Disaster Recovery-as-a-Service Market to be Worth $31.6 Billion by 2030

 

Meticulous Research^®—a leading global market research company, published a research report titled, ‘Disaster Recovery-as-a-Service Market by Operating Model (Managed DRaaS, Assisted DRaaS), Function, Organization Size, Sector (IT & Telecommunications, BFSI, Retail, Healthcare), and Geography - Global Forecast to 2030.’

According to this latest publication from Meticulous Research^®, the Disaster Recovery-as-a-Service market is projected to reach $31.6 billion by 2030, at a CAGR of 20.5% from 2023-2030. The growth of the disaster recovery-as-a-service market is driven by the growing demand for data security and scalability, rising data breaches and ransomware attacks, and the growing adoption of disaster recovery-as-a-service in the BFSI sector. However, the complexity of deployment and setting terms restrains the growth of the disaster recovery-as-a-service market. Furthermore, the growing adoption of advanced technologies such as AI and machine learning and the increasing adoption of cloud-based solutions among SMEs are expected to create growth opportunities in the market. However, one of the major challenges for players operating in this market is the lack of awareness and misconceptions regarding disaster recovery service solutions among potential customers.

The disaster recovery-as-a-service market is segmented by operating model (managed DRaaS, assisted DRaaS, and self-service DRaaS), function (data protection, real-time replication, and other functions), organization size (large and small & medium-sized enterprises), and sector (BFSI, IT & telecommunications, retail, manufacturing, healthcare, government, energy & utility, and other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Scope of the Report:

Disaster Recovery-as-a-Service Market Assessment, by Operating Model                              

·         Managed DRaaS

·         Assisted DRaaS

·         Self-Service DRaaS

Disaster Recovery-as-a-Service Market Assessment, by Function                            

·         Data Protection

·         Backup & Recovery

·         Other Functions

Disaster Recovery-as-a-Service Market Assessment, by Organization Size                            

·         Large Enterprises

·         Small & Medium-sized Enterprises

Disaster Recovery-as-a-Service Market Assessment, by Sector

·         BFSI

·         IT & Telecommunications

·         Retail

·         Manufacturing

·         Healthcare

·         Energy & Utility

·         Government

·         Other Sectors

Disaster Recovery-as-a-Service Market Assessment, by Geography

·         North America

o    U.S.

o    Canada

·         Europe

o    Germany

o    U.K.

o    France

o    Italy

o    Spain

o    Rest of Europe

·         Asia-Pacific

o    Japan

o    China

o    India

o    South Korea

o    Singapore

o    Rest of Asia-Pacific

·         Latin America

o    Brazil

o    Mexico

o    Rest of Latin America

·         Middle East & Africa

o    UAE

o    Israel

o    Rest of the Middle East & Africa

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Based on operating model, the disaster recovery-as-a-service market is segmented into managed DRaaS, assisted DRaaS, and self-service DRaaS. In 2023, the managed DRaaS segment is expected to account for the largest share of the disaster recovery-as-a-service market. The large market share of this segment is attributed to the rising adoption of managed DRaaS in the IT & telecommunications sector, the rising need for business continuity across organizations, and the growing adoption of cloud solutions. In addition, the benefits managed DRaaS offers, such as fast recovery, enhanced security, minimized damage, actionable insight, and reduced cost, further support the growth of this segment. Also, this segment is projected to register the highest CAGR during the forecast period.

Based on function, the disaster recovery-as-a-service market is segmented into data protection, backup & recovery, and other functions. In 2023, the data protection segment is expected to account for the largest share of the disaster recovery-as-a-service market. The large market share of this segment is attributed to the rising number of data breaches and ransomware attacks, the rising demand for data security, and the growing demand for data protection in various sectors.

However, the backup & recovery segment is slated to register the highest CAGR during the forecast period. The rising adoption of cloud data backup, increasing risk of data breaches, and growing adoption of backup & recovery solutions in the BFSI sector are expected to support the growth of this segment.

Based on organization size, the disaster recovery-as-a-service market is segmented into large enterprises and small & medium-sized enterprises. In 2023, the large enterprises segment is expected to account for the larger share of the disaster recovery-as-a-service market. The large market share of this segment is attributed to the strong IT infrastructure of large enterprises, the management of disaster recovery platforms by skilled IT personnel, and the growing adoption of advanced technologies such as cloud, AI, and machine learning. However, the small & medium-sized enterprises segment is slated to register the highest CAGR during the forecast period.

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Based on sector, the disaster recovery-as-a-service market is segmented into BFSI, IT & telecommunications, retail, manufacturing, healthcare, government, energy & utility, and other sectors. In 2023, the IT & telecommunications segment is expected to account for the largest share of the disaster recovery-as-a-service market. The large market share of this segment is attributed to the rising need for business continuity across organizations, growing adoption of cloud solutions, and cost-effectiveness and flexibility offered by disaster recovery-as-a-service that help mitigate downtime by faster recovery of business operations.

However, the BFSI segment is slated to register the highest CAGR during the forecast period. The rising fraudulent activities, rising adoption of disaster recovery-as-a-service for various financial processes, and surging need for improving the agility of work and customer experience are expected to support the growth of this segment.

Based on geography, the disaster recovery-as-a-service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2023, North America is expected to account for the largest share of the disaster recovery-as-a-service market. North America’s major market share is attributed to the presence of prominent players offering advanced disaster recovery-as-a-service solutions to various sectors. Furthermore, the growing adoption of disaster recovery-as-a-service in BFSI, retail, and IT & telecommunications sectors; growing adoption of advanced technologies; and rising demand for data security are also contributing to the growth of the disaster recovery-as-a-service market in North America.

However, Asia-Pacific is projected to register the fastest growth rate during the forecast period. The rapid growth of this market is driven by the growth in regional economies, growing awareness regarding disaster recovery-as-a-service among small and medium-sized organizations, and the expanding retail and BFSI sector, especially in China, Japan, South Korea, and India.

Key Players

The key players operating in the disaster recovery-as-a-service market are IBM Corporation (U.S.), Microsoft Corporation (U.S.), Sungard Availability Services LP (U.S.), VMware, Inc. (U.S.), Axcient, Inc. (U.S.), Cloudian Inc. (U.S.), Acronis International GmbH (Switzerland), Oracle Corporation (U.S.), TierPoint, LLC (U.S.), Datto, Inc. (U.S.), Unitrends, Inc. (U.S.), Cloud4C Services Pte. Ltd (Singapore), Recovery Point Systems, Inc. (U.S.), Infrascale Inc. (U.S.), and InterVision Systems, LLC. (U.S.).

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Key Questions Answered in the Report:

·  Which are the high-growth market segments in terms of operating model, function, organization size, and sector?

·  What is the historical market size for disaster recovery-as-a-service across the globe?

·  What are the market forecasts and estimates for 2023–2030?

·  What are the major drivers, restraints, opportunities, challenges, and trends in the global disaster recovery-as-a-service market?

·  Who are the major players in the global disaster recovery-as-a-service market, and what are their market shares?

·  What is the competitive landscape like?

·  What are the recent developments in the global disaster recovery-as-a-service market?

·  What are the different strategies adopted by major market players?

·  What are the geographic trends and high-growth countries?

·  Who are the local emerging players in the global disaster recovery-as-a-service market, and how do they compete with other players?

 

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