According to IMARC Group’s latest report, titled “Disaster Recovery as a Service (DRaaS) Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026,” the global disaster recovery as a service market reached a value of US$ 6.3 Billion in 2020. Looking forward, IMARC Group expects the market to grow at a CAGR of 18.40% during 2021-2026.
Disaster Recovery as a Service (DRaaS) is a third-party cloud computing and backup service model. It helps in recovering data centers and virtual servers in case of a natural or man-made disaster. The backup is usually made on public, private, or hybrid cloud storage. DRaaS finds extensive applications across diverse industries as it protects confidential information and ensures smoother business operations by reducing downtime and disruptions.
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Market Trends
Rapid digitization, along with the rising adoption of cloud-based services across various sectors, has augmented the global market for DRaaS. Furthermore, the increasing traction of DRaaS for mitigating the need for secondary recovery tools further propels the service demand. The growing penetration of DRaaS to escalate the data recovery process with minimal complexities is also bolstering the market growth. Additionally, the rising awareness towards the recovery benefits of DRaaS has propagated its utilization across small- and medium-sized enterprises. Moreover, several technological advancements, such as the advent of intelligent data replication, automated testing and virtual machine inventory, are further catalyzing the market growth. Besides this, the growing incidences of cyber-attacks and extensive R&D activities across the globe are expected to burgeon the demand for DRaaS in the coming years.
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Disaster Recovery as a Service (DRaaS) Market 2021-2026 Analysis and Segmentation:
Breakup by Service Type:
- Backup and Recovery Services
- Real-time Replication Services
- Data Protection Services
- Professional Services
- Training, Education, and Consulting Services
- Support and Maintenance Services
Breakup by Service Provider:
- Cloud Service Providers
- Managed Service Providers
- Telecom and Communication Service Providers
- Others
Breakup by Deployment Model:
- Public Cloud
- Private Cloud
- Hybrid Cloud
Breakup by End-User:
- Large Enterprises
- Small and Medium-sized Enterprises (SMEs)
Breakup by Vertical:
- BFSI
- IT
- Government
- Healthcare
- Manufacturing
- Other
Breakup by Region:
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East and Africa
Competitive Landscape:
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.
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