Cost Effectiveness and Greater Flexibility of Cloud Computing Service Model to Fuel the Growth of the Global Disaster Recovery-as-a-Service Market by 2031

Disaster Recovery-as-a-Service (DRaaS) is a latest technology-based solution that permits an organization to back up its data in a cloud computing environment and regain its access and functionality to IT infrastructure after a disaster such as cyberattacks, natural calamities, equipment failures, and power outages. With DRaaS, businesses can replicate their critical data and systems to a remote data center, ensuring that they can quickly restore operations in the event of a disaster. One of the primary benefits of DRaaS is that it is a cost-effective recovery. This means businesses can benefit from the expertise and infrastructure of a cloud provider without having to invest in their hardware and software. Moreover, the DRaaS provides greater flexibility and scalability to businesses. With traditional disaster recovery solutions, businesses had to plan for peak capacity and invest in hardware and software that could handle their maximum workload. With DRaaS, can smoothly retrieve their data with minimal expenditures. 

Forecast Analysis of the Global Disaster Recovery-as-a-Service Market

In recent years, the advent of cloud computing is widely helping organizations to back up their data and crucial IT infrastructure on the cloud in case of any disasters such as power outages, cyberattacks, equipment failures, and many more. The cost-effectiveness and greater flexibility of the disaster recovery-as-a-service (DRaaS) are expected to bolster the growth of the market over the analysis timeframe. Moreover, the growing popularity of cloud-based services in disaster recovery-as-a-service is predicted to create wide growth opportunities for the disaster recovery-as-a-service market during the estimated period. However, the data breach and security challenges for businesses may hamper the growth of the market throughout the forecast period. 

According to the report published by Research Dive, the global disaster recovery-as-a-service market is anticipated to garner $60,404.3 million in revenue and grow at a noteworthy CAGR of 23.9% during the estimated timeframe from 2022 to 2031. The major players of the market include Recovery Point, Sungard Availability Services, InterVision, VMware, Inc., TierPoint, LLC, IBM, Infrascale, Amazon Web Services, Inc., Acronis International GmbH, Microsoft Corporation, and many more. 

Covid-19 Impact on the Global Disaster Recovery-as-a-Service Market

The outbreak of the Covid-19 pandemic has caused severe economic losses across the globe and devastated several industries. However, it has had a positive impact on the disaster recovery-as-a-service market. This is mainly due to the tremendous increase in online transactions during the pandemic period owing to the stringent travel restrictions, lockdowns, and social distancing norms. Moreover, the increasing demand for data security solutions to prevent hacking attacks and boost productivity over the pandemic owing to the increasing adoption of work from culture by organizations has inclined the growth of the market over the crisis. 

Disaster Recovery-as-a-Service Market Trends and Developments

The key companies operating in the industry are adopting various growth strategies & business tactics such as partnerships, collaborations, mergers & acquisitions, and launches to maintain a robust position in the overall market, which is subsequently helping the global disaster recovery-as-a-service market to grow exponentially. For instance:

• In October 2021, Cohesity, an American privately held information technology company announced to launch of its next disaster as a service offering. This new offering broadens up the exceptional disaster recovery (DR) capabilities with Cohesity SiteContinuity and adds the ability to use Amazon Web Services (AWS). This new offering delivers numerous benefits such as minimizing downtime and data loss, simplifying operations, lowering costs and speeding up time-to-value.
   
• In January 2022, Dataprise, a nationally managed service provider announced its acquisition of Global Data Vault, a renowned provider of Disaster-Recovery-as-a-Service (DRaaS) and Backup-as-a-Service (BaaS) solutions. With this acquisition, the organizations aimed to expand their position with integrated data protection and cybersecurity offerings to solve the toughest business resilience, risk mitigation, and compliance challenges of clients.
   
• In May 2022, Druva, a privately held software company entered into an agreement with Amazon Web Services, a subsidiary of Amazon that provides on-demand cloud computing platforms. With this agreement, the companies aimed to deliver 100% SaaS solutions to meet customer needs and support enterprises during critical phases of migration to the cloud, such as supporting the movement of data from traditional on-premises solutions.

Most Profitable Region

The North America region of the disaster recovery-as-a-service market generated the highest share of the market over the estimated timeframe. The presence of a huge number of businesses and the high penetration rate in information technology, telecommunications, and financial services industries in this region is predicted to propel the growth of the market over the analysis period. Furthermore, the strong existence of leading market players, growing investments in research & development, and the rising usage of cutting-edge technologies are the major factors expected to drive the regional growth of the market during the forecast period.