Disaster Recovery as a Service Market to be Valued at US$ 47.06 Billion by 2031, TMR Report

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Jul 26, 2022, 07:30 ET

Vast spending of enterprises on development of internal IT infrastructure across industry verticals expands growth frontiers of disaster as a recovery service market
Advantages of viable cost-effective solution substantiate growing popularity of disaster recovery as a service solutions among micro-small-and medium sized enterprises (MSMEs)

WILMINGTON, Del., July 26, 2022 /PRNewswire/ -- The disaster recovery as a service market is estimated to expand at a CAGR of 21.3% during the forecast period from 2022 to 2031. TMR report for disaster recovery as a service (DRaaS) market demand analysis covers revenue estimates, key segments, and competitive landscape during the forecast period. An in-depth analysis of top DRaaS providers and disaster recovery services 2022 is a highlight of the report.

Need for cost-effective and faster data recovery solutions across industry verticals due to natural calamities, technical variations, and human errors that could lead to revenue loss, business downtime, and reduced employee productivity fuels the growth of disaster recovery as a service market. Emergence of disaster recovery as a service enables organizations to afford off-site disaster recovery solutions which helps in replicating and hosting servers on a third-party vendor site.

Establishment of in-house data center is subject to various threats that can have significant impact on business continuity and IT infrastructure. Interruption in operations can occur in any size of business, from SMEs to large enterprises and even MNCs.

Rise in regulatory compliance, advancements in IT infrastructure, need for business continuity, cybersecurity issues, improved RPO, backup facility, and need for data protection as a service among businesses are expected to drive the adoption of disaster as a service among businesses in the upcoming years.

Asia Pacific is expected to display the fastest growth rate during the forecast period. Scope of growth for disaster recovery companies in the region emanate from key disaster recovery service providers based in China and India.

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Disaster Recovery as a Service – Key Findings of the Report

Disadvantages of in-house data center pertaining to impact on business continuity and IT infrastructure spurs demand for disaster recover as a service solutions. Natural disasters such as floods and earthquakes, human threats that comprise network attacks, and environmental interruptions such as long-term power failure interrupt data center operations.
Demand for cost-effective backup and disaster recovery services that has critical advantage of reduced operational risk and continual business operations especially for SMEs underscores growth. Scalability as per requirement, pay-per-use model, geographic redundancy, and faster restoration of server/data are some other advantages of disaster recovery as a service solutions.
Increase in adoption of operational recovery goals such as recovery point objective (RPO) and recovery time objective (RTO) that plays an important role to reduce downtime to restore business operations spurs uptake of disaster recovery as a service
Expanding digitization which is subject to cyber-attacks to disrupt enterprise operations and have serious impact on business generates need for data backup and disaster recovery solutions and services. Threat to cybersecurity as well as risk of ransomware attacks compels the need to secure data centers by adopting hosted backup and disaster recovery-as-a-service solutions.
North America held key share of disaster recovery as a service market in 2021. Incessant digitization of BFSI, IT & telecom, media & entertainment, government, and telecommunication sectors propels the disaster recovery as a service market of the region. Furthermore, increasing risk of data loss to lead to business loss substantiate demand for best disaster recovery as a service solutions in the region.

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Disaster Recovery as a Service – Growth Drivers

Immense cost and flexibility benefits of cloud-based disaster recovery solutions over their traditional counterpart propels disaster recovery as a service market
Advantages of faster data recovery, simplicity in testing, and automation of DRaaS solutions as compared to traditional disaster recovery plans favors adoption

Disaster Recovery as a Service – Key Players

Some of the key players operating in the disaster recovery as a service are;

Microsoft
VMware Inc.
iLand
IBM Corporation
Amazon Web Services Inc.

The Disaster Recovery as a Service Market is segmented as follows;

Disaster Recovery as a Service Market, by Service Model

Managed
Self-service
Assisted

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Disaster Recovery as a Service Market, by Deployment

Public Cloud
Private Cloud
Hybrid Cloud

Disaster Recovery as a Service Market, by End-use Industry

BFSI
IT & Telecom
Government
Media & Entertainment
Retail & Consumer Goods
Government & Lifesciences

Disaster Recovery as a Service Market, by Region

North America
Europe
Asia Pacific
Middle East & Africa
South America

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