Increasing cyber threats propel the Disaster Recovery as a Service (DRaaS) Market, as businesses prioritize resilient solutions to safeguard against data loss.

AUSTIN, TEXAS, UNITED STATES, January 24, 2024 /EINPresswire.com/ — As per SNS Insider’s research, the growth drivers for the Disaster Recovery as a Service (DRaaS) Market encompass a multifaceted spectrum ranging from cybersecurity concerns to the imperative need for business continuity.

The SNS Insider report indicates that the size of disaster recovery as a service (DRaaS) market reached USD 9.12 billion in 2022 and is projected to expand to USD 41.62 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 20.9% during the forecast period from 2023 to 2030.

Disaster Recovery as a Service (DRaaS) is a comprehensive cloud-based solution that enables organizations to safeguard their critical data and IT infrastructure in the event of a natural or man-made disaster. This service offers a cost-effective and scalable alternative to traditional disaster recovery methods by leveraging cloud technologies. Key features include data backup, replication, and recovery, ensuring minimal downtime and data loss.

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Some of the Major Key Players Studied are:

➤ Honeywell International

➤ Otava

➤ Cohesity

➤ Amazon Web Services

➤ IBM Corporation

➤ VMware

➤ RackWare

➤ Commvault Systems

➤ Infrascale

➤ Veeam

➤ STRATACORE

➤ Rubrik

➤ Stellar Information Technology

➤ Commvault Systems

➤ Wipro Limited

➤ Rockwell Collins

➤ Lockheed Martin Corporation

➤ Motorola Solutions

➤ Siemens AG

➤ FirstLight

➤ Others

Market Analysis

The burgeoning adoption of DRaaS is underpinned by several key growth drivers. Firstly, the increasing awareness among enterprises about the importance of business continuity and data protection fuels the demand for DRaaS solutions. Secondly, the rising frequency and severity of cyber threats and natural disasters emphasize the necessity of robust disaster recovery strategies. Additionally, the scalability and flexibility offered by DRaaS, coupled with the cost-effectiveness of cloud-based solutions, contribute to market growth. Furthermore, regulatory compliance requirements and a paradigm shift toward digital transformation amplify the disaster recovery as a service (DRaaS) market’s expansion as organizations seek reliable, efficient, and secure DRaaS solutions.

Impact of Recession

The ongoing recession has a mixed impact on the disaster recovery as a service (DRaaS) market. On one hand, economic uncertainties may compel businesses to reassess their IT budgets, potentially slowing down the adoption of DRaaS solutions. However, on the other hand, the recession underscores the importance of cost-effective and scalable technologies, making DRaaS an attractive option for organizations seeking to optimize their disaster recovery strategies within constrained budgets. The heightened awareness of risk management during economic downturns could drive the demand for DRaaS, as businesses prioritize the protection of critical data and IT assets to ensure resilience in the face of financial challenges.

Impact of Russia-Ukraine War

The Russia-Ukraine war introduces geopolitical uncertainties that can influence the disaster recovery as a service (DRaaS) market. The disruption caused by the conflict may heighten awareness among businesses regarding the need for secure and resilient disaster recovery solutions. Simultaneously, geopolitical tensions may impact data sovereignty concerns, prompting organizations to reevaluate their reliance on certain regions for data storage and disaster recovery services. The potential for cyber threats and attacks during times of geopolitical instability further underscores the importance of robust DRaaS solutions to safeguard against data breaches and ensure business continuity.

Key Regional Development

North America dominates the disaster recovery as a service (DRaaS) market, driven by a high level of technology adoption, stringent regulatory requirements, and a proactive approach toward disaster preparedness. The region’s mature cloud infrastructure and the presence of key market players contribute to its leadership in the DRaaS space. Europe experiences steady growth in the DRaaS market, fueled by increasing awareness of data protection regulations and the rising incidence of cyber threats. The region’s emphasis on regulatory compliance and business continuity planning propels the demand for DRaaS solutions. The Asia-Pacific region presents significant growth opportunities for the DRaaS market, driven by rapid digital transformation, expanding IT infrastructure, and a growing awareness of the need for robust disaster recovery strategies. Government initiatives and the increasing number of businesses adopting cloud technologies contribute to the market’s expansion in this region.

Disaster Recovery as a Service (DRaaS) Market Segmentation Analysis

Embracing the diversity of business landscapes, the DRaaS Market strategically segments its offerings to cater to varying needs and priorities:

By Deployment Mode:

➤ Public: Catering to organizations seeking cost-effective solutions with shared infrastructure for disaster recovery in the cloud.

➤ Private: Providing exclusive and dedicated cloud resources, ensuring enhanced security and control for organizations with stringent compliance requirements.

By Service Type:

➤ Real-time Replication: Facilitating continuous data replication, ensuring minimal data loss and enabling swift recovery during a disaster or disruption.

➤ Backup & Restore: Offering traditional backup and restore capabilities, ensuring data availability and integrity through scheduled backups and recovery processes.

➤ Data Protection: Implementing robust data protection measures, including encryption and access controls, safeguarding sensitive information from unauthorized access.

➤ Professional Services: Engaging experts for consultancy, implementation, and ongoing support, ensuring seamless integration and optimization of DRaaS solutions.

