Disaster Recovery as a Service (DRaaS) Market Size to Reach USD 11670 Million by 2027 at CAGR 23.7% - Valuates Reports

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Feb 02, 2022, 08:00 ET

BANGALORE, India, Feb. 2, 2022 /PRNewswire/ -- The Disaster Recovery as a Service Market is Segmented by Type (Private Cloud, Public Cloud, Hybrid Cloud), Application (BFSI, Consumer Goods and Retail, Government and Public Sector, IT and Telecom, Media and Entertainment, Manufacturing and Logistics, Healthcare and Life Sciences, Others). The report covers global opportunity analysis and industry forecasts from 2021 to 2027.

The global Disaster Recovery as a Service (DRaaS) market size is projected to reach USD 11670 Million by 2027, from USD 2608.6 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 23.7% during the forecast period 2021 to 2027.

Major Factors Driving The Growth Of The Disaster Recovery As A Service (Draas) Market Are:

As more businesses around the world plan to migrate their IT infrastructure to the cloud, improve business continuity, and improve IT operations, the DRaaS market will continue to grow. Moreover, the advantages such as cost efficiency and reduced downtime offered by DRaaS are expected to drive the growth of the Disaster Recovery as a Service market.

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Trends Influencing The Growth Of Disaster Recovery As A Service (Draas) Market

The need for various IT organizations to have a viable business continuity plan is expected to drive the growth of the DRaaS market. Business continuity depends on disaster recovery planning. DRaaS replicates a complete infrastructure, including compute, storage, and networking functions, on virtual servers in a fail-safe mode. An organization can continue to run applications; it just does so from the service provider's cloud or hybrid cloud environment rather than from the physical servers that were damaged by the disaster. As a result, disaster recovery can be much faster, if not instantaneous.

Many businesses with small IT departments can't afford to devote the resources necessary to researching, implementing, and thoroughly testing disaster recovery plans. DRaaS relieves the organization of the burden of disaster planning and places it in the hands of disaster recovery experts. It can also be significantly less expensive than hosting your own disaster recovery infrastructure in a remote location with an IT team on standby in the event of a disaster. If a disaster does not occur, the costly backup infrastructure and personnel are never used. Many DRaaS companies only charge you if you use their services. This feature is expected to further drive the growth of the Disaster Recovery as a Service Market.

Furthermore, unexpected incidents that cause downtime pose a serious threat to a company's reputation. DRaas aids in the reduction of downtime and the preservation of the company's reputation. This factor is expected to fuel the DRaaS market's expansion.

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Disaster Recovery As A Service (Draas) Market Share Analysis

The market for disaster recovery as a service is dominated by North America and Western Europe. North America is home to a large number of key disaster recovery service providers, and the United States is regarded as a leader in the adoption of connected technology.

The disaster recovery as a service market in the Asia Pacific, excluding Japan is expected to grow significantly. The region's rapid growth can be attributed to the growing trend of business automation, as well as an increase in the number of cyber-attacks, which has led to increased investment in disaster recovery as a service solution by organizations in the region.

Based on application, the BFSI sector is expected to be the most lucrative segment. Commercial banks and credit unions, for example, build their reputations on their ability to provide consistent and uninterrupted service to their customers. Any system outage could harm these companies' reputations and result in lost customers. Data, applications, and systems could be recovered instantly using DRaaS solutions.

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Major Players in the Disaster Recovery as a Service (DRaaS) Market

IBM
Microsoft
SunGard Availability Services
VMware Inc.
Cable & Wireless Communications
Amazon Web Services
Iland
Tierpoint
Infrascale
Bluelock
Recovery Point
NTT Communications
Acronis
Geminare
Zetta, Inc.
Asigra
Veritas
Quorum
Others

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SIMILAR REPORTS

The global Cloud Infrastructure market size was valued at USD 161890 Million in 2022 and is projected to reach USD 247270 Million by 2028, registering a CAGR of 7.3% from 2022 to 2028.
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The global Cloud Backup market size is projected to reach USD 4229.3 Million by 2026, from USD 1834.3 Million in 2019, at a CAGR of 12.5% during 2020-2026.
The infrastructure as a service market size was valued at USD 38.94 Billion in 2019, and is projected to reach USD 201.83 Billion by 2027, growing at a CAGR of 23.2% from 2020 to 2027.
The global Data Protection market size is projected to reach USD 113390 Million by 2027, from USD 61330 Million in 2020, at a Compound Annual Growth Rate (CAGR) of 9.1% during the forecast period 2021-2027
The global hybrid cloud market size was estimated at USD 36.138 Billion in 2017 and is expected to hit USD 171.926 Billion by 2025, rising at a CAGR of 21.7 percent between 2018 and 2025.

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