Disaster Recovery-As-A-Service (Draas) Market will reach at 78.23 billion by 2032 key developmental strategies implemented by the key players:Veeam Software, Bluelock Privacy, Zerto, Windstream Communications, Amazon Web Services, Inc., Verizon, Sungard A

The global Disaster recovery as a service market size to grow from USD 8.23 billion in 2022 to USD 78.23 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 21.6% during the forecast period. The increased need for business continuity is one of the primary factors driving market growth. Moreover, the need to lower the total cost of ownership and minimize RTO and RPO is driving adoption of DRaaS solutions.

Some of the Top companies Influencing this Market include:

Veeam Software, Bluelock Privacy, Zerto, Windstream Communications, Amazon Web Services, Inc., Verizon, Sungard Availability Services, Infrascale Inc., IBM, Dell

DRaaS Market Dynamics
Driver: Increased need for business continuity across SMEs
SMEs need cost-efficient, flexible, scalable, and automated DR services, which can be fulfilled by customized DRaaS solutions. Compared to disaster recovery as a service, the traditional disaster recovery solutions require ample time, technical personnel, and huge capital. This model enables enterprises to pay only for the amount of usage. DRaaS is easy to set up and allows employees to access data from remote locations once recovery solutions are implemented. It is gaining popularity across SMEs because it fulfills requirements at less cost.

Restraint: Reluctance of enterprises toward the adoption of cloud-based DR over traditional methods
Many organizations still prefer traditional methodologies over the latest technologies. There are several factors for the reluctance of enterprises to adopt cloud and cloud-based disaster recovery. The key reasons include concerns over data security, unawareness, budget constraints, and stubbornness to changing the well-established existing disaster recovery methods. Furthermore, the lack of awareness about cloud environments among organizations are the major factors responsible for the less adoption of DRaaS solutions.

Opportunity: Rise in adoption of cloud due to COVID-19 pandemic
COVID-19 has globally changed the dynamics of business operations. The pandemic has made businesses revisit their IT infrastructure and network capabilities. Businesses are going digital and adopting cloud computing to salvage the situation and maintain business continuity. Keeping the data of the company protected is necessary for the ongoing virtual work environment. Thus, the COVID-19 outbreak has offered several opportunities to DRaaS vendors to expand their business across enterprises as the adoption of cloud has increased during lockdown caused due to COVID-19.

Challenge: Difficulty in achieving security and compliance in cloud environments
Enterprises that have to work with multiple providers and different service-level agreements have a hard time maintaining and demonstrating compliances through cloud environments. Data security is a rising concern for enterprises who store their data over the cloud, as any disruption to data would have a significant effect on their businesses. Due to this, many enterprises are hesitant to adopt cloud based recovery solutions unless the vendors can assure multilayer cybersecurity with complete testing and auditing services. DRaaS solution vendors are faced with the challenge of upholding strong security standards, along with reduced downtime and recovery costs.

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Recent Developments:
In May 2022, Broadcom, a leading provider of semiconductor and infrastructure software solutions, entered into an agreement to acquire VMware. The combined solutions would enable customers, including leaders in all industry verticals, greater choice, and flexibility to build, run, manage, connect, and protect applications at scale across diversified, distributed environments.
In January 2022, iland was acquired by 11:11 Systems, a managed infrastructure solutions provider. 11:11 would leverage iland's Secure Cloud Console natively, combining deep-layered security, predictive analytics, and compliance to deliver visibility and ease of management across all its cloud services.
In June 2020, Microsoft partnered with Wipro and Citrix. The partnership was intended to enable customers to continue their businesses in the work-from-home scenario. The companies aimed to offer a combined solution that enables the fast and easy deployment of secure and reliable digital workspaces.
In January 2020, Recovery Point launched a new low-cost object storage solution, z/Archive, using Transparent Cloud Tiering from IBM. It allows clients to create point-in-time snapshots of data on their systems and then copy and store that data in the RPS cloud.

BY REGION

North America, Europe, Asia Pacific, Latin America, Middle East and Africa

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Disaster Recovery-As-A-Service (Draas) Market Types:

Premises-to-Cloud, Cloud-to-Cloud.

