The disaster recovery-as-a-service market is projected to grow at a stellar CAGR of 24.6% during the forecast period 2020-2030. Growing enterprises vulnerability to urbane cyber-crimes has boosted the demand for efficient technologies such as DRaaS, which helps in responding to such threats.
“Demand for DRaaS is rising exponentially with businesses all over the world looking for advanced technologies to react to threats particularly cyber-attacks.” concludes the FMI analyst.
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- North America remain lucrative throughout the forecast period due to rapid progressions in cloud technologies together with the presence of well-established key end-use sectors.
- Recovery & backup services to remain key beneficiary in the service type segment over the forecast period.
- Cloud service providers are anticipated to catalyze the DRaaS market demand.
- Public cloud deployment segment will continue to support market growth throughout the projected period.
- SMEs will be gaining traction as SMEs necessitates lesser capitals in addition to lower maintenance cost.
- BFSI will remain the biggest contributor of market growth among other as the segment is more prone to cyber-attacks and threats.
- Increasing implementation of advanced resilience solutions by small and large enterprises will accelerate the DRaaS market growth.
- Demand for DRaaS is expand exponentially amid enterprises, to get over the challenging environment posed by dynamic business and regulatory trends.
- Expanding data centers across nations will predominantly assist in the growth of the market.
- Absence of trained professional might work as a restraint, limiting the market growth.
- Unwillingness of enterprises towards the implementation of cloud-based DR over conventional methods might hurt the market growth.
COVID-19 Impact on the Market
The global DRaaS market is anticipated to account for unlimited market prospects worth exploring by the key players, despite the COVID-19 outbreak. As the employees are working remotely, the cyber-crimes and attacks have risen even more causing the work challenging. As per FMI’s recent report, the market is anticipated to back on track by the first quarter of 2021.
Major companies operating in the DRaaS market are Axcient, Amazon Web Services, IBM, Citrix, NTT Communication, Microsoft, Cable & Wireless Communication, Sunguard, Bluelock LLC, TirePoint LLC, Cisco Systems and Recovery Point Systems. Market players are adopting several strategies such as investment towards technological progressions to attain competitive edge.