According to the latest report by IMARC Group, titled "Disaster Recovery as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2020-2025," the global disaster recovery as a service market size grew at a CAGR of more than 30% during 2014-2019. Disaster Recovery as a Service (DRaaS) is a comprehensive third-party service that employs cloud computing and on-premise resources to back up essential data and sensitive information to provide failover in the events of a power outage, natural catastrophe or other types of business disruption. The service functions by replicating and recovering virtual servers and data centers by seamlessly transitioning for backup on a cloud, public, virtual private cloud (VPC) or hybrid environment. It aids in safeguarding the organization by designing resilient information technology (IT) systems that further maintain servers and network usage throughout the recovery process. DRaaS also ensures business continuity by reducing downtime and disruptions while offering complete control over the network during failures. As a result, it is widely used as an essential service across the information technology (IT), healthcare, manufacturing, telecommunication, and banking, financial services and insurance (BFSI) sectors.
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
Global Disaster Recovery as a Service Market Trends:
The global market is primarily driven by the increasing digitization and automation across numerous industry verticals. As several enterprises are leveraging cloud storage for storing their archival and backup data, the demand for DRaaS solutions is bolstering across the globe. The market is further driven by the growing awareness regarding the importance of cloud-based backups, especially among small- and medium-sized organizations. These backup services allow quick data recovery with minimal complexities in a flexible and cost-effective manner. Several enterprises utilize web-based interfaces to manage the data recovery infrastructure, which can be used to schedule automated testing and initiate recovery. The increasing utilization of consumption-based models of DRaaS is acting as another major growth-inducing factor. Furthermore, the growing integration of these services with intelligent data replication and virtual machine inventory is expected to create a positive outlook for the market. Some of the other factors contributing to the market growth include the shifting preference for outsourcing services among organizations, rising instances of cyber-attacks, and extensive research and development (R&D) activities. On account of the aforementioned factors, the market is projected to exhibit strong growth during 2020-2025.
- On the basis of the service type, the market has been divided into backup and recovery, real-time replication, data protection, and professional services (training, education, and consulting services, and support and maintenance services).
- Based on the service provider, the market has been classified into cloud service, managed service, telecom and communication service and other providers.
- On the basis of the deployment model, the market has been categorized into public, private and hybrid clouds.
- Based on the end user, the market has been bifurcated into large enterprises, and small and medium-sized enterprises (SMEs).
- On the basis of the vertical, the market has been segmented into BFSI, IT, government, healthcare, manufacturing and others.
- On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
- The competitive landscape of the industry has been examined in the report with the detailed profiles of the key players. Some of these players include Amazon Web Services, Inc., InterVision Systems, LLC, C&W Business, Geminare Incorporated, IBM Corporation, iland Internet Solutions, Infrascale, Inc., Microsoft Corporation, Recovery Point System, Inc., Sungard Availability Services LP, and TierPoint, LLC.
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