The major players in the Disaster Recovery as a Service (DRaaS) market are Amazon Web Services, IBM Corporation, Cisco Systems Inc., Microsoft Corporation, and Citrix Systems. The global Disaster Recovery as a Service (DRaaS) market is expected to grow by $ 5.
New York, September 30, 2021 (GLOBE NEWSWIRE) – Reportlinker.com announces the publication of the report “Disaster Recovery as a service (DRaaS) Global Market Report 2021: COVID-19 Growth And Change To 2030” – https://www.reportlinker.com/p06151551/?utm_source=GNW
$ 19 billion in 2020 to $ 6.35 billion in 2021 at a compound annual growth rate (CAGR) of 22.4%. The growth is mainly due to companies resuming operations and adjusting to the new normal while recovering from the impact of COVID-19, which previously led to restrictive containment measures involving social distancing, the remote work and closure of business activities which resulted in operational challenges. The market is expected to reach $ 21.2 billion in 2025 at a CAGR of 35.2%.
The Disaster Recovery as a Service (DRaaS) market is the sale of cloud-based disaster recovery services to protect applications and data from disruption caused by a disaster. DRaaS contributes to business continuity in the event of a system failure.
Some features of these solutions are hybrid cloud availability monitoring, inter-cloud infrastructure management, and cross-platform health monitoring.
The Disaster Recovery as a Service (DRaaS) market covered in this report is segmented by service type into Backup and Recovery, Real-time Replication, Data Protection. It is also segmented by application into banking, financial services and insurance (BFSI), government, IT and telecommunications, media and entertainment, manufacturing and logistics, education; by on-premises deployment model to cloud, cloud to cloud; by company size in large enterprises, small and medium enterprises and by type of cloud in public, private, hybrid.
The regions covered in this report are Asia Pacific, Western Europe, Eastern Europe, North America, South America, Middle East & Africa.
Many companies fear data breaches because they fear that sensitive company information could be compromised and therefore show a lack of confidence in data security when sourcing from a third-party vendor. This lack of confidence prevents people from adopting DRaaS, which acts as a restraint for the DRaaS market.
For example, in March 2020, the Marriott hotel chain revealed a security breach that impacted the data of more than 5.2 million hotel guests who used their company’s loyalty app. In a report published by digital security specialists Gemalto, it was revealed that 945 data breaches resulted in the compromise of 4.5 billion data records worldwide in the first half of 2018. The number of compromised records increased 133% year over year.
In May 2018, the General Data Protection Regulation (GDPR) entered into force in the European Union. This regulation emphasizes the right of citizens to data portability, security, access and transparency with regard to the processing of their information.
It also gives customers the right to be informed in the event of a data breach. With GDPR, disaster recovery providers must now allow a level of access that allows data to be erased or released to pass to another provider upon request.
Additionally, GDPR requires that all breaches be reported to the Information Commissioner’s Office (ICO) within 72 hours of the incident. In 2016, cloud infrastructure service providers in Europe had developed a code of conduct for data protection that allows customers to process and save data exclusively within the EU / EEA.
In January 2018, Veeam Software, Inc., a U.S. provider of intelligent data management solutions, acquired N2WS for $ 42.5 million. Acquisition Reduces Risk to AWS Workloads and Extends the Reach of Veeam’s Availability Suite, which uses virtualization and cloud technologies in the data center to help organizations save time, reduce risk , investments and operational costs. N2WS, a US-based cloud-native enterprise backup and disaster recovery provider for Amazon Web Services (AWS).
The increasing need for backing up public and private data is driving the growth of the Disaster Recovery as a Service market. There are 2.5 quintillion bytes of data created every day and a major factor contributing to the loss of this data is the unplanned downtime of systems which further results in the shutdown of various businesses. The potential loss and damage due to system downtime is enormous and therefore backup services are required. These backup services would insure the enterprises against any unforeseen disaster and thus stimulate the growth of the DRaaS market. For example, according to the invenio IT study, less than 10% of businesses survive a disaster without a disaster recovery plan. These companies include not only small market players, but also major players such as FedEx and Nissan, who need backup services for their survival.
Due to the increase in the number of cyber threats, companies have started to use AI and machine learning in DRaaS solutions to detect threats and unusual behavior in advance. Predictive learning algorithms are being developed to differentiate between real and false disaster recovery situations.
These learning algorithms can automatically perform proactive restores, eliminating failures before they are detected. For example, Unitrends, a US-based company, offers a variety of business continuity and backup services.
The company has developed the use of artificial intelligence (AI) in its services that runs on every backup to identify backups affected by ransomware. Once the threats to the data are identified, the business, using AI and new technologies, immediately informs of the same, making the data more secure.
The countries covered in the market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and United States.
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