Disaster Recovery as a Service (DraaS) Market by Service Type (Backup & Restore, Real-Time Replication, Data Protection, and Professional Services), Deployment Mode (Public Cloud and Private Cloud), Organization Size, Vertical and region (North America, Europe, Asia-Pacific, Middle East, and Africa and South America).
Disaster Recovery as a Service (DraaS) Market Overview
The global Disaster Recovery as a Service (DraaS) Market size is 8.8 billion USD in 2022 and is projected to reach a CAGR of 22.9% from 2023-2030.
Disaster recovery as a service is a cloud computing service that is used to back up the data in an organization. The data will be stored by a third-party cloud computing service, and in this way, the organization doesn’t have to own all the data or handle all the management disaster recovery, instead of it they can rely on a service provider. This is a cost-effective process, and it gives faster data recovery with flexibility.
Disaster recovery as a service market driver helps the market to grow and boost demand. One of the major drivers is the adoption of cloud services in organizations. The need for cloud computing is growing day by day, and it is showing a positive impact on global disaster recovery as a service market. Another driver of the disaster recovery service market size is cost-effectiveness. Many IT companies are trying to reduce their budget, and they are opting for disaster recovery services to help them with reducing costs. Data recovery is one of the drivers that is driving the growth of disaster recovery as a service business. With the data recovery solution, organizations can back up their valuable data with the help of disaster recovery as a service in case of a disaster or system failure. Artificial intelligence and machine learning are increasing with time, and it is adding value to customers and helping them to increase revenue. Adding AI in disaster recovery as a service can give so many advantages in recovering data and security and this will provide various opportunities to the market.
On the other hand, there are many restraints in disaster recovery as a service industry, such as businesses choosing cloud services over traditional methods. Though many businesses are ready to use cloud services still there are some businesses that are not used to this method. There are other methods available in the market, and businesses are using those methods. They can also provide the same services, so organizations are not using the latest technology, and it is one of the major restraints in disaster recovery as a service industry.
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The covid-19 had a positive impact on disaster recovery as a service market. Due to the work from the home culture in most organizations increasing demand for cloud-based solutions. So many organizations have opted for advanced IT infrastructure with the help of cloud-based technology, and the demand will grow more in a few years. The disaster recovery as a service market is growing day by day with the lockdown situation.
Delvens Industry Expert's Standpoint
The increased use of cloud services across several industrial sectors, including BFSI and IT & telecom, has increased the demand for quicker and more affordable data recovery methods like DRaaS. Data, income, and staff productivity are lost as a result of natural disasters, technology glitches, and human mistakes. Businesses are predicted to use the disaster as a service (DRaaS) as a result of increased regulatory compliance, improvements in IT infrastructure, cybersecurity concerns, the requirement for business continuity, improved RPO, and the necessity for data protection as a service and backup facilities.
Key Findings
- The service type segment is further segmented into Real-time Replication, Backup & Restore, Data Protection, and Professional Services. The Backup & Restore segment is anticipated to maintain its dominance during the forecast period. Backup enables the retrieval of duplicate sets in case of data loss during downtime or failures, such as power outages, human errors, and natural catastrophes. Restore helps to recover specific data that becomes inaccessible because of logical or physical damages to targeted storage devices. The need for backup is increasing among enterprises to ensure business continuity in the event of disasters due to the rising amount of data.
- The organization size segment is further bifurcated into Large Enterprises and Small & Medium Sized Enterprises. The Large Enterprises segment is expected to dominate the market during the forecast period. Large enterprises heavily invest in advanced technologies to increase their overall productivity and efficiency. The pressure to increase revenue and remain competitive encourages large enterprises to incorporate innovative DRaaS solutions into their businesses. Furthermore, due to the affordability and high demand for advanced technologies in large organizations, they hold a higher market share than SMEs.
- The market is also divided into various regions such as North America, Europe, Asia-Pacific, South America, and Middle East and Africa. Asia Pacific is the fastest-growing region in terms of cloud workloads and gaining traction mainly due to the high growth of technology adoption in countries such as China and India. The increasing availability of skilled labor and SMEs’ keen focus on entering and growing in this region are a few factors driving the adoption of DRaaS in the Asia Pacific.
