Disaster Recovery-as-a-Service Market Expected To Reach USD 60.4 Billion by 2031 At A CAGR Of 23.9% from 2022 to 2031

The increasing demand to minimize downtime is key factor propelling the DRaaS market growth.

PORTLAND, PORTLAND, OR, UNITED STATE, October 30, 2023 /EINPresswire.com/ -- Allied Market Research published a new report, titled, " The Disaster Recovery-as-a-Service Market Expected To Reach USD 60.4 Billion by 2031 At A CAGR Of 23.9% from 2022 to 2031." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.

The global disaster recovery-as-a-service market was valued at USD 6.5 billion in 2021, and is projected to reach USD 60.4 billion by 2031, growing at a CAGR of 23.9% from 2022 to 2031.

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Growth in the prevalence of cyber-attacks, blackouts, and others on various organizations, surge in need for a service that ensures continuity to the businesses and protecting their crucial data, need for efficient data recovery to drive the global disaster recovery-as-a-service market growth. Global demand for Disaster Recovery-as-a-Service (DRaaS) has significantly increased as a result of its widespread use in natural disasters and during business disruptions during the COVID-19 pandemic.

The global disaster recovery-as-a-service market is segmented on the basis of operating model, service type, deployment mode, organization size, end-use industry, and region. By operating model, the market is sub-segmented into managed DRaaS, assisted DRaaS, and self-service DRaaS. By service type, the market is classified into real-time replication, backup & restore, data protection, and others. By deployment mode, the market is sub-segmented into public cloud and private cloud. By organization size, the market is sub-segmented into managed large enterprise and small & medium-sized enterprises. By end-use industry, the market is sub-segmented into banking, financial services, & 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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Based on operating model, the Managed DRaaS segment held the dominating market share in 2021, holding more than two-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. In addition, the same segment is expected to cite the fastest CGAR of 24.3% during the forecast period. The report also analyses other segments such as Assisted DRaaS and Self-Service DRaaS.

Based on service type, the Real-time Replication segment held the dominating market share in 2021, holding nearly two-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. The Backup & Restore segment, on the other hand, is expected to cite the fastest CAGR of 24.6% during the forecast period.

Based on deployment mode, the public cloud segment held the largest market share in 2021, holding more than three-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. The private cloud segment, on the other hand, is expected to cite the fastest CAGR of 24.3% during the forecast period.

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Based on region, the market across North America held the dominating market share in 2021, holding nearly two-fifths of the global disaster recovery-as-a-service market share, and is expected to maintain its leadership status during the forecast period. The Asia-Pacific region, on the other hand, is expected to cite the fastest CAGR o 24.7% during the forecast period.

The key players analyzed in the global 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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COVID-19 Scenario:

● The outbreak of COVID-19 has had a positive impact on the growth of the global disaster recovery-as-a-service market, owing to the occurrence of lockdowns in various countries across the globe. Lockdowns resulted in increased internet penetration during the pandemic as more and more individuals and businesses around the world switched to work from home model.

● This was mainly done to safeguard the lives of their employees and to prevent the spread of the COVID-19 virus. The work-from-home model has pushed several organizations across the world to opt for cloud-based solutions that have increased the need for data backup, data recovery, and data privacy. This has paved the way for the disaster recovery-as-a-service industry due to which it has gained significant traction.

● Lockdown imposed across several countries is driving the adoption of cloud-based disaster recovery-as-a-service solutions to prevent data breach.

● The flexibility and cost-effectiveness offered by various DRaaS solutions have positively impacted the market growth during the COVID-19 pandemic.

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