DRaaS Market worth $23.5 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, July 4, 2022 /PRNewswire/ -- According to a research report "DRaaS Market by Service Type (Backup & Restore, Real-Time Replication, Data Protection, and Professional Services), Deployment Mode (Public Cloud and Private Cloud), Organization Size, Vertical and Region - Global Forecast to 2027", published by MarketsandMarkets™, the global DRaaS Market size is estimated 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. The DRaaS Market is fueled by the compelling need to lower TCO, save time, and allow IT teams to shift focus to higher-value tasks. Moreover, the increased need for business continuity across SMEs plays a key role in driving the growth of the DRaaS Market.
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By Service Type, the backup & restore segment to hold the largest market size during the forecast period
The backup & restore segment is estimated to account for the largest market share among service types. Backup is the process of copying data in cloud computing environments, while restore refers to the restoration of deleted or damaged files from storage media in the event of disasters. Backup & restore services offer various benefits to enterprises, including increased agility, data retention, lower costs, faster deployments, and improved data protection.
By Organization Size, the SMEs segment to grow at a higher CAGR during the forecast period
The Small & Medium Sized Enterprises (SMEs) segment is expected to have a higher CAGR growth during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs generally face critical challenges in the form of capital, skills, and scalability. To overcome these issues, SMEs adopt the pay-as-you-go model to ensure they are not tied to contracts that have tedious provisions. The pay-as-you-go payment model also provides SMEs a great deal of service scalability.
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By Region, North America to account for the largest market size during the forecast period
North America is expected to hold the largest share in the DRaaS Market. North America is the most mature market in terms of DRaaS adoption due to various factors such as the well-developed economy, penetration and adoption of innovative technologies, and increased competitiveness. The market in this region is already at a mature stage, and therefore, it is expected to witness slower growth compared to other regions. The presence of most of the top market vendors such as Microsoft, IBM, VMware, AWS, and Sungard AS also plays a vital role in the growth of the North American DRaaS Market.
Market Players:
Major vendors in the DRaaS Market include Microsoft (US), IBM (US), VMware (US), AWS (US), Sungard AS (US), iland (US), Recovery Point (US), InterVision (US), TierPoint (US), and Infrascale (US).
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