DUBLIN--(BUSINESS WIRE)--The "DRaaS Market by Service Type (Backup and Restore, Real-Time Replication, and Data Protection), Deployment Model (Public Cloud and Private Cloud), Organization Size, Vertical, and Region - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.
The Global DraaS Market Size is Expected to Grow from USD 5.1 Billion in 2020 to USD 14.6 Billion by 2025, at a Compound Annual Growth Rate (CAGR) of 23.3% during the Forecast Period.
COVID-19 has globally changed the dynamics of business operations. Though the COVID-19 outbreak has thrown light on weaknesses in business models across sectors, it has offered several opportunities to DRaaS vendors to expand their business across enterprises as the adoption of cloud has increased in lockdown caused due to COVID-19.
Amidst lockdown, many companies are reducing their IT spending in 2020. They are strategically reconsidering their Capital Expenditure (CAPEX) spending. According to one of the primary respondents, companies are showing a keen interest in investing in CAPEX models if they are persistently needed; otherwise, they are opting for Operating Expenditure (OPEX) models. To achieve these strategies and avoid capital spending in these difficult financial times, organizations are moving to public cloud for backup and DRaaS.
Backup and restore services to help enterprises in achieving easy data recovery
Backup is the process of copying data in cloud computing environments. It enables the retrieval of duplicate sets in case of data loss during downtime or failures, such as power outages, human errors, and natural catastrophes. Recovery refers to the restoration of deleted or damaged files from storage media in the event of disasters. The data recovery process refers to the state of the recovery of specific data that becomes inaccessible because of logical or physical damages to targeted storage devices.
The need for backup is increasing among businesses due to the rising amount of data. Backup offers various benefits to enterprises, including increased agility, data retention, lower costs, faster deployments, and improved data protection. It provides cost-effective, automated, reliable, secure, and scalable solutions. These solutions ensure business continuity in the event of disasters. Enterprises with low budgets can outsource their data and applications to DRaaS vendors who provide specialized backup and restore services, and help enterprises reduce their CAPEX and OPEX.
IT and ITeS vertical to grow at the highest rate during the forecast period
The IT and ITeS vertical is referred to as the back office. As businesses evolved, the scenario has changed, and the IT and ITeS vertical has steadily evolved. Digital transformation is a must to survive in a globally connected and competitive environment. IT and ITeS companies invest in new technologies, such as smart computing products, IoT, cloud computing, mobility, and analytics, to gain efficiency, innovation, and attract consumers. The increasing amount of documentation work is creating a huge demand for cloud-based storage, backup, and related services to keep confidential data secure and available on-demand. Hence, the IT and ITeS vertical is expected to grow at a significant growth rate during the forecast period.
North America to hold the largest market size and the Middle East and Africa (MEA) to grow at the highest rate during the forecast period
North America is the most mature market in terms of DRaaS solutions adoption, due to several factors, such as the presence of many enterprises with advanced IT infrastructure, and availability of technical expertise. APAC is expected to offer significant growth opportunities for DRaaS solutions vendors during the forecast period. Rapid advancements in emerging technologies, IT infrastructure services, and the Internet of Things (IoT) have led many organizations to adopt DRaaS solutions.
- Rise in the Adoption of Cloud due to COVID-19
- Increase in Draas Utilization to Mitigate the Risk of Cyber-Attacks on Data Centers
- Increased Need for Business Continuity Across SMEs
- Reluctance of Enterprises Toward the Adoption of Cloud-Based Dr Over Traditional Methods
- Emergence of Ai and Ml in Draas Solutions to Strengthen the Dr Strategies of Enterprises
- Difficulty in Achieving Security and Compliance in Cloud Environments
- Fear of the Shortage of Quality Services due to the Surge in Data Center Workloads in the COVID-19 Pandemic
COVID-19-Driven Market Dynamics
Case Study Analysis
- Case Study 1: Reducing Dr Costs and Enhancing Disaster Recovery
- Case Study 2: Enhancing Business Continuity
- Case Study 3: Monitoring Data Center Health and Capacity for Optimizing Data Center Operations
- Bios Middle East
- C&W Communications
- Evolve IP
- NTT Communications
- Recovery Point
- Sungard AS
For more information about this report visit https://www.researchandmarkets.com/r/27aice