The global Disaster Recovery as a Service (DraaS) Market size is 8.8 billion USD in 2022 and is projected to reach a CAGR of 22.9% from 2023-2030.
Disaster recovery as a service is a cloud computing service that is used to back up the data in an organization. The data will be stored by a third-party cloud computing service, and in this way, the organization doesn’t have to own all the data or handle all the management disaster recovery, instead of it they can rely on a service provider. This is a cost-effective process, and it gives faster data recovery with flexibility.
Disaster recovery as a service market driver helps the market to grow and boost demand. One of the major drivers is the adoption of cloud services in organizations. The need for cloud computing is growing day by day, and it is showing a positive impact on global disaster recovery as a service market. Another driver of the disaster recovery service market size is cost-effectiveness. Many IT companies are trying to reduce their budget, and they are opting for disaster recovery services to help them with reducing costs. Data recovery is one of the drivers that is driving the growth of disaster recovery as a service business. With the data recovery solution, organizations can back up their valuable data with the help of disaster recovery as a service in case of a disaster or system failure. Artificial intelligence and machine learning are increasing with time, and it is adding value to customers and helping them to increase revenue. Adding AI in disaster recovery as a service can give so many advantages in recovering data and security and this will provide various opportunities to the market.
On the other hand, there are many restraints in disaster recovery as a service industry, such as businesses choosing cloud services over traditional methods. Though many businesses are ready to use cloud services still there are some businesses that are not used to this method. There are other methods available in the market, and businesses are using those methods. They can also provide the same services, so organizations are not using the latest technology, and it is one of the major restraints in disaster recovery as a service industry.
The covid-19 had a positive impact on disaster recovery as a service market. Due to the work from the home culture in most organizations increasing demand for cloud-based solutions. So many organizations have opted for advanced IT infrastructure with the help of cloud-based technology, and the demand will grow more in a few years. The disaster recovery as a service market is growing day by day with the lockdown situation.
The increased use of cloud services across several industrial sectors, including BFSI and IT & telecom, has increased the demand for quicker and more affordable data recovery methods like DRaaS. Data, income, and staff productivity are lost as a result of natural disasters, technology glitches, and human mistakes. Businesses are predicted to use the disaster as a service (DRaaS) as a result of increased regulatory compliance, improvements in IT infrastructure, cybersecurity concerns, the requirement for business continuity, improved RPO, and the necessity for data protection as a service and backup facilities.
Asia Pacific to Dominate the Market
