Disaster Recovery-as-a-Service Market to Reach $60.4 Billion by 2031 | CAGR 23.9%
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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.
The report offers detailed segmentation of the global disaster recovery-as-a-service market based on operating model, service type, deployment mode, organization size, end-use industry, and region.
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.
The report analyzes these key players in the global disaster recovery-as-a-service market. These market players have made effective use of strategies such as joint ventures, collaborations, expansion, new product launches, partnerships, and others to maximize their foothold and prowess in the industry. The report is helpful in analyzing recent developments, product portfolio, business performance and operating segments by prominent players in the market.
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