With the rising cases of cyber-crime during the recent years, the demand for 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 risk of cyber-attacks.
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With organizations growing vulnerable to sophisticated cyber-crimes, the demand for effective technologies to help them respond to such threats is increasing. This has been one of the chief drivers of the DRaaS market. According to Future Market Insights (FMI), the global DRaaS market is anticipated to grow by 24.6% CAGR during the forecast period from the year 2020 to 2030.
Disaster recovery as-a-service market is gaining traction due to its flexibility and cost-effectiveness. Deployed over 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 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 the 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.
The FMI report offers a detailed analysis of the global DRaaS market and its potential during the forecast period from the year 2020 to 2030.
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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
“With companies around the world looking for effective solutions to manage business operations and respond to potential threats such as cyber-attacks, the demand DRaaS is poised to surge exponentially in the coming years. Mushrooming data centers around the world will particularly help in the expansion of the market,” said a lead FMI analyst.
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.
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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.
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.