Disaster Recovery as a Service - Cyprus

Revenue in the Disaster Recovery as a Service is projected to reach US$4.87m in 2024.
Revenue is expected to show an annual growth rate (CAGR 2024-2029) of 19.00%, resulting in a market volume of US$11.62m by 2029.
In global comparison, most revenue will be generated United States (US$4.10bn in 2024).

Definition:

Disaster Recovery as a Service (DRaaS) refers to the provisioning of third-party cloud computing and backup services that enable the replication and hosting of physical or virtual servers to ensure data availability and organizational operation continuity in the event of a disaster. DRaaS minimizes downtime and data loss by providing organizations with the ability to perform a full recovery of their IT infrastructure in a secondary, cloud-based environment.

Additional Information:

The Disaster Recovery as a Service (DRaaS) market comprises revenue, revenue change, and average spend per employee as key performance indicators. Only revenues that are generated by primary vendors at the manufacturer price level either directly or through distribution channels (excluding value-added tax) are included, and revenues generated by resellers are excluded. Revenues are generated through both online and offline sales channels and include spending by consumers (B2C), enterprises (B2B) as well as governments (B2G). Detailed definitions of each market can be found on the respective page where the market data is displayed.

Key players in the DRaaS market include companies such as Microsoft Azure, IBM, and Recovery Point Systems.

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Cloud-based disaster recovery solutions such as Amazon Web Services (AWS) Disaster Recovery, Microsoft Azure Site Recovery, and Google Cloud Disaster Recovery
Real-time Replication and Continuous Data Protection (CDP) such as Zerto Virtual Replication, Veeam Backup & Replication, and Commvault Continuous Data Replication
Disaster recovery orchestration tools, such as IBM Resiliency Orchestration, VMware Site Recovery Manager, and Rubrik Polaris

Traditional on-premises disaster recovery solutions, such as Symantec Backup Exec, and Veritas NetBackup Appliance
Standalone Business Continuity Planning (BCP) tools not integrated with DRaaS, such as Fusion Framework System, ClearView, and BC in the Cloud

The Disaster Recovery as a Service (DRaaS) market within the Public Cloud Market in Cyprus is experiencing significant growth, driven by increasing reliance on cloud solutions, heightened data security concerns, and the demand for business continuity in a rapidly changing environment.

Customer preferences: Consumers in Cyprus are increasingly prioritizing robust disaster recovery solutions, reflecting a growing awareness of the importance of data protection and business continuity. This trend is fueled by the rise of remote work and digital operations, prompting organizations to seek reliable DRaaS options that ensure minimal downtime. Furthermore, as businesses face evolving regulatory requirements and cyber threats, the demand for tailored, scalable cloud-based recovery solutions is intensifying, underscoring a shift towards proactive risk management strategies.

Trends in the market: In Cyprus, the Disaster Recovery as a Service (DRaaS) market within the public cloud sector is experiencing a significant shift towards integrated, multi-cloud solutions that enhance resilience and flexibility. Organizations are increasingly adopting automated backup and recovery processes to reduce operational risks and ensure rapid recovery from disruptions. Additionally, there is a noticeable emphasis on compliance with local and international regulations, driving demand for DRaaS providers that offer customizable, secure solutions. This trend signifies a proactive approach to risk management, compelling industry stakeholders to innovate and adapt their offerings to meet evolving customer needs and expectations.

Local special circumstances: In Cyprus, the Disaster Recovery as a Service (DRaaS) market within the public cloud sector is shaped by the island's unique geographical location and its vulnerability to natural disasters, such as wildfires and flooding. This has prompted local organizations to prioritize robust disaster recovery strategies. Additionally, Cyprus's regulatory environment, influenced by EU standards, emphasizes data protection and compliance, driving demand for DRaaS solutions that ensure secure data management. Cultural factors, including a strong business community focused on resilience, further enhance the market's growth potential.

Underlying macroeconomic factors: The Disaster Recovery as a Service (DRaaS) market in Cyprus is significantly influenced by macroeconomic factors such as the island's economic stability, investment in technology infrastructure, and the broader global shift towards cloud computing. The national economy's recovery from past financial crises has fostered a more resilient business environment, encouraging organizations to allocate resources towards disaster recovery solutions. Additionally, global economic trends emphasizing digital transformation and increased cybersecurity threats are propelling demand for DRaaS. Favorable fiscal policies that support technological investments further enhance market growth, ensuring that local firms can effectively safeguard their data against potential disruptions.

Data coverage:

The data encompasses B2B and B2C enterprises. Figures are based on the money spent at manufacturer price level (excluding VAT).

Modeling approach / Market size:

The segment size is determined through a top-down approach. We use financial statements such as annual reports, quarterly earnings, and expert opinions to analyze the markets. To estimate the segment size for each country individually, we use relevant key market indicators and data from country-specific industry associations, such as GDP and level of telecommunications infrastructure.

Forecasts:

We use a variety of forecasting techniques, depending on the behavior of the relevant segment. The main drivers are the GDP and the level of digitization.

Additional notes:

The data is modeled using current exchange rates. The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic is considered at a country-specific level.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

Together with platform as a service (PaaS) and infrastructure as a service (IaaS), software as a service (SaaS) is one of the three primary tiers of cloud computing. It allows businesses to redirect resources away from IT hardware, software, and personnel expenses, and towards other business needs. Currently, the most prominent companies in the SaaS market are Microsoft, Salesforce, Oracle, SAP, and Google.