The disaster recovery-as-a-service market is projected to grow at a stellar CAGR of 24.6% during the forecast period 2020-2030. Growing enterprises vulnerability to urbane cyber-crimes has boosted the demand for efficient technologies such as DRaaS, which helps in responding to such threats.
An increasing number of organizations around the world are adopting digitization. Surging pool of businesses on cloud is in turn fuelling the demand for demand for disaster recovery as-a-service market (DRaaS). Due to its flexibility and cost-effectiveness, DRaaS solutions are widely used in diverse sectors such as banking, financial services and insurance (BFSI), IT & telecommunication, healthcare, and others.
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.
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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.
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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“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.
Drivers
- Increasing implementation of advanced resilience solutions by small and large enterprises will accelerate the DRaaS market growth.
- Demand for DRaaS is expand exponentially amid enterprises, to get over the challenging environment posed by dynamic business and regulatory trends.
- Expanding data centers across nations will predominantly assist in the growth of the market.
Restraints
- Absence of trained professional might work as a restraint, limiting the market growth.
- Unwillingness of enterprises towards the implementation of cloud-based DR over conventional methods might hurt the market growth.
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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Competitive Landscape
Major companies operating in the DRaaS market are Axcient, Amazon Web Services, IBM, Citrix, NTT Communication, Microsoft, Cable & Wireless Communication, Sunguard, Bluelock LLC, TirePoint LLC, Cisco Systems and Recovery Point Systems. Market players are adopting several strategies such as investment towards technological progressions to attain competitive edge.
Key Segments
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
Key Questions Answered by the Report
- At what CAGR is the DRaaS market expected to grow?
According to Future Market Insights (FMI), the DRaaS market is anticipated to grow by 24.6% CAGR during the forecast period from year 2020 to 2029.
- Which is the largest market for DRaaS?
At present, region-wise North America is the largest market followed by Latin America and Europe.
- Which are the top companies in DRaaS market?
Some of the top companies in global DRaaS market are Amazon Web Services, Axcient, Citrix, IBM, Sunguard, and others.
- Which is the most lucrative segment among service type of DRaaS?
Presently, recovery & backup services segment is the most lucrative segment by service type of the DRaaS market and expected to maintain the lead throughout the forecast period.
- Which is the most lucrative segment in terms of service providers in DRaaS market?
Cloud service provider is the most lucrative segment in service provider type segments in the global DRaaS market.
- Which region is subject to the highest growth in the global DRaaS market?
According to FMI, East Asia DRaaS market is expected to exhibit highest growth during the forecast period.
- Which end-use industry is most dominating in the global DRaaS market?
Presently, BFSI industry is most dominating in the global DRaaS market.