The global disaster recovery-as-a-service market is expected to grow primarily due to various benefits of cloud computing service model of disaster recovery. Public cloud sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.
NEW YORK, April 3, 2023 /PRNewswire/ --
Global Disaster Recovery-as-a-Service Market Forecast Analysis:
As per the report published by Research Dive, the global disaster recovery-as-a-service market is expected to register a revenue of $60,404.3 million by 2031 at a CAGR of 23.9% during the forecast period 2022-2031.
Segments of the Disaster Recovery-as-a-Service Market
The report has divided the disaster recovery-as-a-service market into the following segments:
Operating Model: managed DRaaS, assisted DRaaS, and self-service DRaaS
Service Type: real-time replication, backup & restore, data protection, and others
Deployment Mode: public cloud and private cloud
Organization Size: large enterprise and small & medium-sized enterprises
End-use Industry: Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, government & public sector, healthcare, retail & consumer goods, and media & entertainment, and others
Region: North America, Europe, Asia-Pacific, and LAMEA
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Segment | Sub-Segment |
Operating Model | Managed DRaaS - Fastest growth by 2031 |
The ability of managed DRaaS to handle routine management chores such as firewalls, load balancing, monitoring, antivirus, operating system patching is expected to push the growth of this sub-segment further. | |
Service Type | Real-time Replication- Highest market share in 2021 |
The wide range of applications offered by real-time replication, including data distribution to other servers for application processing is expected to propel the sub-segment forward. | |
Deployment Mode | Public Cloud- Most dominant in 2021 |
The advantages offered by public cloud storage such as scalability, agility, and economic flexibility is anticipated to push the growth of this sub-segment in the forecast period. | |
Organization Size | Large Enterprise- Highest market share in 2021 |
Growing investments by large enterprises in advanced technology and adopting cutting-edge DRaaS solutions to boost their overall efficiency and effectiveness | |
End-Use Industry
Region | Banking, Financial Services, and Insurance (BFSI) - Highest CAGR by 2031 |
The growing need for BFSI sector to have a comprehensive disaster recovery plan that guarantees business continuity is anticipated to offer numerous growth opportunities to the sub-segment in the forecast period. | |
North America - Most profitable by 2031 | |
Growing number of businesses dealing in telecommunications, information technology, and financial services industries is predicted to propel the market in the forecast period. |
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Dynamics of the Global Disaster Recovery-as-a-Service Market
The various benefits, such as cost-effectiveness, offered by the cloud computing service model of disaster recovery is expected to become the primary growth driver of the disaster recovery-as-a-service market in the forecast period. Additionally, growing expanse of large-scale internet services such as data backup and information recovery is predicted to propel the market forward. However, according to market analysts, data breach and security issues due to increasing data volumes might become a restraint in the growth of the market.
The flexibility offered by disaster recovery-as-a-service in facilitating efficient recovery of crucial data during different disasters such as floods, hurricanes, earthquakes, and wildfires is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the growing popularity of cloud-based services is expected to propel the market growth in the coming period.
COVID-19 Impact on the Global Disaster Recovery-as-a-Service Market
The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The disaster recovery-as-a-service market, however, was positively impacted due to the pandemic. Lockdowns and travel restrictions during the pandemic led to an increase in online transactions which caused a growth in demand for data security solutions. This helped the market register a positive growth rate during the pandemic
Key Players of the Global Disaster Recovery-as-a-Service Market
The major players of the market include
- Microsoft Corporation
- Sungard Availability Services
- TierPoint LLC
- Amazon Web Services Inc
- Recovery Point
- Infrascale
- IBM
- InterVision
- Acronis International GmbH
- VMware Inc
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2022, Dataprise, a leading IT service management firm, announced the acquisition of Global Data Vault, a disaster recovery-as-a-service (DRaaS) and Backup-as-a-service (BaaS) provider. This acquisition is expected to expand the market share of the acquiring company, i.e., Dataprise in the coming period.
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What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Disaster Recovery-as-a-Service Market:
- Top 4 Considerations When Choosing Disaster Recovery as a Service (DRaaS)
- Cost Effectiveness and Greater Flexibility of Cloud Computing Service Model to Fuel the Growth of the Global Disaster Recovery-as-a-Service Market by 2031
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About Research Dive
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