Meticulous Research®, a leading global market research company, has announced the release of its latest report titled, “Disaster Recovery-as-a-Service Market by Operating Model (Managed DRaaS, Assisted DRaaS), Function, Organization Size, Sector (IT & Telecommunications, BFSI, Retail, Healthcare), and Geography - Global Forecast to 2030.”
According to this comprehensive study, the Disaster Recovery-as-a-Service (DRaaS) market is set to grow from $8.1 billion in 2023 to $31.6 billion by 2030, at a robust CAGR of 20.5% during the forecast period. The surge in market growth is primarily driven by the increasing demand for data security and scalability, a rise in data breaches and ransomware attacks, and the growing adoption of DRaaS in the BFSI sector. However, complexities in deployment and establishing terms remain a significant restraint to market growth.
The report identifies key opportunities, including the rising adoption of advanced technologies such as AI and machine learning, and the increasing preference for cloud-based solutions among SMEs. Nonetheless, a major challenge persists in the form of lack of awareness and misconceptions about disaster recovery service solutions among potential customers.
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Market Segmentation:
The disaster recovery-as-a-service market is segmented by:
Operating Model:
· Managed DRaaS
· Assisted DRaaS
· Self-Service DRaaS
Function:
· Data Protection
· Backup & Recovery
· Other Functions
Organization Size:
· Large Enterprises
· Small & Medium-sized Enterprises
Sector:
· BFSI
· IT & Telecommunications
· Retail
· Manufacturing
· Healthcare
· Energy & Utility
· Government
· Other Sectors
Geography:
· North America
o U.S.
o Canada
· Europe
o Germany
o U.K.
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o Japan
o China
o India
o South Korea
o Singapore
o Rest of Asia-Pacific
· Latin America
o Brazil
o Mexico
o Rest of Latin America
· Middle East & Africa
o UAE
o Israel
o Rest of the Middle East & Africa
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Key Insights:
· By Operating Model: The managed DRaaS segment is expected to dominate the market in 2023, driven by the increasing adoption in the IT & telecommunications sector and the need for business continuity.
· By Function: The data protection segment is anticipated to hold the largest market share in 2023, fueled by the rising number of data breaches and the demand for data security. However, the backup & recovery segment is poised for the highest CAGR.
· By Organization Size: Large enterprises are expected to lead in market share, while the small & medium-sized enterprises segment will exhibit the highest growth rate.
· By Sector: The IT & telecommunications sector will dominate in 2023, but the BFSI sector is projected to grow at the highest CAGR.
· By Geography: North America will hold the largest market share in 2023, with Asia-Pacific registering the fastest growth rate during the forecast period.
Key Players:
Prominent companies in the disaster recovery-as-a-service market include IBM Corporation (U.S.), Microsoft Corporation (U.S.), Sungard Availability Services LP (U.S.), VMware, Inc. (U.S.), Axcient, Inc. (U.S.), Cloudian Inc. (U.S.), Acronis International GmbH (Switzerland), Oracle Corporation (U.S.), TierPoint, LLC (U.S.), Datto, Inc. (U.S.), Unitrends, Inc. (U.S.), Cloud4C Services Pte. Ltd (Singapore), Recovery Point Systems, Inc. (U.S.), Infrascale Inc. (U.S.), and InterVision Systems, LLC. (U.S.).
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