The disaster recovery-as-a-service market is poised for remarkable growth, with an anticipated explosive CAGR of 24.8% projected from 2022 to 2030. Presently valued at US$ 12.81 billion, this market is on a trajectory to soar to an impressive US$ 75.22 billion by the close of the decade.
This robust expansion underscores the increasing importance placed on disaster recovery solutions in today’s digital landscape. Organizations across the globe are recognizing the critical need for resilient data protection and recovery strategies, especially in the face of escalating cyber threats and natural disasters. As businesses continue to digitize their operations, the demand for Disaster Recovery-as-a-Service is expected to surge, driving significant market growth over the next several years.
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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.
Despite facing a few constraints due to the COVID-19 pandemic, 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.
Key Takeaways From The Disaster Recovery-as-a-Service Market Report:
- The extensive flexibility of the DRaaS market is catering to the market growth
- As the DRaaS market is capable of providing cost-effective solutions, it is gaining rapid popularity across the world
- The 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 during the forecast period. Managed service providers offer DRaaS solutions that are designed to reduce the burden of data protection and data security among organizations
- The 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 the safety of their employees. To ensure hassle-free operations even while employees work remotely, these organizations are offering various cloud-based solutions and VPNs 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 a survey by Mercer Business, only 17% of organizations had a business continuity plan and were ready for the 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.
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. To understand the global market potential, its growth, and scopes, the market is segmented based on service type (recovery & backup services, data protection services, real-time replication services, professional services, managed services), service providers (cloud service provider, telecommunication service provider, managed service providers), deployment ( public cloud, private cloud, hybrid cloud), enterprise size (SMEs, large enterprises), industry (BFSI, IT & telecommunication, retail & consumer goods, government, healthcare, media & entertainment, others), across six major regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, MEA).
Who is Winning:
For instance, Sunguard has launched its 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.
Axcient has come up with their cost-effective, easily manageable, near-instant DRaaS solutions, along with their automated run-books to satisfy compliance requirements and demonstrate the recoverability of client applications at any time.
Leading Key Players:
- Amazon Web Services
- Axcient
- Citrix
- IBM
- Microsoft
- NTT Communication
- Sunguard
- Cable & Wireless Communication
- TierPoint, LLC
- Recovery Point Systems
- Cisco Systems
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Disaster Recovery-as-a-Service Market Segmentation:
By Service Type:
- Recovery & Backup Services
- Data Protection Services
- Real-time Replication Services
- Professional Services
- Managed Services
By Service Provider:
- Cloud Service Providers
- Telecommunication Service Providers
- Managed Service Providers
By Deployment:
- Public Cloud
- Private Cloud
- Hybrid Cloud
By Enterprise Size:
- Small- and Medium-sized Enterprises (SMEs)
- Large Enterprises
By Industry:
- BFSI
- IT & Telecommunication
- Retail & Consumer Goods
- Government
- Healthcare
- Media & Entertainment
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia & Pacific
- Middle East & Africa (MEA)
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Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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