Global Disaster Recovery as a Service (DRaaS) Market Report, published by Variant Market Research, forecast that the global market is expected to reach $19 billion by 2024 from $2 billion in 2016; growing at a CAGR of 34.7% from 2016 to 2024. By geography, Asia-Pacific and Rest of the World (RoW) are expected to grow at a CAGR of 37.2% and 34.3%, respectively, during the forecast period.
The global disaster recovery as a service market is majorly driven by the following driving factors such as rise in preference for commoditized IT services, growth in adoption of cloud based services, and legislation of stringent disaster recovery regulations globally. However, high network bandwidth requirements and lack of compliance and security would act as a restraint for the DRaaS market. Increasing awareness towards virtualization technologies and rising trends of managed services among enterprises would provide several growth opportunities for the market in the coming years.
The global DRaaS market is bifurcated on the basis of service type, application, service providers, cloud type, deployment model, and company size. By service type, the market is further categorized into backup, professional services, real time protection, and data security. Application segment includes IT & telecom, government, education, retail & e-commerce, manufacturing & logistics, media & entertainment, BFSI, and others. The DRaaS market is segmented by service provides into managed service provider (MSP), cloud service provider (CSP), telecom & communication service provider. Cloud type segment includes public cloud, private cloud, and hybrid cloud. The market by deployment model is further divided into to cloud DRaaS, in cloud DRaaS, and from cloud DRaaS. By company size segment, the market is bifurcated into small companies, mid-sized companies, and large companies. Mid-sized companies sub segment accounted for the largest market share in 2016, whereas, small companies segment is expected to grow at the fastest CAGR during the forecast period.
Geographically, the global disaster recovery as a service market has been bifurcated into North America, Europe, Asia-Pacific, and RoW. North America accounted for the largest market share of 34.5% in 2016, and it will continue to dominate over the forecast period. The growth is majorly seen due to the deployment of DRaaS by public and government sectors in countries such as the U.S. Europe accounted for the second largest market share of 29.2%, driven by technological advancement and growing deployment of DRaaS across various application areas. In terms of growth, Asia-Pacific is expected to attain the fastest CAGR of 37.2% during the forecast period 2016-2024. Growth in manufacturing industries and rise in awareness regarding cloud based recovery solutions have supplemented the growth of the market in the region.
The major players operating in the global disaster recovery as a service market include Cisco Systems, Inc., HP Enterprises Company, Symantec Corporation, VMWare, Inc., Amazon Web Services, IBM Corp., Microsoft Corporation, NTT Communications Corporation, TierPoint, LLC, and SunGard Availability Services, among others.