Disaster Recovery-as-a-Service Market Size Projected to Generate a Revenue of $ 60,404.3 Mn by 2031Download Sample Reports Overview
The Global Disaster Recovery-as-a-Service Market Size is predicted to be valued at $ 60,404.3 million by 2031, surging from $6,486.5 million in 2021, at a noteworthy CAGR of 23.9%.
Impact Analysis of COVID-19 on the Disaster Recovery-as-a-Service Market
The COVID-19 pandemic has led to severe disruptions and economic uncertainties for several businesses. However, the disaster recovery-as-a-service market experienced a positive growth owing to growing need for efficient data recovery solutions in case of any natural disaster such as hurricanes, earthquake, as well as in case of any data breach. The work-from-home model has pushed several organizations to migrate to cloud-based solutions with enhanced data backup and recovery solutions. This has paved the way for enhanced disaster-recovery-as-a-service solutions during the pandemic. The cost-effectiveness, scalability, and resilience offered by these cloud-based data recovery solutions have positively impacted the market growth. These factors have led to positive impact on the Disaster Recovery-as-a-Service market size during the pandemic.
Global Disaster Recovery-as-a-Service Market Analysis
Natural or man-made disasters can cause expensive service interruptions. The most dependable method for many firms to have a dedicated and shared model that can provide DR at a low cost and support a high access speed is to use cloud computing. Disaster is defined as any type of incident that causes serious or catastrophic harm to a system and jeopardizes the system's operations and services for an unforeseen amount of time. As a result, many organizations and government agencies work to implement effective disaster recovery procedures that can preserve critical data and reduce the amount of time the system is unavailable due to a disaster. These are the major factors anticipated to boost disaster recovery-as-a-service market share during the analysis timeframe.
However, sharing data with cloud service providers can mean giving up complete control over the data. The fact that the cloud service provider performs the data backup may cause clients to worry about their reliance on the cloud providers for their data and the chance of data loss. As a result, it is critical for these businesses to use the most dependable service provider who can guarantee the confidentiality and integrity of the services they provide. Given these concerns, many organizations might find it harmful to move their operations to the cloud.
An increase in digitalization has been a key driver in propelling the market expansion for disaster recovery-as-a-service. The adoption of disaster recovery services is increasing in popularity across several industry sectors, including healthcare, IT, and telecom, as a result of technical improvements and digitization. The disaster recovery-as-a-service is used to reduce the number of staff needed for data handling and security, making it a safe and effective solution. Major industries have also been heavily investing in these disaster recovery services since they enhance the whole data security procedure, which boosts the organization's market share. To have a more effective and adaptable experience, this ultimately encourages the industries to digitalize as well as replace their outdated backup and data protection service systems with improved disaster recovery as an application service.
Global Disaster Recovery-as-a-Service Market, Segmentation
The global disaster recovery-as-a-service market is segmented based on operating model, service type, deployment mode, organization size, end-use industry, and region.
The operating model segment is further classified into managed DRaaS, assisted DRaaS, and self-service DRaaS. Among these, the managed DRaaS sub-segment accounted for the highest market share in 2021. The managed DRaaS provider is in charge of all aspects of disaster recovery, just like any other managed cloud service. They will manage, test, and upgrade the DRaaS solution in addition to providing you with the infrastructure. They are bound by a Service Level Agreement (SLA), which outlines the level of support they are required to provide to clients.
The service type segment is further classified into real-time replication, backup & restore, data protection, and others. Among these, the real-time replication sub-segment accounted for the highest market share in 2021. As the name suggests, real-time replication is the process of creating copies of data from one storage location to another. This can be done using cloud-based services between two on-premises units, between appliances in different locations, or between appliances that are completely geographically isolated. Data replication is typically linked to data availability and disaster recovery (DR).
The deployment mode segment is further classified into public cloud and private cloud. Among these, the public cloud sub-segment accounted for the highest market share in 2021. The term "public cloud" refers to computing services made available to anybody who wishes to use or buy them via the open Internet by third-party providers. They could be given away for free or offered on demand, letting users pay just for the CPU time, storage space, or bandwidth they use. Public clouds, as opposed to private clouds, can spare businesses from the high costs associated with having to buy, operate, and maintain on-premises hardware and application infrastructure.
The organization size segment is further classified into large enterprise and small & medium-sized enterprises. Among these, the large enterprise sub-segment accounted for a highest market share in 2021. Disaster recovery planning is a technological procedure that guarantees large enterprises will resume regular operation as soon as possible following a significant disaster. It is a tactic to keep crucial information safe and reachable even in the worst-case scenarios. Disaster recovery planning ensures that applications are always available to users in order to prevent business interruptions and to maintain customer satisfaction and your good name. Cyberattacks target large enterprises and market leaders. Even though large businesses are still at risk, they are conscious of the importance of their data, which is why most, if not all, of them are putting their attention toward disaster recovery planning to make sure that it can always be recovered.
The end-use industry segment is further classified into banking, financial services, and insurance (BFSI), IT & telecommunication, government & public sector, healthcare, retail & consumer goods, media & entertainment, and others. Among these, the banking, financial services, and insurance (BFSI) sub-segment accounted for a dominant market share in 2021. A disaster recovery plan is an important component for modern bank institutions. It is a representation of the methods and techniques for restoring the network, document management system, and core system. It only focuses on the technology that underpins bank's operations and the processes required to restore it in the event of a system failure.
The disaster recovery-as-a-service market in the Asia-Pacific region is projected to show the fastest growth. Some of the major factors driving disaster recovery-as-a-service market growth in Asia-Pacific are rapid expansion of technology usage in nations like China and India. The adoption of DRaaS in Asia-Pacific is being influenced by a number of factors, including the increased availability of technology and SMEs' significant interest in entering and expanding in this region. Businesses in the area are hesitant to make large investments and concentrate on low-cost alternatives. Thus, due to the scalability, dependability, accessibility, and affordability that public cloud services provide, they have greatly increased in popularity across Asia-Pacific.
Key Players in the Global Disaster Recovery-as-a-Service Market
Some of the leading Disaster Recovery-as-a-Service market players are
- Microsoft Corporation
- Amazon Web Services Inc.
- VMware Inc.
- Sungard Availability Services
- Recovery Point
- TierPoint LLC
On October 19, 2021, Cohesity, a pioneer in next-generation data management, announced the broad availability of its newest "as a service" product, Disaster Recovery-as-a-Service (DRaaS). Using Amazon Web Services (AWS) as a recovery site for failover and failback in Software as a Service (SaaS) paradigm, this new option enhances the extraordinary disaster recovery (DR) capabilities offered by Cohesity Site Continuity.