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Disaster Recovery as a Service (DRaaS) Market Size

Report ID: GMI6892
Published Date: Oct 2023
Report Format: PDF

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Disaster Recovery as a Service (DRaaS) Market Size

Disaster Recovery as a Service Market size was valued at USD 11.5 billion in 2022 and is anticipated to register a CAGR of over 22% between 2023 and 2032, due to the growing awareness of data security. With the escalation in cyber threats, businesses are recognizing the critical importance of safeguarding their data. DRaaS providers offer advanced security measures including encryption and multi-factor authentication, assuring businesses that their sensitive information remains protected. This heightened awareness of data security risks motivates organizations to invest in DRaaS, which helps ensure robust defense against cyberattacks and bolstering overall data resilience.

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The increasing demand to minimize downtime is a key factor propelling the Disaster Recovery as a Service market growth. In today's fast-paced digital landscape, businesses cannot afford prolonged interruptions. DRaaS offers swift data recovery and system restoration, thereby ensuring the seamless continuity of operations even after disruptions. This capability is paramount, motivating enterprises to invest in DRaaS solutions as they provide a reliable means to swiftly recover from disasters and maintain uninterrupted business activities, bolstering productivity & customer confidence.

Disaster Recovery as a Service Market Report Attributes
Report Attribute	Details
Base Year:	2022
Disaster Recovery as a Service Market Size in 2022:	USD 11.5 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	22%
2032 Value Projection:	USD 82.8 Billion
Historical Data for:	2018 - 2022
No. of Pages:	240
Tables, Charts & Figures:	336
Segments covered:	Service Model, Deployment Model, Organization Size, Industry Vertical
Growth Drivers:	Rising demand for data security Proliferation of cloud computing services The increasing demand to minimize downtime
Pitfalls & Challenges:	Security & privacy concerns Integrating DRaaS with the existing IT infrastructure can be complex

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Security concerns pose a significant challenge to the DRaaS market demand. Despite robust encryptions and authentication protocols, businesses remain apprehensive about entrusting sensitive data to external cloud services. High-profile data breaches and cyberattacks have amplified these fears, leading some organizations to opt for on-premises solutions despite their limitations. Overcoming these concerns necessitates continuous advancements in encryption technologies, stringent compliance certifications, and transparent communication from DRaaS providers about their security protocols & measures.

Authors: Preeti Wadhwani

Frequently Asked Questions (FAQ) :

The market size of disaster recovery as a service (DRaaS) reached USD 11.5 billion in 2022 and is set to grow at over 22% CAGR from 2023 to 2032, favored by the growing awareness of data security.

The BFSI segment held around 25% market share in 2022, as financial institutions are increasingly collaborating with DRaaS providers to fortify their organization sizes.

North America market with a share of over 34% in 2022, led by the robust technology infrastructure and advanced IT framework facilitates in the region.

Amazon Web Services, Inc. (AWS), Dell Technologies Inc., IBM Corporation, Microsoft Corporation, NTT Communications Corporation, Sungard Availability Services, and VMware Inc.