New York, US, Oct. 05, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Disaster Recovery as a Service Market, By Service Type, By Service Provider, By Deployment - Forecast 2030, the market is anticipated to acquire a valuation of approximately USD 41.26 Billion by the end of 2030. The reports further predict the market to flourish at a robust CAGR of over 42.3% during the assessment timeframe.
Disaster Recovery as a Service Market Analysis
Disaster Recovery as a Service Market Key Players
Eminent market players profiled in the global disaster recovery as a service market report include-
- Cable & Wireless Communications (UK)
- Treo Information Technology (Turkey)
- Amazon Web Services (USA)
- Cisco Systems (USA)
- Microsoft Corporation (USA)
- HP Enterprises Company (USA)
- IBM Corporation (USA)
- NTT Communications (Japan)
- Sungard Availability Services (USA)
- VMware Inc. (USA)
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Drivers
Growing Requirement for Business Continuity across Small & Medium Sized Enterprises to Boost Market Growth
The growing requirement for business continuity across the SMEs will boost market growth over the forecast period. SMEs require automated, cost-effective, adaptable, and scalable DR services, which can be provided by specialized DRaaS solutions. The traditional disaster recovery solutions cost a lot of money, need a lot of technical staff, and take a lot of time compared to disaster recovery as a service. Businesses can use this concept to only pay for the consumption that they actually receive. Once recovery solutions are put in place, DRaaS is simple to set up and enables employees to access data from remote locations. It is becoming more popular among SMEs since it meets needs more affordably.
Disaster Recovery as a Service Market Report Scope:
| Report Metric | Details |
| Revenue forecast in 2030 | USD 41.26 Billion |
| Growth Rate | CAGR of 42.3% from 2020 to 2030 |
| Key Market Opportunities | Artificial intelligence and machine learning are increasing with time, and it is adding value to the customers and helping them |
| Key Market Drivers | Disaster recovery as a service market driver helps the market to grow and boost the demand. |
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Opportunities
Growing Digitalization to offer Robust Opportunities
Growing digitization has been a key driver in propelling the market expansion for disaster recovery as a service. Adoption of disaster recovery services is increasing in popularity across several industry sectors, including IT and telecom, healthcare, among others, as a result of technical improvements and digitization.
Restraints
Reluctance of Enterprises to Adopt Cloud-Based DR to act as Market Restraints
The reluctance of enterprises towards the adoption of cloud-based DR over traditional methods and difficulty to attain security & compliance in cloud environments may act as market restraints over the forecast period.
Challenges
Lack of Skilled Expertise to act as Market Challenge
The lack of skilled expertise and the availability of open-source disaster recovery tools may act as market challenges over the forecast period.
Disaster Recovery as a Service Market Segmentation
The DraaS market is bifurcated based on deployment, service provider, and service type.
By service type, backup will lead the market over the forecast period.
By service provider, managed will dominate the market over the forecast period.
By deployment, the disaster recovery as a service market is segmented into hybrid, private and deployment.
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COVID-19 Analysis
The DraaS market was benefited by the covid-19. The need for cloud-based solutions is rising as a result of the prevalent culture of working from home in most enterprises. With the help of cloud-based technology, a huge number of businesses have decided to invest in cutting-edge IT infrastructure, and this need will only grow over the next years. The market for catastrophe recovery as a service is growing daily due to the lockdown situation. To handle COVID-19 eventualities, Microsoft debuted its cloud-based healthcare technology in May 2020. Microsoft showcased a few cloud computing solutions to improve the efficiency of workflows in healthcare businesses. In a similar manner, VMware likewise introduced cloud technologies to reduce costs and speed up delivery. The market for disaster recovery services is expanding along with cloud services.
Disaster Recovery as a Service Market Regional Analysis
North America to Head Disaster Recovery as a Service Market
The global market will be domineered by the North American market. Technology developments are the main aspect that can support the growth of the disaster recovery as a service market in North America. The growth of the regional market may be encouraged by the increase in investments being made in cloud-based solutions for DraaS. Major DRaaS developers' presence in the US and Canada is anticipated to lead to a growth in the local market. The presence of certain significant players, including Microsoft Corporation, IBM Corporation, and Amazon Web Services, is a vital factor in the market growth for disaster recovery as a service. The expansion of the disaster recovery as a service market in this region has been fueled by significant investments in research & development as well as the expanding usage of cutting-edge technologies like cloud technology. High market demand is also a result of expanding need for data centers as well as the increasing use of disaster recovery as a service among small and large businesses. Due to the expansion of digital transformation across several industries, including BFSI, government, IT & telecom, media & entertainment, & telephony, the region is anticipated to maintain its positions over the projection period. The rise in risk of data loss and downtime resulting in business losses can be attributed to the development in demand for the finest disaster recovery as a service (DRaaS) solutions.
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APAC to Have Significant Growth in Disaster Recovery as a Service Market
The market in Asia Pacific will grow quickly over the course of the study period for the expanding use of disaster recovery as a service in major economies like India. This may increase the amount of money the market brings in throughout the evaluation time. Due to the rapid expansion of technology usage in nations like China and India, Asia Pacific is the region with the fastest-growing cloud workloads. The adoption of DRaaS in Asia Pacific is being influenced by a number of reasons, including the increased availability of trained labor 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 and the Pacific. Major companies like Microsoft, Google, AWS, and IBM are quickly extending their cloud capabilities in this region since there is a huge client potential there and because the economic prognosis is looking up. The primary disaster recovery service providers in Asia Pacific include China and India, which provides ample opportunities for businesses operating in the sector. The rise of natural disasters like floods, earthquakes, and human errors, which in turn cause data leaks, might be attributed to the growing popularity of DRaaS in the Asia Pacific region. This is anticipated to fuel the region's DRaaS market over the forecast period.
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