The global DRaaS Market size is estimated to be USD 8.8 billion in 2022 and is projected to reach USD 23.5 billion by 2027, at a CAGR of 21.6% during the forecast period. Compelling need to lower TCO, save time, and allow IT teams to shift focus to higher-value tasks is one of the key factors driving market growth.
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By Service Type, the backup & restore segment to hold the largest market size during the forecast period
The backup & restore segment is estimated to account for the largest market share among service types. Backup is the process of copying data in cloud computing environments, while restore refers to the restoration of deleted or damaged files from storage media in the event of disasters. Backup & restore services offer various benefits to enterprises, including increased agility, data retention, lower costs, faster deployments, and improved data protection.
By Organization Size, the SMEs segment to grow at a higher CAGR during the forecast period
The Small & Medium Sized Enterprises (SMEs) segment is expected to have a higher CAGR growth during the forecast period. Organizations with less than 1,000 employees are categorized as SMEs. SMEs generally face critical challenges in the form of capital, skills, and scalability. To overcome these issues, SMEs adopt the pay-as-you-go model to ensure they are not tied to contracts that have tedious provisions. The pay-as-you-go payment model also provides SMEs a great deal of service scalability.
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The key market players that dominate the DRaaS market include Microsoft (US), IBM (US), VMware (US), AWS (US), Sungard AS (US), iland (US), Recovery Point (US), InterVision (US), TierPoint (US), and Infrascale (US). These players have adopted various strategies such as new product launches and enhancements, partnerships, collaborations, and acquisitions to grow in the DRaaS market.
Microsoft is a global multinational technology corporation that produces computer software, consumer electronics, personal computers, and related services. It offers a large product portfolio, including operating systems, cross-device productivity applications, server applications, business solution applications, desktop and server management tools, software development tools, and video games. Microsoft is one of the leading players in the DRaaS market. The company’s DRaaS offerings comprise backup and recovery solutions and disaster recovery services. Microsoft offers DRaaS solutions and services through Microsoft Azure. In May 2020, Microsoft launched Back2Business Solution Boxes to enable SMBs in India maintain business continuity during COVID-19 and continue cloud adoption.
IBM is a leading provider of cloud platform services and cognitive solutions. The company offers infrastructure, hosting, and consulting services in different areas that consist of customer relationship management, business analytics optimization, outsourcing, software, and security. The organization provides efficient and reliable disaster recovery and business continuity services to large enterprises and SMBs in the DRaaS market. IBM’s Resiliency DRaaS offers clients several benefits, including enhanced RTO and RPO, tailored solution architectures for different requirements of different businesses, and reduced recovery costs via automation and orchestration capabilities. In November 2021, IBM acquired SXiQ, which enhanced IBM Consulting’s capabilities in Australia and New Zealand to modernize applications and technology infrastructure in the cloud.
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