- The covid-19 had a positive impact on the disaster recovery as a service market. Due to the work from the home culture in most organizations increasing demand for cloud-based solutions. So many organizations have opted for advanced IT infrastructure with the help of cloud-based technology, and the demand will grow more in a few years. The disaster recovery as a service market is growing day by day with the lockdown situation
Disaster Recovery as a Service (DraaS) Market Regional Analysis
Asia Pacific to Dominate the Market
- Asia Pacific is the fastest-growing region in terms of cloud workloads and gaining traction mainly due to the high growth of technology adoption in countries such as China and India. The increasing availability of skilled labor and SMEs’ keen focus on entering and growing in this region are a few factors driving the adoption of DRaaS in the Asia Pacific.
- Businesses across the region are cautious about their investment plans and focus on affordable options. Thus, public cloud services have gained huge traction in the Asia Pacific as they offer scalability, reliability, accessibility, and affordability.
Disaster Recovery as a Service (DraaS) Market Competitive Landscape
· Microsoft
· IBM Corporation
· VMware, Inc.
· Amazon Web Services, Inc.
· Acronis International GmbH
· iland
· Sungard Availability Services LP
· Axcient
· Unitrends
· Infrascale, Inc.
· Cloudian
· Nutanix
· Carbonite, Inc.
· phoenixNAP
· Recovery Point Systems, Inc
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Disaster Recovery as a Service (DraaS) Market Recent Developments
- In May 2022, Broadcom, a leading provider of semiconductor and infrastructure software solutions, entered into an agreement to acquire VMware. The combined solutions would enable customers, including leaders in all industry verticals, greater choice, and flexibility to build, run, manage, connect, and protect applications at scale across diversified, distributed environments.
- In January 2022, iland was acquired by 11:11 Systems, a managed infrastructure solutions provider. 11:11 would leverage iland’s Secure Cloud Console natively, combining deep-layered security, predictive analytics, and compliance to deliver visibility and ease of management across all its cloud services.
Reasons to Acquire in the Disaster Recovery as a Service (DraaS) Market
- Increase your understanding of the market for identifying the best and most suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
- Gain authentic and granular data access for Disaster Recovery as a Service (DraaS) Market so as to understand the trends and the factors involved in changing market situations
- Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
- In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns
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It includes the size, share, growth, trends, key players, segments and regional analysis in detail during the study year 2020-2027.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the disaster-recovery-as-a-service (draas) market include Amazon Web Services, Axcient, Citrix, IBM, Microsoft, NTT Communication, Sunguard, Cable & Wireless Communication, TirePoint LLC, Bluelock LLC.
Get more information on "Global Disaster-Recovery-as-a-Service (DRaaS) Market Research Report"by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/disaster-recovery-as-a-service-draas-market/download-sampleMarket Dynamics More frequent incidences of data corruption and cyber-attacks are steering the growth of the global disaster-recovery-as-a-service (DRaaS) market.
Millions of businesses worldwide face some disasters such as power outages, hardware failure, file corruption, human error, among others.
Major interruptions like website going down or losing all customer data will likely occur.
The emergence of Machine Learning and Artificial Intelligence is anticipated to strengthen the disaster-recovery strategies of enterprises.
Download Free Sample Report @ https://www.millioninsights.com/industry-reports/disaster-recovery-as-a-service-draas-market/request-sample Potential services offered by DRaaS include DR planning, testing, backup solutions, data compliance, real-time replication, data security, system integration and consultation, maintenance and support.
Employing cloud services largely reduces cost, frees up the in-system resources and speeds up the recovery process of the system.
The industry is majorly segmented in categories such as solutions, which include real-time replication, cloud service provider, disaster recovery service provider, data security & compliance and planning & testing.
On the basis of service, the market is segmented in to consulting & system integration, managed service and support and maintenance.
High-end organizations incorporate this service in order capture better recovery mechanism and save upfront investments.
Major challenge faced by the industry includes platform dependent cloud services and non-existence of disaster recovery program among small and medium-scale businesses.
