The global disaster-recovery-as-a-service (DRaas) market is expected to reach $23.3 billion by 2027, according to a new study by Polaris Market Research. The report “Global Disaster Recovery as a Service (DRaaS) Market Share, Size, Trends, Industry Analysis Report, By Solution (Backup & Recovery, Real-time Replication, Data Protection, Professional); By Service Provider; By Deployment Model (Public, Private, Hybrid Cloud); By Vertical; By Regions; Segment Forecast, 2020 – 2027” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The growing need for greater flexibility, faster recovery processes, and cost-effectiveness are the key factors responsible for market growth. The demand for DRaaS market solutions is increasing rapidly as enterprises are moving toward cloud-based disaster recovery modules.
The market is fragmented based on solution, service provider, deployment type, vertical, and region.
- Together, IBM, Microsoft, and Rackspace Hosting Inc. held a significant market share in 2019.
- The North American region is dominating the global DRaaS market, holding almost one-third of the market share throughout the forecast period.
- The back-up recovery segment is estimated to hold a major share in the global DRaaS market, as the majority of the organizations are well-aware of cybersecurity and crucial data theft. The back-up market held a significant share in 2019, but the real-time application market is expected to expand at highest growth rate during the forecast period.
- Based on provider, the managed service providers segment is projected to constitute almost half of the market in 2027. Managed providers are responsible for managing and monitoring IT systems on behalf of their clients.