Disaster Recovery as a Service (DRaaS) Market Report 2023-2028 - Drastic Geographic Change and Technological Evolution to Help Disaster Recovery as a Service Sustain Growth
DUBLIN, Nov. 29, 2023 /PRNewswire/ -- The "Disaster Recovery as a Service (DRaaS) Market by Service Type (Backup & Restore, Real-Time Replication, Data Protection), Deployment Mode (Public Cloud, Private Cloud), Organization Size, Vertical and Region - Global Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
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%
The market study covers the DRaaS market across segments. It aims at estimating the market size and the growth potential across different segments, such as service types, organization sizes, verticals, deployment modes, and regions. It includes an in-depth competitive analysis of the key players in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
The major factor driving demand for DRaaS is increased awareness of robust data protection and business continuity strategies that DRaaS offers to companies. With the continuous growth of data volumes and the rising sophistication of cyber threats, DRaaS is poised to evolve into a more comprehensive and proactive solution.
Organizations can expect DRaaS to integrate seamlessly with advanced technologies such as artificial intelligence and machine learning in the coming years. These technologies will enable predictive analytics, allowing organizations to anticipate potential disasters and take preemptive measures to safeguard their data and operations.
Additionally, the integration of edge computing and 5G networks will enhance the speed and reliability of data recovery, ensuring minimal downtime during a disaster. Moreover, the cloud will continue to play a central role in the future of DRaaS.
Public and private cloud approaches will become more prevalent, offering greater flexibility and redundancy in data storage and recovery. This shift towards cloud-native solutions will also simplify scalability and management, making DRaaS more accessible to organizations of all sizes.
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), and Zerto (US).
By vertical, the IT & ITeS segment holds the highest CAGR during the forecast period
The DRaaS market by vertical is divided into BFSI, Telecommunications, IT & ITeS, Government & Public Sector, Retail & Consumer Goods, Manufacturing, Energy & Utilities, Media & Entertainment, Healthcare & Life Sciences, and Other Verticals.
The IT & ITeS segment is estimated to grow at the highest CAGR during the forecasted DRaaS market. The IT and ITeS sector heavily relies on technology and data to deliver services and solutions. DRaaS offers a comprehensive framework to counter potential disruptions, such as system failures, cyber incidents, or natural disasters.
By continuously replicating critical data and applications to secure off-site or cloud environments, DRaaS minimizes downtime, ensuring prompt recovery and preserving the integrity of operations. Data protection is paramount in the IT and ITeS sector due to the sensitive information handled. DRaaS solutions encompass encryption, secure storage, and compliance adherence, bolstering data security and mitigating breaches or data loss risks.
Business continuity is crucial for IT and ITeS companies, given that their operations often affect clients across various industries. DRaaS enables these organizations to restore services quickly, meet client demands, and fulfill contractual obligations, even in disruptions. Additionally, DRaaS's scalability suits the dynamic nature of the IT and ITeS sectors. These companies can efficiently adjust their resources based on he evolving data volumes and recovery needs, thus optimizing costs and operational efficiency.
The IT and ITeS sector is well-versed in technological advancements, and DRaaS providers are constantly innovating to meet their evolving demands. Solutions such as testing environments, hybrid cloud setups, and seamless application integration ensure that DRaaS aligns with the sector's complex IT ecosystems.
In summary, DRaaS is a crucial IT and ITeS industry component, providing strong data protection, rapid recovery, compliance adherence, and efficient business continuity. By embracing DRaaS, IT and ITeS companies can maintain their commitment to clients, strengthen data security, and navigate the rapidly changing landscape with resilience and confidence.
Based on organization size, the large enterprises segment holds the largest market share during the forecast period
The DRaaS market, by managed security service, is segmented into large enterprises and SMEs.
The large enterprises segment is expected to hold the largest market share during the forecast period. The large enterprises segment is crucial in shaping the DRaaS market landscape. These organizations are of significant size and have extensive operations and large volumes of data and critical applications.
As a result, large enterprises significantly influence demand and innovation within the DRaaS sector. Large enterprises are among the leading consumers of DRaaS services due to their efficiency, scalability, and cost-effectiveness in managing complex ecosystems. Moreover, these enterprises operate in highly regulated industries such as finance, healthcare, and government, where DRaaS solutions meet stringent compliance requirements by providing secure data replication, encryption, and recovery mechanisms. Considering their responsibility for handling sensitive information, large enterprises seek DRaaS solutions that align with their data protection and privacy needs.
By embracing DRaaS, large enterprises ensure operational resilience, data protection, and compliance adherence in the face of disruptive events. Their intricate IT landscapes and compliance demands contribute significantly to the evolution and expansion of the DRaaS market. In summary, the large enterprises segment is a driving force in the DRaaS market, propelling the growth and refinement of DRaaS solutions.
Based on deployment mode, the private cloud segment holds the highest CAGR during the forecast period
The DRaaS market, by deployment mode, is segmented into public cloud and private cloud. The private cloud segment is estimated to grow at the highest CAGR during the forecasted DRaaS market.
In the DRaaS market, private cloud deployment is a crucial option for businesses that need a secure and tailored solution for data recovery. Private cloud deployment creates a dedicated and isolated cloud environment for disaster recovery. This approach ensures that all a business's critical data and applications are stored and managed securely in a controlled ecosystem, providing a high level of data privacy and compliance adherence.
One of the main advantages of private cloud deployment in the DRaaS market is its heightened security. Companies that handle sensitive data or operate in regulated industries can maintain greater control over their data, security protocols, and access mechanisms. This level of control significantly reduces the potential risks associated with data breaches or unauthorized access.
Private cloud deployment offers businesses the benefit of customization and scalability. Organizations can tailor their private cloud environment to suit their requirements, optimizing resource allocation and recovery processes. Efficiently scaling resources enables companies to adapt to changing data volumes and recovery demands.
Although private cloud deployment provides enhanced security and customization, it may require more substantial initial investments than public cloud alternatives. Setting up and maintaining a private cloud infrastructure demands higher technical expertise and financial commitment.
Case Study Analysis
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SOURCE Research and Markets