Disaster recovery as a service Market Overview
The disaster recovery as a service market garners significant gains. The rising adoption of disaster recovery as a service (DRaaS) and data recovery solutions boosts the market shares. Besides, increasing numbers of Businesses & enterprises worldwide drive the market growth.
With the proliferation of cloud-based platforms, the market is projected to grow hugely in the years to come. According to Market Research Future (MRFR), the global disaster recovery as a service market is estimated to garner USD 39.2 Billion by 2023, registering a 20.0% CAGR through the forecast period (2023-2030).
Additionally, increasing usages of the Internet and smart connected devices foster the market revenues. On the other hand, the high deployment costs of DRaaS are restricting the growth of the market. Nevertheless, the rising uptake of DRaaS across the growing number of enterprises would support the market growth throughout the assessment period.
Disaster Recovery as a Service Market- Segments
The market is segmented into service types, service providers, deployments, verticals, and regions. The service type segment is sub-segmented into training & consulting, support & maintenance, backup, data security, professional services, real-time replication, backup, real-time replication, system integration, and others.
The service provider segment is sub-segmented into cloud service providers, telecom & communication service providers, managed service providers, and others. The deployment segment is sub-segmented into private cloud, public cloud, and hybrid cloud.
The vertical segment is sub-segmented into manufacturing, BFSI, media, retail, IT & telecommunication, healthcare, government, and others. The region segment is bifurcated into the Americas, Europe, APAC, and the rest of the world.
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Disaster Recovery as a Service Market-Regional Analysis
The North American region leads the global disaster recovery as a service market. Wide uptake and advancements in DRaaS, alongside increasing investments, poured into developing cloud-based disaster recovery services to drive the market growth.
Besides, the strong presence of notable disaster recovery service providers and advances in recovery solutions support the market shares in the region. Simultaneously, the demand for reliable backup and data recovery software boosts the region’s market value.
Global Disaster Recovery as a Service Market- Competitive Analysis
The embryonic DRaaS market appears highly competitive and fragmented due to the presence of several well-established players. To gain a larger competitive share in the market, these players adopt strategies such as collaboration, acquisition, product/ technology launch, and expansion.
Major Players:
Players leading the global DRaaS market include
- VMware Inc. (US)
- Treo Information Technology (Turkey)
- Sungard Availability Services (US)
- Cable & Wireless Communications (UK)
- Amazon Web Services (US)
- IBM Corporation (US)
- Cisco Systems (US)
Industry/Innovation/ Related News:
Nov.02, 2021 --- Recovery Point Systems announced the acquisition of Geminare, a global resiliency application and data protection innovator. The acquisition would provide Recovery Point with market-leading technology capable of reducing recovery times & manual orchestration and enhancing predictable & reliable resiliency capabilities across private, public cloud, and hybrid deployments.
Geminare technology, with its globally recognized Resiliency Management Platform (RMP), allows maturity, capability, and reliability across disaster recovery, business continuity, and disaster recovery as a service (DRaaS) technologies.
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