Disaster Recovery as a Service (DRaaS) Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Disaster Recovery as a Service (DRaaS) Market has registered a CAGR of 12% over the forecast period 2021 - 2026. DRaaS functions as a cloud computing and backup service model that uses cloud resources to protect data and applications from the disruption caused by various types of disasters. It gives an organization a complete system backup, which allows for business continuity in the event of any system downtime or failure.

• Since computing applications are gaining significance across organizations, cloud technology contributes to market growth. Enterprise IT investments in cloud computing are expected to account for almost one-fourth of the IT expenditure by the end of the forecast period, representing a considerable increase over the last few years.
• The DRaaS market has been gaining momentum, owing to the improved functionality of the increasing number of small and medium enterprises. A majority of the market share is observed to be accounted for by the hybrid configuration (including both physical and cloud-based servers), owing to the increased flexibility of cloud services by cloud service providers, such as AWS and Microsoft.
• It gives huge flexibility and agility to businesses that are dependent on service for a major portion of their revenue. The emergence of 24x7 services providers, especially in small and medium scale business, has further strengthened the demand for the market in order to maintain the competitive edge.

Scope of the Report

DRaaS is a comprehensive third-party service that uses cloud and on-premise resources to back up vital data and applications, as well as provides system failover to a secondary infrastructure. DRaaS requirements and expectations are documented in a service-level agreement (SLA), and the third-party vendor provides failover to a cloud computing environment, either through a contract or on a pay-per-use basis. With disaster recovery as a service, the time to return applications to production is reduced because data need not be restored over the internet. DRaaS can be especially useful for the small- and medium-sized businesses that lack the necessary expertise to provision, configure, and test an effective disaster recovery plan. 

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Key Market Trends

Increasing Adoption of Cloud Based Application across the IT Sector

• The cloud-based disaster recovery solutions are found in various applications, of which, the most significant is the inherent benefit of flexibility and cost-effectiveness. Cloud-based disaster recovery leads to faster data recovery, and hence attains the recovery goals of the company.
• With an increase in the adoption of hybrid cloud, SMEs found various benefits to protect them from certain disasters. The adoption of hybrid cloud disaster recovery by businesses helps to eliminate the need for a secondary disaster recovery site. Furthermore, the hybrid cloud also reduces the expenses and complexities of managing and maintaining a system.

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