DRaaS Market worth $14.6 billion by 2025 - Exclusive Report by MarketsandMarkets™
CHICAGO, Nov. 6, 2020 /PRNewswire/ -- According to a new market research report "DRaaS Market by Service Type (Backup and Restore, Real-Time Replication, and Data Protection), Deployment Model (Public Cloud and Private Cloud), Organization Size, Vertical, and Region - Global Forecast to 2025", published by MarketsandMarkets™, the global DRaaS Market size is expected to grow from USD 5.1 billion in 2020 to USD 14.6 billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.3% during the forecast period.
The flexibility and agility of cloud-based models would support the IT service needs of enterprises. The leading CSPs/hyperscalers—Microsoft, IBM, and AWS—are expected to increase their CAPEX primarily for data center expansion to support the increasing workload for their internal and external stakeholders. The increasing volume of data generation in websites and mobile apps, rising focus on delivering customer-centric applications for driving customer satisfaction, and growing need to control and reduce Capital Expenditure (CAPEX) and Operational Expenditure (OPEX) are a few factors driving the growth of the emerging technologies. The emerging technologies, such as big data, Artificial Intelligence (AI), and Machine Learning (ML) are gaining traction, which is ultimately leading to the growth of the DRaaS Market, globally.
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The sudden shutdown of offices, schools, colleges, and physical retail stores has massively disrupted operations; this has led to an increase in the demand for digital workplace tools and services, such as Zoom, Slack, Blackboard, Lynda, Canvas, Google Classroom, AnyMeeting, and Moodle. AWS, Microsoft, and Google host and manage all applications in a public cloud environment. Increased spend on cloud services by select industries due to COVID-19. Industries, such as IT and ITeS, telecom, online retail/commerce, media, and BFSI, are expected to increase spending on cloud-based services to sustain their business. Highly regulated and cash-rich industries, such as BFSI, are also expected to move selective workloads to public cloud environments.
The market is expected to be driven by the need of backup and restore services
Backup is the process of copying data in cloud computing environments. It enables the retrieval of duplicate sets in case of data loss during downtime or failures, such as power outages, human errors, and natural catastrophes. Recovery refers to the restoration of deleted or damaged files from storage media in the event of disasters. The data recovery process refers to the state of the recovery of specific data that becomes inaccessible because of logical or physical damages to targeted storage devices. The need for backup is increasing among businesses due to the rising amount of data. Backup offers various benefits to enterprises, includng increased agility, data retention, lower costs, faster deployments, and improved data protection. It provides cost-effective, automated, reliable, secure, and scalable solutions.
Increased security capabilities and customized costing in private cloud-based services is driving the adoption of private cloud-based deployment
As security is the most important concern, many organizations are in favor of adopting the private cloud deployment model within corporate firewalls. This would help companies have better control over data, reduce the risk of data loss, and avoid issues related to regulatory compliance. Due to these benefits, many enterprises prefer private cloud to ensure safety and security. Private cloud deployment models are created for specific groups or organizations that require customization and control over their data. Enterprises opt for the implementation of DR services over private cloud, as it provides a highly secure and centralized storage infrastructure that can only be accessed by authorized users. Private cloud is a secure, cloud-based environment with high security, enabling end-users to store and process critical data.
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North America to dominate the global DRaaS Market in 2020
North America has always been technologically ahead in terms of the adoption of advanced technologies due to high awareness among the enterprises regarding the benefits and presence of expertise among the workforce to develop innovative solutions across all technology segments. DRaaS is another technological segment where enterprises in North America had stayed ahead in the curve to fulfil business continuity needs. This growth can be attributed to organizations' shift from on-premises to cloud-based solutions and services, along with the adoption of digital business strategies. The trend is expected to continue during the forecast period. North America is a developed market due to the presence of many players offering DRaaS solutions. Moreover, enterprises are increasing their budgets to accommodate DRaaS solutions. The increasing budgets are favoring the growth of the DRaaS Market in North America. The US and Canada are the top countries in North America, which contribute to the DRaaS Market.
The DRaaS Market includes major vendors, such as Microsoft (US), IBM (US), Vmware (US), iland (US), Recovery Point (US), Sungard Availability Services (US), InterVision (US), AWS (US), TierPoint (US), Infrascale (US), Acronis (Switzerland), Axcient (US), BIOS Middle East (UAE), C&W Communications (UK) Carbonite (US), Daisy (UK), Databarracks (UK), Datto (US), Evolve IP (US), Expedient (US), Flexential (US), Geminare (Canada), NTT (Japan), Quorum (US), SorageCraft (US), Unitrends (US), RackWare (US), Druva (US), Aptum (US), DARZ (Germany), Zettagrid (Australia), PhoenixNAP (US).
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