The global DRaaS market size to grow from USD 8.8 billion in 2022 to USD 23.5 billion by 2027, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. In an age where data protection is increasingly important, DRaaS offers a more secure infrastructure backup, especially if organizations seek service providers who provide encrypted data storage that they can rely on. DRaaS utilizes a cloud-based disaster recovery solution which provides infinitely more scalability and flexibility in terms of what, where, and how much data organizations can store offsite. It offers a highly secure environment that protect sensitive organizational data while allowing for complete control and transparency to boost business workflows.
“By Organization Size, the SMEs segment to grow at the highest CAGR during the forecast period”
The Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher growth rate during the forecast period. The SMEs face greater resource crunch than large enterprises and require better methods to resolve complexities for the improved cost optimization of their business processes. SMEs adopt the pay-as-you-go model to ensure they are not tied to contracts that have tedious provisions. Reliability, scalability, user-friendly capabilities, easy integration, increased agility, and increased efficiency are the main factors that encourage SMEs to adopt DRaaS at a rapid pace.
“By Deployment Mode, the public cloud segment to hold a larger market share”
The public cloud segment is expected to hold the largest market size. Public cloud services are offered free and based on pay-per-usage modes, depending on the requirements of end users. In public cloud platforms, services can be accessed by multiple clients as they share the same infrastructure. Public cloud platforms are mainly preferred by organizations that are less expected to need the level of infrastructure and security offered by private cloud platforms.
“By Vertical, the IT & ITeS segment to grow at the highest CAGR during the forecast period”
The IT & ITeS segment is projected to grow at the highest CAGR during the forecast period. IT & ITeS companies invest in new technologies, such as smart computing products, IoT, cloud computing, mobility, and analytics, to gain efficiency, innovation, and attract consumers. The increasing amount of documentation is creating a huge demand for cloud-based storage, backup, and related services to keep confidential data secure and available on-demand.
The breakup of the profiles of the primary participants is given below:
- By Company: Tier 1 – 37%, Tier 2 – 29%, and Tier 3 – 34%
- By Designation: C-Level Executives – 31%, Directors – 34%, Others – 35%%
- By Region: North America – 46%, Europe – 28%, Asia Pacific – 18%, and RoW – 8%
Note 1: Others include sales managers, marketing managers, and product managers.
Note 2: Tier 1 companies’ revenue is more than USD 10 billion; tier 2 companies’ revenue ranges between USD 1 and 10 billion; and tier 3 companies’ revenue ranges between USD 500 million and USD 1 billion
Note 3: The figure above represents the indicative list of primary profiles
Source: Secondary Literature, Expert Interviews, and MarketsandMarkets Analysis
MarketsandMarkets segments the DRaaS Market based on Service Type (Real-time Replication, Backup & Restore, Data Protection, and Professional Services), Deployment Mode (Private Cloud and Public Cloud), Organization Size (Large Enterprises and SMEs), Vertical (BFSI, Telecommunications, IT & ITeS, Government & Public Sector, Retail & Consumer Goods, Manufacturing, Energy & Utilities, Media & Entertainment, Healthcare & Life Sciences, and Other Verticals), and Region (North America, Europe, Asia Pacific, Middle East & Africa, and Latin America).
The report also provides a comprehensive review of the drivers, restraints, opportunities, and challenges in the DRaaS market. The report also covers qualitative aspects in addition to the quantitative aspects of the market.
Reasons To Buy the Report
The report would help the market leaders and new entrants in the following ways:
- It comprehensively segments the DRaaS market and provides the closest approximations of the revenue numbers for the overall market and its subsegments across different regions.
- It would help stakeholders understand the pulse of the market and provide information on the key market drivers, restraints, challenges, and opportunities in the market.
- It would help stakeholders understand their competitors better and gain more insights to enhance their positions in the market.
- The competitive landscape section includes a competitor ecosystem, new product launch, product enhancement, partnerships, mergers, and acquisitions.