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Disaster Recovery as a Service (DRaaS) Market - Growth, Trends and Forecast (2022 - 2030)
SKU ID : INH-14275359 | Publishing Date : 01-May-2019 | No. of pages : 110
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Market Overview
The disaster recovery as a service (DRaaS) market is estimated to register a CAGR of 12% over the forecast period (2019 - 2024). DRaaS functions as a cloud computing and backup service model that uses cloud resources to protect data and applications from the disruption caused by various types of disasters. It gives an organization a complete system backup that allows for business continuity in the event of any system downtime or failure.
- Cloud technology as computing and applications is gaining significance across organizations and contributes to market growth. Enterprise IT investments in cloud computing are expected to account for almost one-fourth of the IT expenditure by the end of the forecast period, representing a considerable increase over the last few years.
- The DRaaS market has been gaining momentum owing to the improved functionality of the increasing number of small and medium enterprises. A majority of the market share is observed to be accounted for by the hybrid configuration (including both physical and cloud-based servers) owing to the increased flexibility of cloud services by cloud service providers, such as AWS and Microsoft.
- It gives huge flexibility and agility to businesses that are dependent on service for a major portion of their revenue. The emergence of 24x7 services providers, especially in the small and medium scale business, in order to maintain the competitive edge, has further strengthened the demand for the market.
Scope of the Report
DRaaS is a comprehensive third-party service that uses cloud and on-premise resources to back up vital data and applications, as well as providing system failover to a secondary infrastructure. DRaaS requirements and expectations are documented in a service-level agreement (SLA) and the third-party vendor provides failover to a cloud computing environment, either through a contract or on a pay-per-use basis. With disaster recovery as a service, the time to return applications to production is reduced because data does not need to be restored over the internet. DRaaS can be especially useful for the small and medium-sized businesses that lack the necessary expertise to provision, configure and test an effective disaster recovery plan.
Key Market Trends
Increasing Adoption of Cloud-based Application across the IT Sector
- The cloud-based disaster recovery solutions found various application, of which, the most significant is the inherent benefit of flexibility and cost-effectiveness. Cloud-based disaster recovery leads to faster data recovery, and hence, attains the recovery goals of the company.
- With an increase in the adoption of hybrid cloud, SMEs have found various benefits to protect them from certain disasters. The adoption of hybrid cloud disaster recovery by businesses helps eliminate the need for a secondary disaster recovery site. Moreover, the hybrid cloud also reduces the expenses and complexities of managing and maintaining a system.
The United States is Expected to Hold a Significant Market Share
- Enterprises across the United States have been early adopters of software to manage business operations and customer care. SAP, a market leader in enterprise application solutions, reported that the United States accounted for EUR 7.1 billion of its overall sales. Canada has benefitted from being the neighboring nation as many businesses in the country serve the demands generated in United States-based industries.
- With the rising number of SMEs, the data center market in the country has witnessed a healthy growth. Further, due to exponential growth in data generation volume, a shift of data has been observed, from private servers to cloud networks. This trend entails resilient and reliable backup, and recovery solutions, as disruption of services is resulting in huge losses for the service providers.
Competitive Landscape
The DRaaS market is moderately competitive and consists of several major players. In terms of the market share, few of the players currently dominate the market. However, with innovation in the field of data storage and security system, the companies are increasing their market presence by securing new contracts by tapping across the emerging markets.
- August 2018 - IBM announced Persistent Systems, Invest India, Wipro Limited, Capgemini, and NASSCOM to have joined the multi-year Call for Code Global Initiative to create a better future. Call for Code, announced in May 2018, is an ambitious effort to bring startup, academic, and enterprise developers together to solve one of the most pressing issues: preventing, responding to and recovering from natural disasters.
- July 2018 - Sirius Computer Solutions Inc. and Recovery Point Systems Inc., have expanded their partnership to offer a set of packaged, multiplatform Disaster Recovery-as-a-Service (DRaaS) solutions.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
The disaster recovery as a service (DRaaS) market is estimated to register a CAGR of 12% over the forecast period (2019 - 2024). DRaaS functions as a cloud computing and backup service model that uses cloud resources to protect data and applications from the disruption caused by various types of disasters. It gives an organization a complete system backup that allows for business continuity in the event of any system downtime or failure.
- Cloud technology as computing and applications is gaining significance across organizations and contributes to market growth. Enterprise IT investments in cloud computing are expected to account for almost one-fourth of the IT expenditure by the end of the forecast period, representing a considerable increase over the last few years.
- The DRaaS market has been gaining momentum owing to the improved functionality of the increasing number of small and medium enterprises. A majority of the market share is observed to be accounted for by the hybrid configuration (including both physical and cloud-based servers) owing to the increased flexibility of cloud services by cloud service providers, such as AWS and Microsoft.
- It gives huge flexibility and agility to businesses that are dependent on service for a major portion of their revenue. The emergence of 24x7 services providers, especially in the small and medium scale business, in order to maintain the competitive edge, has further strengthened the demand for the market.
Scope of the Report
DRaaS is a comprehensive third-party service that uses cloud and on-premise resources to back up vital data and applications, as well as providing system failover to a secondary infrastructure. DRaaS requirements and expectations are documented in a service-level agreement (SLA) and the third-party vendor provides failover to a cloud computing environment, either through a contract or on a pay-per-use basis. With disaster recovery as a service, the time to return applications to production is reduced because data does not need to be restored over the internet. DRaaS can be especially useful for the small and medium-sized businesses that lack the necessary expertise to provision, configure and test an effective disaster recovery plan.
Key Market Trends
Increasing Adoption of Cloud-based Application across the IT Sector
- The cloud-based disaster recovery solutions found various application, of which, the most significant is the inherent benefit of flexibility and cost-effectiveness. Cloud-based disaster recovery leads to faster data recovery, and hence, attains the recovery goals of the company.
- With an increase in the adoption of hybrid cloud, SMEs have found various benefits to protect them from certain disasters. The adoption of hybrid cloud disaster recovery by businesses helps eliminate the need for a secondary disaster recovery site. Moreover, the hybrid cloud also reduces the expenses and complexities of managing and maintaining a system.
The United States is Expected to Hold a Significant Market Share
- Enterprises across the United States have been early adopters of software to manage business operations and customer care. SAP, a market leader in enterprise application solutions, reported that the United States accounted for EUR 7.1 billion of its overall sales. Canada has benefitted from being the neighboring nation as many businesses in the country serve the demands generated in United States-based industries.
- With the rising number of SMEs, the data center market in the country has witnessed a healthy growth. Further, due to exponential growth in data generation volume, a shift of data has been observed, from private servers to cloud networks. This trend entails resilient and reliable backup, and recovery solutions, as disruption of services is resulting in huge losses for the service providers.
Competitive Landscape
The DRaaS market is moderately competitive and consists of several major players. In terms of the market share, few of the players currently dominate the market. However, with innovation in the field of data storage and security system, the companies are increasing their market presence by securing new contracts by tapping across the emerging markets.
- August 2018 - IBM announced Persistent Systems, Invest India, Wipro Limited, Capgemini, and NASSCOM to have joined the multi-year Call for Code Global Initiative to create a better future. Call for Code, announced in May 2018, is an ambitious effort to bring startup, academic, and enterprise developers together to solve one of the most pressing issues: preventing, responding to and recovering from natural disasters.
- July 2018 - Sirius Computer Solutions Inc. and Recovery Point Systems Inc., have expanded their partnership to offer a set of packaged, multiplatform Disaster Recovery-as-a-Service (DRaaS) solutions.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Frequently Asked Questions
This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.
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The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.
