Cloud Hosting

The global disaster recovery-as-a-service market is expected to grow primarily due to various benefits of cloud computing service model of disaster recovery. Public cloud sub-segment is expected to flourish immensely. The market in the North America region is predicted to grow at a high CAGR by 2031.

NEW YORK, April 3, 2023 /PRNewswire/ --

Global Disaster Recovery-as-a-Service Market Forecast Analysis:

As per the report published by Research Dive, the global disaster recovery-as-a-service marketis expected to register a revenue of $60,404.3 million by 2031 at a CAGR of 23.9% during the forecast period 2022-2031.

Segments of the Disaster Recovery-as-a-Service Market

The report has divided the disaster recovery-as-a-service market into the following segments:

Operating Model: managed DRaaS, assisted DRaaS, and self-service DRaaS

Service Type: real-time replication, backup & restore, data protection, and others

Deployment Mode: public cloud and private cloud

Organization Size: large enterprise and small & medium-sized enterprises

End-use Industry: Banking, Financial Services, and Insurance (BFSI), IT & Telecommunication, government & public sector, healthcare, retail & consumer goods, and media & entertainment, and others

Region: North America, Europe, Asia-Pacific, and LAMEA

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Segment

Sub-Segment

Operating Model

Managed DRaaS Fastest growth by 2031

The ability of managed DRaaS to handle routine management chores such as firewalls, load balancing, monitoring, antivirus, operating system patching is expected to push the growth of this sub-segment further.

Service Type

Real-time Replication Highest market share in 2021

The wide range of applications offered by real-time replication, including data distribution to other servers for application processing is expected to propel the sub-segment forward.

Deployment Mode

Public Cloud Most dominant in 2021

The advantages offered by public cloud storage such as scalability, agility, and economic flexibility is anticipated to push the growth of this sub-segment in the forecast period.

Organization Size

Large Enterprise Highest market share in 2021

Growing investments by large enterprises in advanced technology and adopting cutting-edge DRaaS solutions to boost their overall efficiency and effectiveness

End-Use Industry

Region

Banking, Financial Services, and Insurance (BFSI) Highest CAGR by 2031

The growing need for BFSI sector to have a comprehensive disaster recovery plan that guarantees business continuity is anticipated to offer numerous growth opportunities to the sub-segment in the forecast period.

North America Most profitable by 2031

Growing number of businesses dealing in telecommunications, information technology, and financial services industries is predicted to propel the market in the forecast period.

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Dynamics of the Global Disaster Recovery-as-a-Service Market

The various benefits, such as cost-effectiveness, offered by the cloud computing service model of disaster recovery is expected to become the primary growth driver of the disaster recovery-as-a-service market in the forecast period. Additionally, growing expanse of large-scale internet services such as data backup and information recovery is predicted to propel the market forward. However, according to market analysts, data breach and security issues due to increasing data volumes might become a restraint in the growth of the market.

The flexibility offered by disaster recovery-as-a-service in facilitating efficient recovery of crucial data during different disasters such as floods, hurricanes, earthquakes, and wildfires is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, the growing popularity of cloud-based services is expected to propel the market growth in the coming period.

COVID-19 Impact on the Global Disaster Recovery-as-a-Service Market

The Covid-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The disaster recovery-as-a-service market, however, was positively impacted due to the pandemic. Lockdowns and travel restrictions during the pandemic led to an increase in online transactions which caused a growth in demand for data security solutions. This helped the market register a positive growth rate during the pandemic

Key Players of the Global Disaster Recovery-as-a-Service Market

The major players of the market include

These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.

For instance, in January 2022, Dataprise, a leading IT service management firm, announced the acquisition of Global Data Vault, a disaster recovery-as-a-service (DRaaS) and Backup-as-a-service (BaaS) provider. This acquisition is expected to expand the market share of the acquiring company, i.e., Dataprise in the coming period.

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What the Report Covers

Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)

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About Research Dive

Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.

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