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Today's world is increasingly relying on the connected, multicloud environment, where cloud is emerging as a significant data security platform. According to IDC research, about 90% of enterprises are using cloud infrastructure for deploying some type of data protection strategy. In most of the cases, data protection as a service (DPaaS) solutions are being utilized to provisions the security of a particular application, data type, or compliance necessity. Growing risks of data loss due to natural disasters or machinery disasters are escalating demand for the disaster-recovery-as-a-service (DRaaS) solutions. DRaaS is a cloud-based model that allows organizations to back-up or recover their crucial data that have been kept in a third-party cloud environment.
Growing malicious data attacks is the key factor that drives DRaaS market growth. The BFSI, healthcare, IT, Telecommunication, and many more industries are increasingly adopting data recovery and back-up services to safeguard crucial information. Apart from this, capabilities to reduce downtime, decrease operational cost, maximize profit, and effective resource management are also promoting the demand for DRaaS solution. The DRaaS solution providers continuously strives to upgrade the DR (Disaster Recovery) planning solution to offer easy to go implementation solutions and reduce the operational cost. The disaster recovery as a service is helping organizations to address existential risks to recover data loss hence, these services are rapidly growing all across the world.
Key Market Driver -
• Stringent data protection regulations to drive DRaaS market growth • Globally increasing cyber crimes to augment demand for DRaaS solutions
Key Market Restraint -
• Lack of skilled expertise
Some of the key players summarized in the Disaster Recovery As A Service (DRaaS) Market includes Rubrik, Inc., Cohesity, Inc, VMware, Inc, RackWare LLC, Infrascale Inc., Veeam, IBM Corporation, Amazon Web Services, Inc, Otava, LLC., STRATACORE, Stellar Information Technology Pvt. Ltd., FirstLight, Commvault Systems, Inc, Commvault Systems, Inc, Wipro Limited, Honeywell International Inc., Rockwell Collins, Lockheed Martin Corporation, Motorola Solutions, and Siemens AG, and others.
Prominent players are adopting key strategies such as partnerships, collaborations, and acquisitions to expand their product portfolio and business. These strategies are also helping them to broaden their customer base. Besides, new product launch helps companies to upscale their marketplace. Apart from this, product enhancements by using advanced technologies are helping prominent players to sustain their competitiveness in the market. In April 2020, Unitrends has launched an artificial intelligence (AI) driven self-healing software as a service (SaaS) platform named ‘Unitrends Helix’ for monitoring and automatically fixing the common problems that IT administrators faces while managing backups. This groundbreaking SaaS platform saves time for IT professionals so that they can utilize their time for doing other productive tasks. This way, key players are adopting various strategies to sustain their competitiveness in the global DRaaS market.
North America is likely to hold a significant share in the DRaaS market due to the existence of globally leading organizations and prominent players in the region. High demand for the data security and data recovery solutions for safeguarding the essential and confidential information is a key supportive factor that drives the market growth across North America. Besides, the proliferation of small businesses and start-up firms are also anticipating to drive the DRaaS market growth. The US-based data protection regulations such as Health Insurance Portability and Accountability Act (HIPAA) and Health Information Trust Alliance (HITRUST) certification are also responsible for the large adoption of DRaaS services across the healthcare industry. In addition, key players are investing much effort to expand their business network across the region to provide suitable DRaaS solutions to changing requirements of the industries. In March 2019, Flexential Corporation have expanded its Disaster Recovery as a Service (DRaaS) business portfolio by expanding its business into two new localities, Portland (Oregon) and Denver. This strategic geographic expansion has aimed to offer flexibility to the customer for selecting far or near proximity locations as per their DR requirements.
Europe is also expecting to showcase noticeable market growth in the coming years owing to strict regulations surrounding data privacy and security. European General Data Protection Regulation (GDPR) mandates that enterprises should build different measures to protect their crucial data from cyber attacks and any disasters. Suppose the company misplaces or loses any crucial or critical information, then as per rule, the compay is charged with USD 150 per data record lost. As a result, data recovery and backup businesses are gaining exceptional demand across Europe.
Asia-Pacific is anticipating to appear as the most opportunistic region for the DRaaS market. Rapidly developing IT-infrastructure is the key factor that drives significant market growth across Asian countries. Also, government regulations for data protection are likely to stimulate the adoption of DRaaS services across China, Japan, and India. Also, frequently occurring natural disasters across some Asian Countries like Japan and India are likely to drive the substantial adoption of services. Thus, the Asia-Pacific is probable to exhibit remarkable growth in the disaster-recovery-as-a-service (DRaaS) market in the coming years.
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