The market for disaster recovery as a service is currently estimated to be worth USD 75.22 billion in 2030 and is anticipated to grow at a robust 24.8% CAGR from 2022 to 2030.
The market for disaster recovery-as-a-service (DRaaS) is seeing exponential growth due to the rise in cybercrime incidents in recent years. A mind-boggling amount of data is produced each day, driven by the internet’s quick uptake and rising digitization. This has also resulted in an increase in dangers, particularly the potential of cyberattacks.
The market for disaster recovery as a service is expanding due to its adaptability and affordability. When utilized in the cloud, DRaaS can rapidly compute and store data, which is why it is frequently employed to speed up the capabilities of many different organizations.
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The market is anticipated to continue expanding throughout the projected period, despite some challenges brought on by the COVID-19 pandemic, such as closed production facilities, travel restrictions, nonoperational working units, and others.
The demand for DRaaS is expected to increase further in the upcoming years because of its advantages over conventional services, which include no space restrictions, quick recovery times, and others.
The leading market players, including Amazon Web Services, Axcient, Citrix, IBM, Microsoft, Sunguard, and others, are approaching strategic strategies to excel as the global industry rivalry is anticipated to worsen.
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 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 duce 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
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 are 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.
Who is Winning
As the global DRaaS market growth is accelerating rapidly, key market players such as Amazon Web Services, Axcient, Citrix, IBM, Microsoft, NTT Communication, and others are adopting various strategies and increasing their investment toward technological advancements to gain a competitive edge.
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.
IBM has launched their Resiliency DRaaS to enable rapid and reliable recovery of business-critical applications, and data within minutes of an outage. In the Forrester Wave™ report Q2 2019, IBM was named a 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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