Disaster Recovery Solutions Market Size, Share & Trends 2031

Report Description

The global disaster recovery solutions market size was valued at USD 8.8 Billion in 2022 and is expected to surpass USD 51.15 Billion by 2031, expanding at a CAGR of 21.6% during the forecast period, 2023–2031. The growth of the market is attributed to rise in applications related to cloud computing.

Disaster recovery is a method applied by organizations to regain functionality and access to its IT infrastructure after events, such as cyber-attack and natural disasters. Computer & data processes are replicated and stored in an off-premises location that is not affected by the event for disaster recovery. When an organization servers go down due to an equipment failure, cyber assault, or a natural disaster, the company needs to retrieve lost data from a backup site. In an ideal world, an organization's computer processing could be transferred to that remote location as well, allowing it to continue operations.

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The COVID-19 pandemic outbreak has brought a positive impact on the market. The increased adoption of cloud-based services during the time of lockdown across the globe fueled the market growth and is expected to continue the adoption.

Disaster Recovery Solutions Market Trends, Drivers, Restraints, and Opportunities

• Rising investments in disruptive cloud technologies is one of the key factors driving the market growth.

• Increasing instances of manmade and natural disasters is expected to boost the market growth in the coming years.

• Growing adoption of cloud-based solutions in small and medium enterprises is anticipated to boost the market expansion during the projected timeline.

• Emerging difficulties in achieving compliance and security in cloud environments is likely to hinder the market growth during the forecast period.

• Integrating artificial intelligence and machine learning in disaster recovery solutions to strengthen strategies of enterprises to create a significant growth opportunity for the market in the near future.

Scope of Disaster Recovery Solutions Market Report

The report on the global disaster recovery solutions market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Disaster Recovery Solutions Market Segment Insights

Hybrid cloud segment is expected to grow at a rapid pace

Based on deployments, the global disaster recovery solutions market is divided into public cloud, hybrid cloud, and private cloud. The hybrid cloud segment is expected to grow at a rapid pace during the forecast period owing to deployment of disaster recovery solutions with the help of hybrid cloud, which enables users to utilize hardware appliances and on-premise software, along with recovery services in the cloud. Moreover, it enables organizations to significantly reduce costs related to the installation of disaster recovery solutions, which is further expected to drive segment growth in the coming years.

Cost advantage to drive backup & recovery segment

On the basis of types, the market is segregated into replication, data security, backup & recovery, and professional service. The professional service segment is further categorized as managed services, integration & deployment, and others. The backup & recovery segment is projected to expand at a considerable CAGR during the forecast period attributed to the cost advantages it offers and their rise in demand for businesses having low IT budgets. However, the professional services segment is anticipated to account for a major market share during the forecast period due to features, such as low costs, remote monitoring, and managing IT infrastructure via subscription-based pricing models.

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Large enterprise segment is anticipated to hold significant market share

In terms of software, the global disaster recovery solutions market is bifurcated into small & medium enterprise and large enterprise. The large enterprise segment is anticipated to hold significant market share in the coming years owing to the capability to make significant IT investments with respect to update and enhance their existing disaster recovery plans. On the other hand, the small & medium enterprise segment is expected to register a considerable CAGR during the forecast period due to reduction in costs for disaster recovery solutions, due to the availability of disaster-as-a-recovery services.

Regularization by governments to drive BFSI segment growth

Based on end-users, the market is segmented into manufacturing, retail, healthcare, BFSI, government & public sector, IT & telecommunication, and others. The BFSI segment is expected to hold account for major market share during the projected timeline attributed to rise in regularization by governments for ensuring appropriate implementation for disaster recovery solutions in business continuity strategies. However, the government & public sector segment is expected to grow at a significant rate due to rising need for public & government sectors to possess a considerable level of disaster recovery capabilities to comply with industry standards.

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North America is anticipated to constitute a key market share

In terms of regions, the global disaster recovery solutions market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the presence of a large number of key industry players in the region, which possesses a technological edge over other regions. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to promotion for digitalization and introducing various initiatives for development of IT infrastructure in the region.

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