vSphere Replication can provide very cost-efficient, simple, and powerful replication at the VM level, using scheduled asynchronous file-based replication. It is more cost efficient because it reduces both storage costs and replication costs, and also because it's included in all editions, starting from the Essential Plus edition.
Despite its simplicity and cost efficiency, vSphere Replication is a powerful and integrated replication solution that can provide up to 15 minute RPOs, with multiple restore points, and gives the flexibility to set RPOs between 15 minutes and 24 hours.
VMware vSphere Replication uses some virtual appliances (included in vSphere from the Essential Plus edition) to provide VM based replication as described in the following figure:
One interesting aspect is that it does not use the VM snapshots at all, so it can be more flexible from this point of view. On the other side, it is strictly dependent on vCenter Server for its configuration and management.
Of course, it's not the only VM based replication solution; there are several third-party products that provide more features and capabilities. Most of the native backup products also have VM Replication features, and so, in this case, could be cost-effective solutions, especially if you already have that specific backup product.
There are also some replication products that can replicate the VMs not only across the same virtualization platform, but also across different types of hypervisors.