end of 2020, it is expected to account for over 49% of the global market
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COVID-19 Impact Analysis on Disaster Recovery as-a-Service Market
With COVID-19 tightening its noose around the world, organizations are compelled to incorporate work from home policies to ensure safety of their employees. To ensure hassle free operations even while employees work remotely, these organizations are offering various cloud-based solutions and VPN to enable easy access to information.
Business continuity and disaster recovery plans are tested by challenges such as travel restrictions, and remote working. According to survey by Mercer Business only 17% of organizations had a business continuity plan and are ready for impact of COVID-19 and 51% had no business continuity plan. Consequently, the adoption of DRaaS solutions is likely to surge by 27% to 29% between 2019 and 2020.
Who is Winning
As the global DRaaS market growth is accelerating rapidly, the key market players such as Amazon Web Services, Axcient, Citrix, IBM, Microsoft, NTT Communication, and others are adopting various strategies and increasing their investment towards technological advancements to gain competitive edge.
For instance, Sunguard has launched their advanced disaster recovery (DR) program which provides complete business resilience across cloud and physician IT. They have also brought their self-service along with application recovery, fully operational computing systems, and network capability.
IBM has launched their Resiliency DRaaS in order to enable rapid and reliable recovery of business-critical applications, and data within minutes on an outage. In the Forrester Wave™ report Q2 2019, IBM named leader in DRaaS.
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More Valuable Insights on Disaster Recovery as-a-service Market
In the latest report by Future Market Insights, we offer a thorough, unbiased analysis of the global disaster recovery as-a-service market, providing historical data for the period of 2015-2019 and forecast statistics for the period of 2022-2030.
Disaster Recovery-as-a-Service Industry Survey
Disaster Recovery-as-a-Service Market by Service Type:
- Recovery & Backup Services
- Data Protection Services
- Real-time Replication Services
- Professional Services
- Managed Services
Disaster Recovery-as-a-Service Market by Service Provider:
- Cloud Service Providers
- Telecommunication Service Providers
- Managed Service Providers
Disaster Recovery-as-a-Service Market by Deployment:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Disaster Recovery-as-a-Service Market by Enterprise Size:
- Small- and Medium-sized Enterprises (SMEs)
- Large Enterprises
Disaster Recovery-as-a-Service Market by Industry:
- BFSI
- IT & Telecommunication
- Retail & Consumer Goods
- Government
- Healthcare
- Media & Entertainment
Disaster Recovery-as-a-Service Market by Region:
- North America Disaster Recovery-as-a-Service Market
- Latin America Disaster Recovery-as-a-Service Market
- Europe Disaster Recovery-as-a-Service Market
- East Asia Disaster Recovery-as-a-Service Market
- South Asia & Pacific Disaster Recovery-as-a-Service Market
- Middle East & Africa (MEA) Disaster Recovery-as-a-Service Market
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