New York, USA, March 15, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global disaster recovery-as-a-service market is projected to garner a revenue of $60,404.3 million and grow at a noteworthy CAGR of 23.9% over the analysis timeframe from 2022 to 2031.
As per our analysts, the increasing adoption of DRaaS across various helps organizations to facilitate crucial data recovery in many disasters such as floods, hurricanes, wildfires, earthquakes, equipment failure, and cyberattacks are expected to bolster the growth of the disaster recovery-as-a-service market during the forecast period. Besides, installing DRaaS eliminates the extra expenditure associated with hosting the data in a cloud server such as leasing of servers, storage equipment, holding space for auxiliary data centers, and many more, which is predicted to foster the growth of the market over the analysis timeframe. Moreover, the growing popularity of cloud-based services in DRaaS and the rising demand for DRaaS among all kinds of businesses are expected to create expansive growth opportunities for the market during the estimated period. However, the data breach and security challenges for businesses may hinder the growth of the market throughout the analysis period.
Segments of the Disaster Recovery-as-a-Service Market
The report has divided the market into segments based on operating model, service type, deployment mode, organization size, end-use industry, and region.
Operating Model: Managed DRaaS Sub-Segment to be Most Profitable
The managed DRaaS sub-segment accounted for the largest revenue in 2021 and is expected to have the fastest growth over the forecast period. Managed DRaaS handles load balancing, antivirus, operating system patching, and many more and offers users different combinations of the required managed services which are expected to bolster the growth of the market sub-segment over the analysis period.
Service Model: Real-Time Replication Sub-Segment to be Most Lucrative
The real-time replication sub-segment generated the highest share of the market in 2021. The increasing use of DRaaS real-time replication in a variety of application applications including application processing, data synchronization with faraway offices, and many more is predicted to propel the growth of the disaster recovery-as-a-service market sub-segment over the estimated period.
Deployment Mode: Public Cloud Sub-Segment to be Most Productive
The public cloud sub-segment held the biggest share of the market in 2021. The increasing applications of public cloud storage across businesses and its minimal operational expense are the major factors expected to fortify the growth of the market sub-segment during the analysis period.
Organization Size: Large Enterprise Sub-Segment to be Most Beneficial
The large enterprise sub-segment accounted for the largest share of the market in 2021. The increasing adoption of DRaaS solutions among large enterprises to boost their revenue and remain competitive is expected to uplift the growth of the disaster recovery-as-a-service market sub-segment during the forecast period.
End-Use Industry: BFSI Sub-Segment to be Most Gainful
The banking, financial services, and insurance (BFSI) sub-segment held the biggest market share in 2021. The growing need for DRaaS solutions in the BFSI sector to balance a fast disaster recovery solution with a cheaper cost is predicted to augment the growth of the market sub-segment over the estimated period.
North America Region to Hold the Maximum Share of the Market
The North America region of the disaster recovery-as-a-service market sub-segment is predicted to have the fastest growth over the analysis timeframe. This is mainly due to the strong presence of businesses across the region and the higher penetration rate in the telecommunication, financial services, and information technology industries. Moreover, the growing investments in the research & development of disaster recovery-as-a-service and the expanding usage of cutting-edge technologies like cloud technology are expected to drive the regional growth of the market during the pandemic period.
Covid-19 Impact on the Disaster Recovery-as-a-Service Market
Though the outbreak of the Covid-19 pandemic has devastated several other industries, it has had a positive impact on the disaster recovery-as-a-service market. This is mainly because of the rapid increase in online transactions during the pandemic owing to travel restrictions, lockdowns, and social distancing regulations. Moreover, the increasing need for disaster recovery-as-a-service in reducing downtime and boosting productivity due to the rising adoption of work-from-home culture across organizations has inclined the market growth over the crisis.
Key Players of the Market
The major players of the disaster recovery-as-a-service market include
- Recovery Point
- Sungard Availability Services
- InterVision
- VMware Inc.
- TierPoint LLC
- IBM
- Infrascale
- Amazon Web Services Inc. Inc.
- Acronis International GmbH
- Microsoft Corporation
These players are widely working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
For instance, in March 2023, IBM, an American multinational technology corporation, announced its collaboration with Cohesity, an American privately held information technology company. With this collaboration, the companies aimed to address the critical needs of organizations with data protection, cyber resilience, data management, and resiliency in hybrid cloud environments.
Further, the report also presents other crucial aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
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