By Organization Size:

➤ Large Enterprises: Tailoring comprehensive DRaaS solutions for extensive operations, addressing the unique challenges and scale of large enterprises.

➤ Small & Medium-Sized Enterprises (SMEs): Providing scalable and cost-effective disaster recovery options, empowering SMEs to bolster resilience without substantial infrastructure investments.

By Vertical:

➤ Banking, Financial Services & Insurance: Safeguarding critical financial data and operations, ensuring regulatory compliance and swift recovery in the face of disruptions.

➤ Telecommunications: Ensuring the continuity of communication networks and services, minimizing downtime and enhancing overall network resilience.

➤ IT & ITeS: Offering tailored solutions for technology-driven enterprises, securing data, applications, and critical IT infrastructure.

➤ Government & Public Sector: Facilitating robust disaster recovery strategies for public services, ensuring uninterrupted operations and data protection.

➤ Retail & Consumer Goods: Protecting e-commerce platforms, inventory data, and customer information, ensuring business continuity in the retail sector.

➤ Manufacturing: Securing manufacturing processes, supply chain data, and production systems, mitigating risks and ensuring operational resilience.

➤ Energy & Utilities: Safeguarding critical infrastructure, ensuring the availability of energy resources, and minimizing the impact of disruptions.

➤ Media & Entertainment: Protecting digital content, broadcasting infrastructure, and media distribution channels, ensuring uninterrupted content delivery.

➤ Healthcare & Life Sciences: Ensuring the availability and integrity of patient records, medical data, and critical healthcare systems for uninterrupted patient care.

➤ Other Verticals: Addressing the specific needs of diverse industries, including education, hospitality, and transportation, with tailored DRaaS solutions.

This comprehensive segmentation reflects the DRaaS Market’s commitment to delivering specialized solutions, safeguarding businesses across different deployment preferences, service requirements, organizational sizes, and verticals against the unpredictable nature of disasters and disruptions.

Key Takeaways from Disaster Recovery as a Service (DRaaS) Market Study

➤ Real-time replication emerges as a dominant segment in the DRaaS market, offering organizations the ability to mirror their data and applications in real-time, ensuring minimal data loss and downtime during a disaster. This feature is crucial for industries where uninterrupted access to real-time data is mission-critical, such as finance, healthcare, and e-commerce.

➤ Within the vertical segments, banking emerges as a dominant sector in the DRaaS market. The financial industry’s reliance on real-time transaction processing and the critical nature of banking operations necessitate robust disaster recovery solutions. As financial institutions prioritize data security and uninterrupted service delivery, the demand for DRaaS within the banking sector continues to rise, driving market growth.

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Recent Developments Related to Disaster Recovery as a Service (DRaaS) Market

➤ Verinext and Pure Storage have recently unveiled innovative Disaster Recovery-as-a-Service (DRaaS) solutions. These cutting-edge services, respectively delivered on HPE GreenLake and under the brand Pure Protect//DRaaS, mark a significant leap forward in the realm of enterprise data protection and operational resilience.

➤ Pure Storage, a recognized leader in data storage and management solutions, has introduced Pure Protect//DRaaS, a comprehensive offering designed to elevate enterprise operations to new heights. With a focus on enhancing data resilience, Pure Protect//DRaaS not only safeguards critical information but also streamlines the recovery process, enabling businesses to swiftly rebound from disruptions.

Table of Contents- Major Key Points

1. Introduction

2. Research Methodology

3. Market Dynamics

3.1. Drivers

3.2. Restraints

3.3. Opportunities

3.4. Challenges

4. Impact Analysis

4.1. COVID-19 Impact Analysis

4.2. Impact of Ukraine- Russia war

4.3. Impact of Ongoing Recession on Major Economies

5. Value Chain Analysis

6. Porter’s 5 Forces Model

7. PEST Analysis

8. Disaster Recovery as a Service (DRaaS) Market Segmentation, By Deployment Mode

8.1. Public

8.2. Private

9. Disaster Recovery as a Service (DRaaS) Market Segmentation, By Service Type

9.1. Real-time Replication

9.2. Backup & Restore

9.3. Data Protection

9.4. Professional Services

10. Disaster Recovery as a Service (DRaaS) Market Segmentation, By Organization Size

10.1. Large Enterprises

10.2. Small & Medium-Sized Enterprises

11. Disaster Recovery as a Service (DRaaS) Market Segmentation, By Vertical

11.1. Banking, Financial Services & Insurance

11.2. Telecommunications

11.3. IT & ITeS

11.4. Government & Public Sector

11.5. Retail & Consumer Goods

11.6. Manufacturing

11.7. Energy & Utilities

11.8. Media & Entertainment

11.9. Healthcare & Life Sciences

11.10. Others

12. Regional Analysis

12.1. Introduction

12.2. North America

12.3. Europe

12.4. Asia-Pacific

12.5. The Middle East & Africa

12.6. Latin America

13. Company Profile

14. Competitive Landscape

14.1. Competitive Benchmarking

14.2. Market Share Analysis

14.3. Recent Developments

15. USE Cases and Best Practices

16. Conclusion

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