The disaster recovery-as-a-service market was valued at $6.5 billion in 2021, and is estimated to reach $60.4 billion by 2031, growing at a CAGR of 23.9% from 2022 to 2031.
The disaster recovery-as-a-service industry is growing at a rapid pace as it is an important aspect that facilitates business continuity. Disaster Recovery-as-a-Service helps the organization in case of natural or man-made disasters including hurricanes, earthquakes, wildfires, power outages, and cyberattacks. Disaster Recovery-as-a-Service is a cloud computing service model that enables a company to back up its data and IT infrastructure on a third-party cloud computing system.
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However, some limitations currently faced by the disaster recovery-as-a-service industry include bandwidth challenges associated with continuous data replication. Also, vendors need to meet the defined recovery time objective (RTO) and recovery point objective (RPO) in case of disaster recovery. It is necessary for the vendors to rely on disaster recovery service providers in case of any failovers. Additionally, since sensitive and important data is managed, replaced, and retrieved during the DRaaS process, understanding cyber risks and security, risk assessment, and other aspects are essential. These factors are anticipated to restrain the disaster recovery-as-a-service market growth in the coming years.
The growing importance of the disaster recovery-as-a-service market due to its ability to ensure continuity in business operations is estimated to boost the market’s expansion during the disaster recovery-as-a-service market forecast period.
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The global disaster recovery-as-a-service market analysis is segmented based on operating model, service type, deployment mode, organization size, end-use industry, and region. By operating model, the market is classified into managed DRaaS, assisted DRaaS, and self-service DRaaS. By service type, the market is segmented into real-time replication, backup & restore, data protection, and others. By deployment mode, the market is divided into public cloud and private cloud. By organization size, the market is divided into large enterprise and small & medium-sized enterprises.
By end-use industry, the market is analyzed across banking, financial services, and insurance (BFSI), IT & telecommunication, government & public sector, healthcare, retail & consumer goods, media & entertainment, and others. By region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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The key players profiled in the disaster recovery-as-a-service market report include IBM Corporation, Axcient, Sunguard, Amazon Web Services, Inc., Cable & Wireless Communications Limited., TierPoint, LLC., Microsoft Corporation, VMware Inc., NTT Communications Corporation, and Rackspace Technology.
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