Disaster Recovery as a Service (DRaaS) Market - Global Industry Analysis, Size, Share, Growth Opportunities, Future Trends, Covid-19 Impact, SWOT Analysis, Competition and Forecasts 2022 to 2030
The global Disaster Recovery as a Service (DRaaS) Market is eexpected to grow at CAGR of 24.8% from 2022 to 2030. The global market accounts for a valuation of USD 12.81 billion at present, and is predicted to reach USD 75.22 billion by 2030.
Disaster Recovery as a Service (DRaaS) Market Overview:
Today's world is increasingly relying on the connected, multicloud environment, where cloud is emerging as a significant data security platform. According to IDC research, about 90% of enterprises are using cloud infrastructure for deploying some type of data protection strategy. In most of the cases, data protection as a service (DPaaS) solutions are being utilized to provisions the security of a particular application, data type, or compliance necessity. Growing risks of data loss due to natural disasters or machinery disasters are escalating demand for the disaster-recovery-as-a-service (DRaaS) solutions. DRaaS is a cloud-based model that allows organizations to back-up or recover their crucial data that have been kept in a third-party cloud environment.
Growing malicious data attacks is the key factor that drives Disaster Recovery as a Service (DRaaS) market growth. The BFSI, healthcare, IT, Telecommunication, and many more industries are increasingly adopting data recovery and back-up services to safeguard crucial information. Apart from this, capabilities to reduce downtime, decrease operational cost, maximize profit, and effective resource management are also promoting the demand for DRaaS solution. The DRaaS solution providers continuously strives to upgrade the DR (Disaster Recovery) planning solution to offer easy to go implementation solutions and reduce the operational cost. The Disaster Recovery as a Service (DRaaS) is helping organizations to address existential risks to recover data loss hence, these services are rapidly growing all across the world.
Disaster Recovery as a Service (DRaaS) market size estimates and forecasts are provided in terms of sales volume (K units) and revenue (million USD), with historical and forecast data for the period 2017 to 2030, with 2022 being considered as the base year. This report segments the global Disaster Recovery as a Service (DRaaS) market in detail. Regional market sizes related to products by type, by application, and by player are also delivered. In estimating the size of the market, we took into account the impact of COVID-19 and other global crisis.
Significant Disaster Recovery as a Service (DRaaS) Market Dynamics and Growth Factors:
Driver: Increased need for business continuity across SMEs
SMEs need cost-efficient, flexible, scalable, and automated DR services, which can be fulfilled by customized DRaaS solutions. Compared to disaster recovery as a service, the traditional disaster recovery solutions require ample time, technical personnel, and huge capital. This model enables enterprises to pay only for the amount of usage. DRaaS is easy to set up and allows employees to access data from remote locations once recovery solutions are implemented. It is gaining popularity across SMEs because it fulfills requirements at less cost.
Restraint: Reluctance of enterprises toward the adoption of cloud-based DR over traditional methods
Many organizations still prefer traditional methodologies over the latest technologies. There are several factors for the reluctance of enterprises to adopt cloud and cloud-based disaster recovery. The key reasons include concerns over data security, unawareness, budget constraints, and stubbornness to changing the well-established existing disaster recovery methods. Furthermore, the lack of awareness about cloud environments among organizations are the major factors responsible for the less adoption of DRaaS solutions.
Opportunity: Rise in adoption of cloud due to COVID-19 pandemic
COVID-19 has globally changed the dynamics of business operations. The pandemic has made businesses revisit their IT infrastructure and network capabilities. Businesses are going digital and adopting cloud computing to salvage the situation and maintain business continuity. Keeping the data of the company protected is necessary for the ongoing virtual work environment. Thus, the COVID-19 outbreak has offered several opportunities to DRaaS vendors to expand their business across enterprises as the adoption of cloud has increased during lockdown caused due to COVID-19.
