IBM, Microsoft, VMware Driving Disaster Recovery Market

IT and software giants IBM, Microsoft and VMware are helping pure disaster recovery providers push the market to new heights.

A new report from Market Research Intellect (MRI) values the disaster recovery software market at $6.8 billion. Expect that number to reach $12.3 billion by 2031, the firm says. That's an 8.5% compound annual growth rate (CAGR) over that seven-year period.

Cyberattacks Spur Surge in Disaster Recovery

This growth rate is affected by a number of factors, including the growing frequency and sophistication of cyberattacks on businesses. Disaster recovery software helps companies to mitigate those risks and save their data from would-be ransomware assailants.

Many more industries are going digital, also making their systems increasingly vulnerable to cyberattacks. That requires companies to invest the necessary resources into building up not only their prevention, but their recovery strategies.

It's not easy, MRI says. Disaster recovery providers still face issues involving software compatibility, high costs, a lack of appropriately skilled workers and guaranteeing data security.

The major drivers of the market's future include a lot of well-known names in the market. These include IBM, Microsoft, Oracle, VMWare, Acronis, Dell, Veritas Technologies, Cisco, AWS, Zerto and Veeam — not to mention companies like Kaseya and ConnectWise that offer their solutions directly to managed service providers.

Related:The Ultimate Disaster Recovery Plan Checklist

The majority of the disaster recovery market remains in North America, with Europe closely following.