Disaster Recovery as a Service (DRaaS) Market worth $26.5 billion by 2028 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 28, 2023 /PRNewswire/ -- Improved security, automation, cyber threat resilience, and the incorporation of cutting-edge technology will define the Disaster Recovery as a Service (DRaaS) Market's future as it provides quick and dependable recovery solutions in a digital environment that is becoming more complicated and interconnected.
The DRaaS Market size is expected to grow from USD 10.7 billion in 2023 to USD 26.5 billion by 2028 at a compound annual growth rate (CAGR) of 19.8% during the forecast period, according to a new report by MarketsandMarkets™. The DRaaS market stands at the forefront of business resilience, propelled by a confluence of factors. Moreover, the rising menace of ransomware attacks has further accelerated the adoption of DRaaS, with organizations seeking rapid and reliable recovery options. Customization, security, and compliance remain paramount as the market evolves, driving innovation and competition among providers. With an ever-expanding global reach and a focus on business continuity, the DRaaS market is poised for continued growth and transformation in the years ahead.
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Scope of the Report
Moreover, with the proliferation of data, DRaaS harnesses technologies such as data deduplication and compression to optimize storage and reduce costs. This enables organizations to efficiently manage and protect vast amounts of data without breaking the bank. DRaaS solutions incorporate AI and automation to enhance disaster recovery orchestration. Predictive analytics and machine learning algorithms can identify potential vulnerabilities and automatically trigger failover procedures, saving valuable time during crises. Furthermore, as organizations increasingly rely on edge computing for real-time data processing, DRaaS extends its reach to edge locations. This ensures the continuity of critical edge operations and seamless data replication to centralized data centers or the cloud.
By Service Type, the real-time replication segment is expected to capture the second-highest CAGR during the forecast period.
The DRaaS market, by service type, includes real-time replication, backup & restore, data protection, and professional services. The real-time replication segment is estimated to hold the second-highest CAGR during the forecasted period. Real-time replication is a crucial segment within the DRaaS market, offering businesses a cutting-edge solution for swift and comprehensive data protection. This technology plays a pivotal role in enhancing the effectiveness and speed of disaster recovery processes. Real-time replication involves continuously copying data from a primary system to a secondary location, ensuring the backup remains up-to-date with the latest changes. In the context of DRaaS, any modifications made to data, applications, or systems are instantaneously replicated to a secure off-site or cloud-based environment.
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The significance of real-time replication is evident in its ability to minimize data loss and downtime during disruptions. By ensuring that data is constantly mirrored in real-time, businesses can significantly reduce the risk of losing valuable information during hardware failures, cyberattacks, or natural disasters. Moreover, the immediate synchronization of data allows for seamless and rapid recovery, facilitating quicker restoration of operations and minimizing productivity interruptions.
Based on deployment Mode, the public cloud segment is expected to account for the largest market share during the forecast period.
The DRaaS market, by deployment mode, is segmented into public cloud and private cloud. It is expected that during the forecast period, the public cloud segment is estimated to account for the largest market size and share in the DRaaS market. The public cloud deployment segment plays a significant and transformative role in the DRaaS market. It involves leveraging the resources and infrastructure of established cloud service providers to facilitate efficient and scalable disaster recovery solutions. In this context, public cloud deployment offers businesses the advantage of outsourcing their disaster recovery environment to reputable cloud platforms. This eliminates the need for hefty upfront investments in physical infrastructure, data centers, and maintenance, resulting in cost savings and enhanced flexibility. Public cloud deployment also ensures rapid scalability. Businesses can dynamically adjust their resources based on evolving data volumes and recovery needs, enabling efficient utilization of computing power during normal operations and seamless handling of increased demands during disruptions.
Furthermore, the geographic distribution of public cloud data centers enhances data resilience. In regional disasters, data remains accessible from unaffected locations, minimizing downtime and ensuring business continuity. The security measures provided by reputable public cloud providers further bolster data protection. These providers implement advanced encryption, access controls, and compliance frameworks, mitigating security concerns and adhering to industry regulations. However, businesses must choose providers aligned with their security, compliance, and performance requirements. Integration complexities and potential data transfer costs also warrant consideration. The public cloud deployment segment revolutionizes the DRaaS market by offering businesses a scalable, cost-effective, and secure solution. It aligns perfectly with the modern need for adaptable and resilient disaster recovery strategies, enabling businesses to efficiently safeguard their operations and data in the face of disruptions.
North America is projected to hold the largest market share during the forecast period.
The DRaaS market by region has been segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America. As per region, North America is estimated to account for the largest market share in the global DRaaS market in 2023, and this trend is expected to continue during the forecast period. The DRaaS market in North America has been studied for countries including the US and Canada. DRaaS holds a significant and evolving role in the North American region, reflecting the region's advanced technological infrastructure, increasing digital dependence, and the need for robust disaster preparedness. In North America, DRaaS serves as a crucial solution for businesses aiming to ensure business continuity in the face of natural disasters, cyberattacks, hardware failures, and other disruptions. North American enterprises are acutely aware of downtime's financial and reputational risks. DRaaS providers offer tailored solutions, allowing businesses to quickly recover critical data and systems, minimizing downtime and financial losses. The region faces constant cyber threats, making data protection and recovery paramount. DRaaS offers secure data backup and recovery options, helping organizations effectively rebound from ransomware attacks or data breaches. Moreover, North America has stringent data protection regulations, such as GDPR in Canada and HIPAA in the United States. DRaaS providers assist companies in adhering to these regulations by ensuring data resilience and recovery capabilities.
Top Key Companies in Disaster Recovery as a Service (DRaaS) Market:
Some of the significant DRaaS market vendors are AWS (US), Microsoft (US), IBM (US), VMware (US), 11:11 Systems (US), Recovery Point Systems (US), InterVision Systems (US), TierPoint (US), Infrascale (US), Zerto (US).
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Disaster Recovery as a Service (DRaaS) Market Advantages:
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