Disaster Recovery (DR) refers to an organization’s capacity to respond to and get over from an event that negatively impacts operations of a business. The objective of Disaster recovery solutions is to allow the organizations to regain use of critical systems and IT infrastructure in mean time post disaster occurrence.
Covid-19 Influence & Market Status
The worldwide outbreak of coronavirus (COVID-19) influences the growth of global disaster recovery-as-a-service market in a positive note. It is due to speeded adoption of disaster recovery services among various industries. The key players of the global market are emphasising more on strategies development to sustain in the market in post-pandemic era and is anticipated to spike significantly post pandemic. as per global reports, the concerned market is estimated to grow at a CAGR of 42.9% during the forecast period. Moreover, constant technological advancements in the field of cloud computing are anticipated to take the market to its peak with acceleration in upcoming years.
Alongside these perks, data breach is also posing a biggest restrain for the market due to emergence of AI and machine learning solutions.
Extensive Demand for Managed DRaaS Type of The Market
The global market for disaster recovery services is segregated into self-service DRaaS, assisted DRaaS and Managed DRaaS on the basis of its types. The managed DRaas is predicted to be valued at CAGR of 16.2% during the forecast period 2021-2026. The provider/vendor of a managed DraaS works on all aspects of recovery such as planning, testing and management of recovery strategies, thus it helps in the organizations to focus other business objectives. As the DRaaS providers are completely accountable for execution and management of data privacy and recovery, managed DRaaS are being deployed. The managed DRaaS is efficient of conducting recovery processes either with teams or solely, laying down high levels of assurance to meet consumer needs. Therefore, this makes it extremely expensive in comparison to other two types and is prominent for organizations.
The Consulting Services to Hold the Highest Revenue Share
In order to be prepped for uncertain circumstances, vigorous procedures and extreme planning are mandatory. In response, several consulting companies are providing services in respect to emergency planning, consultancy and process development. These services are delivered at local, state and federal levels. The structure, development, planning, prep for post natural and man-caused disasters, end to end emergency management consulting services and other facilities are presented by the consulting services to its clients. This is why, the services of consulting companies are predicted to reach a CAGR of 17.4% in the coming years. Consulting services ultimately ensures realization benefits and enables proactive risk management and enhanced alignment of program goals. The consulting services consist of consulting technology for planning and designing emergency infrastructure and preparedness.
Supremacy Of North American Region in The Market
The region of North America is projected to reach at a CAGR of 12.6% during the forecast period. High investments in the research and development(R&D) activities alongside growing acceptance of enhanced technologies like cloud techniques have been sparking the growth of disaster recovery services market in this region. The increase in the acceptance of disaster recovery solutions among MSMEs and surge in demand for more data centres are also responsible for building market prominence. The presence of some of the core players in the market such as Amazon Web Services, Microsoft Corporation and IBM Corporation is acting as major drivers for widening of DRaaS market.
Disaster recovery-as-a-service market is predicted to be valued at USD27.19 billion by the year 2028. The global market will be growing at a CAGR of 23.4% for the forecast period i, e 2021-28.
Disaster recovery-as-a-service is a standby technological system which copies and recover data disrupted by disasters. The disaster recovery services are meant for disaster recovery plans. The emergence of cloud-based solutions and its rapid adoption by MSMEs is leading the market growth. An excellent application of disaster recovery services makes sure the continuity of business. The hiked adoption of hybrid deployment models and trend of accepting managed services in the market of disaster recovery services is likely to uplift the market across the globe.
Rising vigilance about the flexibility and innovation in the IT sector (automation techniques, technological innovation and digitalization) in the global disaster recovery services market is creating lucrative growth opportunities and demand for disaster recovery services.
Technical development and digitalization in the market is gaining prominence in industries like Telecom, Information Technology (IT), Healthcare etc. Thus, it has been playing a key driving factor in ramping up the DRaaS market. The utilization of service brought in by DRaaS market caters to companies in diminishing human resource requirement for data management and protection. Therefore, it acts as a secured and time-efficient tool. Subsequently, this allows industries to switch to digitalization from traditional backup and data protection methods. It is owing to the supremacy of digitalized technology for evolution, high-profile industries have been propelling the demands for DRaaS.
Privacy and security apprehensions are restraining factors against the growth of DRaaS market. Cyber crimes such as phishing, data vandalism, hacking etc, have been becoming concerning for organization’s growth. cyber criminals posing threats largely influence the reputation of the organization Shortage of trained professionals/skilled expertise is dampening the growth of market. Thus, causing stagnant adoption of disaster recovery service market. Since the industries are rapidly deploying disaster recovery services, growth opportunities &productivity are being ened as well as protection of organizational threat.
The KEY players in the Global Disaster Recovery-as-a-Service market are IBM Corporation, Oracle, Microsoft, Recovery Point, iland, VMware, Inc., SunGard Availability Services, Infrascale Inc., Bluelock, Quinstreet, Inc., Amazon Web Services, Inc., NTT Communications Corporation, Acronis International GmbH, TierPoint, LLC, Geminare, C&W Business, Expedient, BIOS Middle East Group, Veeam Software, Internap Holding LLC and Fine Telecommunications, Inc. among other domestic and global players.
Latest Innovations & developments in the Global Disaster Recovery-as-a-Service Market: A Snapshot
- The Key players of the disaster recovery services market like Microsoft Corporation and Amazon Web Series have been providing assistance in respect to the upliftment of disaster recovery services market in the north American Region.
- Ramped up data protection techniques alongside looming digitalization is among the fundamental driving factors in the growth of disaster recovery-as-a-service market.
- It is owing to the capabilities of disaster recovery solutions in providing assured recovery of data with adherence to service level agreements, managed DRaaS is likely to mark the development of global market.
- In the month of march 2020, IPC and Cloud9 Technologies declared the joint development of a disaster recovery-as-a-solution by signing a partnership contract. This agreement led the prominence of cloud-based services to assist financial firms with a turnkey solution of disaster recovery.in order to establish a cost efficient and eco-friendly disaster recovery solutions for clients, 2nd Watch inaugurated the launch of its cloud disaster recovery services.
Disaster Recovery Services Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD27.19 billion|
|Growth Rate||CAGR of 23.4 % during 2021-2028|
|Segment Covered||Deployment Model, End-User, Type, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||IBM Corporation, Oracle, Microsoft, Recovery Point, iland, VMware, Inc., SunGard Availability Services, Infrascale Inc., Bluelock, Quinstreet, Inc., Amazon Web Services, Inc., NTT Communications Corporation, Acronis International GmbH, TierPoint, LLC, Geminare, C&W Business, Expedient, BIOS Middle East Group, Veeam Software, Internap Holding LLC and Fine Telecommunications, Inc. among other|
Key Segments of The Global Disaster Recovery-As-A-Service Market
- By Deployment Model
- Private Cloud
- Public Cloud
- Hybrid Cloud
- By End-User
- Goods and Retail
- Government and Public Sector
- IT and Telecom
- Media and Entertainment
- Manufacturing and Logistics
- Healthcare and Life Sciences
- By Type
- Self Service DRaaS
- Assisted DRaaS
- Managed DRaaS
- By Region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- North America