Challenge: Difficulty in achieving security and compliance in cloud environments
Enterprises that have to work with multiple providers and different service-level agreements have a hard time maintaining and demonstrating compliances through cloud environments. Data security is a rising concern for enterprises who store their data over the cloud, as any disruption to data would have a significant effect on their businesses. Due to this, many enterprises are hesitant to adopt cloud based recovery solutions unless the vendors can assure multilayer cybersecurity with complete testing and auditing services. DRaaS solution vendors are faced with the challenge of upholding strong security standards, along with reduced downtime and recovery costs.
The Disaster Recovery as a Service (DRaaS) market research report is categorized based on type, applications and region.
Market Key Players:
IBM, Microsoft, SunGard Availability Services, VMware Inc., Cable & Wireless Communications, Amazon Web Services, Iland, Tierpoint, Infrascale, Bluelock, Recovery Point, NTT Communications, Acronis, Geminare, Zetta, Inc., Asigra, Veritas, Quorum, and others.
- Private Cloud
- Public Cloud
- Hybrid Cloud
- Consumer Goods and Retail
- Government and Public Sector
- IT and Telecom
- Media and Entertainment
- Manufacturing and Logistics
- Healthcare and Life Sciences
Geographically, the global Disaster Recovery as a Service (DRaaS) market has been analysed in various regions such as North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA).
North America held major share of the overall disaster recovery as a service (DRaaS) market, followed by Europe, in 2021. These two regions are expected to retain their positions throughout the forecast period due to the increase in digital transformation in BFSI, IT & telecom, government, and media & entertainment, telecommunication, among other sectors. Increase in demand for best disaster recovery as a service (DRaaS) solutions can be ascribed to the rise in risk of data loss and downtime leading to business losses. Rise in demand for DRaaS in North America and Europe can be ascribed to the growth in need to secure data and accelerate restoration in data centers, especially in the U.S. and U.K.
The Asia Pacific market is projected to grow at the fastest CAGR during the forecast period. China and India are the major disaster recovery service provider countries in Asia Pacific, offering vast scope for disaster recovery companies operating in the market. The popularity of DRaaS in Asia Pacific can be ascribed to the increase in natural calamities such as floods, earthquakes, and human errors, which in turn lead to data leaks. This is estimated to drive the Disaster Recovery as a Service (DRaaS) market in the region during the forecast period.
Further the regions are divided into countries as follows
- North America
- Rest of North America
- Nordic Countries
- Benelux Union
- The Netherlands
- Rest of Europe
- South Korea
- Southeast Asia
- Rest of Southeast Asia
- Rest of Asia-Pacific
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
- Latin America
- Rest of Latin America
Disaster Recovery as a Service (DRaaS) Market report scope
CAGR of 24.8% during the forecast period.
Private Cloud, Public Cloud, Hybrid Cloud
BFSI, Consumer Goods and Retail, Government and Public Sector, IT and Telecom, Media and Entertainment, Manufacturing and Logistics, Healthcare and Life Sciences
IBM, Microsoft, SunGard Availability Services, VMware Inc., Cable & Wireless Communications, Amazon Web Services, Iland, Tierpoint, Infrascale, Bluelock, Recovery Point, NTT Communications, Acronis, Geminare, Zetta, Inc., Asigra, Veritas, Quorum
Regions and Countries Covered
2017 to 2022
2023 to 2030
Key Takeaways from this Disaster Recovery as a Service (DRaaS) Report
- Estimate Disaster Recovery as a Service (DRaaS) market potential through analysing growth rates (CAGR %), Volume (Units) and Value ($M) data given at country level - for product types, applications and by different industry verticals.
- Understand the supply chain in depth on the value growth at each step, in order to optimize value and bring effectiveness in your processes.
- Know the different dynamics affecting the market - challenges, key driving factors and opportunities.
- Get a quick viewpoint on the Disaster Recovery as a Service (DRaaS) market entropy - M&A's, deals, partnerships, product launches of all key companies for the historical 5 years.
- Estimate the supply-demand gaps, import-export data and regulatory landscape for more than top 20 countries worldwide for the market.
- Get complete insights on your competitor performance - market shares, strategies, financial benchmarking, product benchmarking, SWOT and more.
- Study the sales and distribution channels over key geographies to improve top-line revenues.
Frequently Asked Questions
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