Chicago, Nov. 28, 2023 (GLOBE NEWSWIRE) -- The global Disaster Recovery as a Service (DRaaS) Market size is expected to grow from USD 10.7 billion in 2023 to USD 26.5 billion by 2028 at a compound annual growth rate (CAGR) of 19.8% during the forecast period, according to a new report by MarketsandMarkets™. In the event of a disaster or system failure, DRaaS allows for the automated failover of critical workloads and services to the cloud-based environment. This ensures business operations can continue without disruption, even if the primary infrastructure is unavailable. DRaaS solutions are highly scalable, meaning organizations can easily adjust their resources and capacity to accommodate changing data and workload demands. Its flexibility is essential for adapting to growth or fluctuations in business operations.
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Disaster Recovery as a Service (DRaaS) Market Dynamics:
Drivers:
- Need to lower TCO, save time, and enable IT teams to shift focus to higher-value tasks
- Increased need for data security and scalability
- Rising DRaaS utilization to mitigate risk of cyberattacks on data centers
- Increased need for business continuity across SMEs
Restraints:
- Concerns over dependency on service providers
- Reluctance of enterprises in adopting cloud-based DRaaS over traditional methods
Opportunities:
- Rising adoption of cloud due to COVID-19 pandemic
- Emergence of AI and ML in DRaaS solutions to strengthen DR strategies of enterprises
- SMEs to represent significant opportunity within DRaaS market
List of Key Players in Disaster Recovery as a Service (DRaaS) Market:
- AWS (US)
- Microsoft (US)
- IBM (US)
- VMware (US)
- 11:11 Systems (US)
- Recovery Point Systems (US)
- InterVision Systems (US)
- TierPoint (US)
- Infrascale (US)
- Zerto (US)
- Trellix (US)
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The DRaaS market has seen robust growth, driven by the increasing recognition of the importance of business continuity and disaster recovery in the face of rising cyber threats, natural disasters, and data breaches. Organizations are adopting hybrid DRaaS models, combining on-premises and cloud-based solutions to meet specific business needs while ensuring data redundancy and recovery options. Moreover, regulatory compliance requirements and data security concerns are pushing organizations to select DRaaS providers with strong security measures and adherence to industry standards. Lastly, the DRaaS market has consolidated through mergers and acquisitions, with established technology companies acquiring specialized DRaaS providers to expand their service portfolios.
The service type segment of the DRaaS market is segmented into real-time replication, backup & restore, data protection, and professional services. The backup & restore segment is estimated to hold the largest market share during the forecasted period. The backup and restore segment is a cornerstone of the DRaaS market, forming the foundation for robust data protection and recovery strategies. This segment encompasses the critical processes of creating data backups and efficiently restoring systems during disruptions, underpinning the core principles of business continuity. It assures businesses that their critical data is secure and recoverable, safeguarding against potential loss and disruptions. By leveraging advanced technologies, such as incremental backups and deduplication, DRaaS providers ensure efficient use of resources and reduced data transfer times during recovery processes.
Moreover, the backup and restore segment aligns with the diverse needs of businesses across various industries. The backup and restore segment forms the backbone of the DRaaS market, enabling companies to mitigate risks and swiftly recover from disruptions proactively. As data continues to drive modern business operations, the ability to securely back up and efficiently restore this data is pivotal in building resilient and adaptive strategies for the ever-evolving digital landscape.
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The DRaaS market is segmented into five regions: North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Asia Pacific is estimated to grow at the highest CAGR during the forecasted period. Asia Pacific comprises China, Japan, Australia, and the Rest of Asia Pacific. Asia Pacific hosts a multitude of multinational corporations. The region faces growing cyber threats, including ransomware attacks and data breaches. DRaaS is instrumental in minimizing the impact of such incidents, allowing for swift data recovery and reduced downtime. Many countries in the Asia Pacific have introduced or strengthened data protection regulations similar to GDPR. DRaaS ensures compliance with these laws by offering secure data backup, encryption, and recovery capabilities. Asia Pacific is at the forefront of digital transformation, with businesses adopting cloud technologies and digitizing their operations. DRaaS aligns with this trend by providing scalable and flexible disaster recovery solutions that cater to the region's diverse IT infrastructures. Major players such as Microsoft, AWS, Google, and IBM are rapidly expanding their cloud offerings in this region due to the availability of enormous customer potential and the growing economic outlook.
In summary, the DRaaS market in the Asia Pacific region addresses the unique challenges and opportunities presented by its diverse economies. It empowers businesses and institutions to protect their data, ensure operational continuity, and comply with stringent data privacy regulations while adapting to the region's rapid digital transformation. As the Asia Pacific region grows and innovates, DRaaS will remain a critical component of disaster preparedness and business resilience strategies.
Some of the significant DRaaS vendors are AWS (US), Microsoft (US), IBM (US), VMware (US), 11:11 Systems (US), Recovery Point Systems (US), InterVision Systems (US), TierPoint (US), Infrascale (US), Zerto (US). These companies have a reputable DRaaS portfolio, a robust market presence, and strong business strategies to dominate the market ecosystem.
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