Disaster Recovery as a Service Market is expected to grow at a CAGR of 19.05% through 2029
Disaster Recovery as a Service Market is expected to grow owing to exponential growth of data and the ongoing digital transformation initiatives across industries which necessitate scalable and efficient disaster recovery solutions throughout the forecast period
According
to TechSci Research report, “Disaster
Recovery as a Service Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast 2019-2029F”, the Global Disaster Recovery as a Service Market was valued at USD 16.49 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 19.05% through 2029. The rising incidence and severity of natural disasters, such as hurricanes, earthquakes, floods, and wildfires, are prompting organizations to prioritize disaster recovery solutions. Disaster Recovery as a Service (DRaaS) provides a cloud-based method for securely backing up and recovering critical data, ensuring accessibility even in the aftermath of natural calamities. With cyber threats becoming more frequent and sophisticated, there is an escalating demand for comprehensive cybersecurity measures, including robust disaster recovery strategies. DRaaS providers are well-positioned to capitalize on growing business awareness regarding the importance of safeguarding critical data and applications from cyberattacks. By offering integrated solutions that encompass both backup and recovery capabilities in response to cyber incidents, DRaaS providers emerge as crucial allies in bolstering cybersecurity resilience.
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Disaster Recovery as a Service Market"
Based
on end-user, the BFSI segment dominated the market in 2023. This sector's leadership highlights its critical reliance on robust disaster recovery solutions to safeguard sensitive financial data, maintain operational continuity, and comply with stringent regulatory requirements. The BFSI segment's dominance in the DRaaS market is driven by several key factors. Firstly, financial institutions handle vast amounts of transactional data and client information that require secure and continuous access. DRaaS offers these organizations a reliable cloud-based solution for backing up and recovering critical data in the event of disruptions caused by natural disasters, cyberattacks, or other unforeseen incidents.
The BFSI sector operates in a highly regulated environment where downtime can result in significant financial losses and damage to reputation. DRaaS solutions provide these institutions with the capability to implement robust business continuity plans, ensuring minimal disruption to services and maintaining customer trust. The BFSI segment's adoption of DRaaS is propelled by the increasing frequency and sophistication of cyber threats targeting financial institutions. Cyberattacks such as ransomware, phishing, and data breaches pose substantial risks to sensitive financial data. DRaaS enables proactive data protection and recovery measures, helping mitigate the impact of cyber incidents and ensuring swift restoration of services. The global shift towards digital banking and fintech innovations has heightened the need for scalable and flexible disaster recovery solutions. DRaaS offers BFSI organizations the agility to adapt to evolving technological landscapes while maintaining resilience against disruptions that could impact customer service and operational efficiency.
The BFSI sector's leadership in DRaaS is also influenced by its investments in digital transformation initiatives aimed at enhancing customer experience and operational efficiency. DRaaS solutions align with these strategic objectives by providing seamless data recovery capabilities and supporting continuous service delivery across multiple channels. The scalability and cost-effectiveness of DRaaS make it a preferred choice for BFSI organizations looking to optimize IT resources and infrastructure investments. Cloud-based DRaaS solutions offer scalability to accommodate fluctuating business demands while minimizing capital expenditure associated with traditional disaster recovery methods. Regulatory compliance mandates such as GDPR, PCI-DSS, and SOX require BFSI institutions to implement robust data protection and recovery strategies. DRaaS solutions enable these organizations to meet regulatory requirements by ensuring data integrity, confidentiality, and availability during audits and compliance assessments.
The BFSI segment is expected to continue driving growth in the DRaaS market as financial institutions prioritize resilience and operational continuity in an increasingly digital and interconnected world. The evolution of DRaaS technologies, including advancements in AI, machine learning, and automation, will further enhance the capabilities of these solutions to meet the complex needs of the BFSI sector while addressing emerging cybersecurity threats and regulatory challenges.
Key
market players in the Global Disaster Recovery as a Service Market are:-
- 11:11 Systems, Inc.
- Microsoft Corporation
- Recovery Point Systems Inc.
- TierPoint, LLC
- IBM Corporation
- Broadcom Inc.
- Rubrik, Inc.
- RackWare, LLC
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“The
Global Disaster Recovery as a Service Market in North America is poised to be
the dominant region in the industry. North
America is a significant contributor to the overall revenue and growth of the
Global DRaaS Market. The region, encompassing the United States and Canada, is
characterized by a large number of enterprises across various industries,
including technology, finance, healthcare, and manufacturing. The mature IT
landscape and the constant threat of natural disasters and cyberattacks
contribute to the substantial market size and ongoing growth of DRaaS solutions
in North America.” said Mr. Karan Chechi, Research Director of TechSci
Research, a research-based global management consulting firm.
“Disaster
Recovery as a Service Market - Global Industry Size, Share, Trends,
Opportunity, and Forecast Segmented By Organization Size (Large Enterprises and
Small & Medium Enterprises), By Deployment Mode (Public Cloud and Private
Cloud), By End-User (BFSI, IT & Telecommunication, Government and Other),
By Region, and By Competition 2019-2029F” has evaluated the future growth
potential of Global Disaster Recovery as a Service Market and provides
statistics & information on market size, structure, and future market
growth. The report intends to provide cutting-edge market intelligence and help
decision makers take sound investment decisions. Besides the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Disaster Recovery as a Service Market.
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