Disaster Recovery as a Service Market Size Expected to Reach US$13.2 Billion by 2026
Disaster Recovery as a Service Market Overview
Global Disaster Recovery as a Service market is forecast to reach $13.2 billion by 2026, growing at a CAGR of 14.5% during the forecast period from 2021 to 2026. Rising digitalization along with demands for highly efficient data protection tools are acting as major drivers towards significant growth of Managed DRaaS, Self Service DRaaS and Assisted DRaaS. Moreover, rising adoption across major industries to improve their productivity standards along with faster data recovery and flexibility is also propelling the demands towards disaster recovery as a service market. Technological advancements and demands towards cloud based services are also driving the demands for disaster recovery as a service market.
Disaster Recovery as a Service Market Segment Analysis – By Type
On the basis of type, disaster recovery as a service has been segmented under Self service DraaS, Assisted DraaS and Managed DRaaS. Managed DraaS segment is anticipated to have a major growth in the disaster recovery as a service market during the forecast period 2021-2026 at 16.2% CAGR. Deployment of managed DraaS has been rising rapidly across large enterprises as the DraaS providers are fully responsible for implementation as well as management of data protection and recovery. Usage of managed models is growing rapidly as this provides guaranteed data recovery time as part of their service level agreements. Moreover, a managed DraaS provider or vendor works on all aspects of recovery such as planning, testing as well as managing of recovery strategies, thus helping the organizations to focus towards other business priorities. In case of disaster, the managed DraaS provider is capable of conducting recovery processes along with teams or alone, creating high levels of support and assurance meeting the customer requirements. Though this makes it highly expensive compared with the other two types, it has been highly adopted by organizations with high it demands causing strategic business operations.
Disaster Recovery as a Service Market Segment Analysis – By Service
The consulting service is projected to grow during the forecast period at the highest CAGR at 17.4% CAGR. To prepare for emergencies robust processes and planning are required. Many companies provide services for emergency planning, consultancy, and process development. These are delivered at local, state, and federal level. Companies design, develop, plan, and prepare for natural and man-made disasters, and provide end-to -end emergency management consulting services. Consulting services include consulting technology in the planning and design of emergency management infrastructure and preparedness. These services ultimately ensure greater realization of benefits, as well as enabling proactive risk management and better alignment of program goals and business objectives. Companies such as Lockheed Martin provide incident and emergency management consulting services to government organizations and enterprises.
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Disaster Recovery as a Service Market Segment Analysis – By Geography
North America is expected to have a major growth in the global disaster recovery as a service market during the forecast period from 2021 to 2026 at 12.6% CAGR. Presence of some key players such as Amazon Web Services, Microsoft Corporation and IBM Corporation is acting as major drivers for the growth of disaster recovery as a service market. High investments towards research and development activities along with the growing adoption of advanced technologies such as cloud technology have been fuelling the growth for disaster recovery as a service market in this region. Moreover, rising adoption of disaster recovery as a service across small sized as well as large enterprises and growing demands towards data centers are also responsible for creating high market demands.
Disaster Recovery as a Service Market Drivers
High performance towards data protection
The rising demands towards disaster as a service due to its capabilities of providing higher performance standards while data recovery has been acting as one of the major driver towards its significant market growth. With massive amounts of data generation by various organizations, there is growing need towards an effective data protection and recovery system. Usage of disaster recovery as a service has been widely growing due to its capabilities of providing faster recovery of data within less time. Deployment of cloud based disaster as a service is also a major reason behind growing market demands as it helps in reducing the operational costs of hard ware’s as well provides improves flexibility, causing high performance. Moreover, cloud deployed services acts as a cost effective solution with helping organizations to pay only the amount as per requirement by the service provider along with eliminating software licensing and computing infrastructure costs. Such factors help the small sized industries to highly adopt the disaster recovery as a service to improve data protection and security standards within low costs.
Growing digitalization
Rising digitalization has been acting as a major driving factor towards boosting the market growth of disaster recovery as a service. With technological advancements and digitalization, adoption of disaster recovery services is gaining much popularity across various industry verticals such as healthcare, IT and Telecom and many others. Usage of disaster recovery as a service helps in reducing the manpower requirement for data handling and protection, thus acting as a secured and time efficient tool. Moreover, major industries have been highly investing towards such disaster recovery services as it improves the overall process of data protection, thus causing higher market growth of the organization. This ultimately attracts the industries to digitalize as well as replace their traditional backup and data protection service systems with an enhanced disaster recovery as a service model to get a more efficient and flexible experience. Due to dominance towards adopting digitalized technology for improvement of work processes, major industries have been propelling the demands for disaster recovery as a service market.
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Disaster Recovery as a Service Market Challenges
Security concerns
Security and privacy concerns are some of the major factors that are restraining the growth of disaster recovery as a service in the market. With growing rates of cyber attacks and security breaches, security and privacy have been becoming the most important aspects to ensure organization’s growth. Since the major industries generate massive amounts of data, disaster recovery as a service are getting highly deployed by the industries to boost their business growth and productivity as well as save their data against environmental as well as organization threats. With growing dominance of cloud based services, use of sensitive data within the cloud interface can lead to loss of critical information of the enterprises. Loss of data from any reason can eventually have a negative impact on the market growth of an organization. Moreover, cyber criminals causing threats such as data hacking, data corruption, as well as many such issues can highly impact the organization’s reputation, thus causing slower adoption towards disaster recovery as a service market.
Disaster Recovery as a Service Market Landscape
Partnerships and acquisitions along with product launches are the key strategies of the players in the disaster recovery as a service market. The major key players in the disaster recovery as a service market include IBM Corporation, Rack space Inc., Tierpoint LLC, Amazon Web Services, Microsoft Corporation, Cisco Systems Inc., Zetta, Carbonite, Acronis International GmbH and Quorum.
Partnerships/Product Launches/Acquisition
In March 2020, IPC and Cloud9 Technologies have announced the joint development of a disaster recovery as a service solution through a partnership agreement. This development provided a cloud based offering service to help the financial firms transform their industry with a turnkey solution towards voice trading disaster recovery. This joint development was done to combine the IPC’s Connexus cloud along with Cloud9’s C9 Trader voice communications and analytics platform and designed to work with all types of trading systems and other endpoints.
In May 2020, 2nd Watch had announced the launch of its cloud disaster recovery as a service in order to establish a cost efficient disaster recovery failover environment for its clients. This service is designed to help the companies implement a disaster recovery plan with support of a cloud based infrastructure while ensuring that their clients are getting optimum benefits from their existing IT infrastructure.
Key Takeaways
Managed DRaaS is anticipated to have a significant market growth during the forecast period in disaster recovery as a service market due to its capabilities of providing guaranteed recovery of data with compliance of service level agreements.
Key market players such as Microsoft Corporation and Amazon Web Services have been helping towards significant growth of Disaster Recovery as a Service market in North America.
Increased data protection performance along with growing digitalization is some of the major driving factors towards significant growth of disaster recovery as a service market.
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