Disaster Recovery-As-A-Service (Draas) Market Applications:

Government, Retail, Communication and Technology, Healthcare, BFSI, Manufacturing, Others

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The report studies the key segments in the global Disaster Recovery-As-A-Service (Draas) industry, their growth in the past few years, profiles and market sizes of individual segments, and gives a detailed overview of the profiles of various segments. The report also presents key products and various other products in the global Disaster Recovery-As-A-Service (Draas) industry along with its market size and growth in the study period. The major demand drivers for the global Disaster Recovery-As-A-Service (Draas) industry products and services are outlined in the report. The Disaster Recovery-As-A-Service (Draas) report details some major success factors and risk factors of investing in cevenue Analysis of Disaster Recovery-as-a-Service (2015-2021) Vs Market Outlook (2022 to 2030)
"Surging Demand for Data Recovery Fueling Market Growth"

From 2015 to 2021, the global disaster recovery-as-a-service market registered a CAGR of 22.3%.

An increasing number of organizations around the world are adopting digitization. Surging pool of businesses on the cloud is fueling demand for disaster recovery-as-a-service (DRaaS). Due to its flexibility and cost-effectiveness, DRaaS solutions are widely used in diverse sectors such as banking, financial services and insurance (BFSI), IT & telecommunication, healthcare, and others.

Increasing disposable income of consumers across high potential markets, coupled with digital advancement around the world has led to versatile usage of internet technologies such as cloud technologies and others. With this, cases of cybercrimes have risen as well, aiding the growth of the market..

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Category-wise Insights
Which Service Type Accounts for Highest Revenue Generation from DRaaS?
"Recovery & Backup Services Gaining Traction Owing to Cost-Effective Solutions"

With advancements in banking, financial, telecommunication, and other sectors, there has been a surge in recovery and backup services among these diverse ranges of industries.

It is very crucial to recover significant and confidential data lost due to technical disasters or cyberattacks. On the other hand, keeping the backup of data is needed very frequently during system maintenance, upgrade, or other procedures. Due to these reasons, the recovery and backup services segment is playing the leading role in service type segments.

Which Industry is Expected to Drive Most Demand for DRaaS Solutions?
"BFSI to Spur Market Growth Due to High Performance towards Data Protection"

BFSI being the largest industry is mainly responsible for DRaaS market demand and growth. As system maintenance, firmware update and other related methods are done regularly in the banking, financial services, and insurance sectors, DRaaS solutions are highly required by this industry.

Furthermore, this segment is more prone to cyber threats and attacks and hence need risk management solutions for efficient data protection, privacy and restoration. With the growing BFSI segment, the DRaaS market demand is increasing rapidly across the world.

COVID-19 Impact on Disaster Recovery-as-a-Service Demand
The unprecedented COVID-19 outbreak had severely affected the disaster recovery-as-a-service (DRaaS) market. Due to the outbreak of novel coronavirus, various factors such as economic constraints, travel restrictions, job recession, and others declined the market growth.

As professionals are working remotely, cyber threats and crimes have increased even more making the work challenging.

Despite facing a few restraining factors due to the COVID-19 pandemic, the global DRaaS market holds unlimited potential worth exploring by key market players.

The need for DRaaS solutions will continue to rise as more businesses opt for cloud-based solutions to improve their IT infrastructure. Furthermore, companies, as well as SMEs, are focused on improving business continuity to keep the industry afloat.

Competitive Landscape
Companies operating in the market are witnessing cut-throat competition. To gain a competitive advantage, a majority of them are relying on innovations and technological developments. There is ample focus on making DRaaS solutions more accessible. Steered by this, some leading companies are launching advanced solutions at competitive prices.

For instance,

Axcient released its extensive set of DRaaS solutions at reduced cost, which eliminates the hardware, software licensing, hosting, and maintenance costs associated with running a VMware disaster recovery site.
Citrix launched its exclusive 'Citrix Virtual Apps and Desktops - Disaster Recovery Planning', covering requirements of a broad range of end users, from BFSI to healthcare.

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