According to the latest report by IMARC Group, titled “Disaster Recovery as a Service Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global disaster recovery as a service market reached a value of US$ 6.30 Billion in 2020. Disaster recovery as a service, or DRaaS, is a backup service model that replicates and recovers disrupted data caused by disasters through third party cloud computing. It aims to maintain a short recovery point, where the restored data is as similar as it can be to the original form. DRaaS provides an absolute system backup that allows the end user to run smoothly during system failure. The backup is usually available through cloud, virtual, public, or hybrid environments, which ensure security to sensitive information. On account of these benefits, DRaaS is widely employed across the healthcare, information technology (IT), banking, and telecommunication industries.
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 increasing digitalization and widespread adoption of cloud computing backup and recovery services across various end use industries are among the key factors driving the growth of the market. DRaaS offers faster data recovery and eliminates the need for additional recovery sites. Moreover, small- and medium-sized businesses are incorporating cloud-based backup systems in their disaster recovery plans. Additionally, the introduction of various advanced technologies, such as virtual machine inventory, intelligent data replication, and automated testing, are also accelerating the global adoption of DRaaS. Other factors driving the market growth include significant research and development (R&D) activities and rising instances of cyber-attacks and data theft. Looking forward, the market value is projected to expand at a CAGR of 18.40% during 2021-2026.
- Based on the service type, the market has been segmented as backup and recovery, real-time replication, data protection, and professional services. Currently, backup and recovery services dominate the market.
- On the basis of the service provider, cloud service providers represent the largest segment, followed by managed, telecom and communication, and other service providers.
- Based on the deployment model, disaster recovery as a service is divided into public, private, and hybrid cloud. Public cloud holds the largest market share.
- On the basis of end user, the market is segmented into large enterprises, and small and medium-sized enterprises (SMEs).
- The market has also been examined according to the vertical, which includes banking and financial services (BFSI), information technology (IT), government, healthcare, manufacturing, and others.
- Region-wise, the market has been divided into North America, Asia Pacific, Europe, Middle East, Africa, and Latin America. Amongst these, North America is the leading market, accounting for the majority of the global share.
- The competitive landscape of the market 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
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