Disaster Recovery as a Service Market worth $11.92 Billion in 2020

2024-04-17 03:23:46 Technology

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Disaster Recovery as a Service (DRaaS) refers to services that offer business continuity by enabling data backup, recovery, and retrieval. It is the process of replicating virtual servers to protect and back up data in the case of man-made or natural disasters. Over the passage of time, companies realized how significantly downtime costs and data loss affects their business operations. This factor created a need of effective disaster recovery among the SMBs and large enterprises that could reduce the recovery time, costs, and complexities compared to the traditional recovery process.
MarketsandMarkets has broadly segmented the DRaaS market by solution: DR planning and testing, real time replication, backup solution, and data security and compliance; by vertical: BFSI, retail & wholesale, healthcare, government, education, telecommunication and Information Technology (IT), manufacturing, transportation & logistics, media and entertainment, and others; and by region: North America, Europe, Latin America, Asia-Pacific (APAC), and the Middle East and Africa (MEA).
MarketsandMarkets believes that the lack of DR planning among the SMBs and platform dependent cloud-based applications are the major constraints in the DRaaS market. These challenges carry a significant potential of hampering the adoption rate in the DRaaS market by numerous SMBs across a wide range of verticals.
The DRaaS market is estimated to grow from $1.42 Billion in 2015 to $11.92 Billion in 2020, at a Compound Annual Growth Rate (CAGR) of 52.9% from 2015 to 2020. In regional segmentation, North America is expected to be the largest market in terms of market size while Latin America, Asia-Pacific (APAC), and the Middle East and Africa (MEA) are expected to emerge rapidly in this market at high CAGRs.
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