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The global disaster recovery as a service market exhibited strong growth during 2015-2020. DRaaS refers to a third-party cloud computing and backup service model that replicates and recovers virtual servers and data centers in case of a natural or man-made emergency. The backup is usually made on a public, cloud, virtual private cloud (VPC) or hybrid environment to secure sensitive information of the organization. It offers complete support and control over the network during failures and ensures business continuity by minimizing downtime and disruptions. Owing to these benefits, it finds extensive applications across the banking, financial services and insurance (BFSI), healthcare, manufacturing, information technology (IT) and telecommunication industries.
The emerging trend of digitization, along with the increasing adoption of cloud-based services across industries, is one of the key factors driving the growth of the market. There is widespread utilization of DRaaS solutions that eliminates the need for a secondary recovery site and offers faster data recovery with minimal complexities. Furthermore, increasing awareness regarding cloud-based backup, along with recovery benefits among both small- and medium-sized organizations, is also providing a boost to the market growth. These organizations frequently use DRaaS to test and execute an effective disaster recovery plan. Additionally, several technological advancements, such as the introduction of intelligent data replication, virtual machine inventory and automated testing, are also favoring the market growth. These advancements enable users to be aware of application changes and run automated tests in protected virtual environments. Other factors, including the rising instances of cyber-attacks and extensive research and development (R&D) activities, are projected to drive the market further. Looking forward, IMARC Group expects the global disaster recovery as a service market to grow at a CAGR of 18.40% during 2021-2026.
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The competitive landscape of the industry has also been examined with some of the key players being Amazon Web Services, Bluelock LLC, C and W Business Ltd, Geminare Incorporated, IBM Corporation, iLand Internet Solutions Corporation, Infrascale Inc., Microsoft Corporation, Recovery Point Systems Inc., Sungard Availability Services LP, TierPoint LLC, etc.
We expect the global disaster recovery as a service market to exhibit a CAGR of 18.40% during 2021-2026.
Sudden outbreak of the COVID-19 pandemic has led to an increasing deployment of remote working models which is inducing the utilization of cloud-based backup for securing confidential information of the organizations. This has resulted in the rising adoption of DRaaS on a global level.
The growing adoption of DRaaS across organizations for ensuring complete support and control over the network during failures and enabling business continuity without any disruptions, represents one of the factors driving the global disaster recovery as a service market.
Based on the service type, the global disaster recovery as a service market can be segmented into backup and recovery services, real-time replication services, data protection services, and professional services, where backup and recovery services currently hold the majority of the total market share.
Based on the service provider, the global disaster recovery as a service market has been bifurcated into cloud service providers, managed service providers, telecom and communication service providers, and others. Among these, cloud service providers currently represent the largest segment.
Based on the deployment model, the global disaster recovery as a service market can be divided into public cloud, private cloud, and hybrid cloud. Currently, public cloud accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global disaster recovery as a service market include Amazon Web Services, Bluelock LLC, C and W Business Ltd, Geminare Incorporated, IBM Corporation, iLand Internet Solutions Corporation, Infrascale Inc., Microsoft Corporation, Recovery Point Systems Inc., Sungard Availability Services LP, TierPoint LLC, etc.
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