Disaster Recovery as a Service (DRaaS) Market Rising to an Opportunity of US$21.55 Bn by 2024

The global disaster recovery as a service market has a highly fragmented and an intensely competitive vendor landscape, featuring a number of heavy-weight legacy disaster recovery companies and a vast number of pure-play DRaaS start-up ventures, observes Transparency Market Research in a recent report. Robust growth opportunities in the global DRaaS market have compelled several traditional disaster recovery companies such as HP Company, SunGard Data Systems, and IBM Corp., to venture into the sector of cloud-based disaster recovery services in the past few years.

The market has thus become increasingly intense and companies are focusing on expansion across high-growth potential regional markets such as Asia Pacific to tap their vast pool of growth opportunities. With a number of small ventures grabbing significant chunk of opportunities in such regions, the number of strategic collaborations, mergers, and acquisitions is expected to rise in the near future.

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Transparency Market Research projects that in terms of revenue, the global DRaaS market, which valued at US$1.29 bn in 2015, will exhibit an exponential CAGR of 35.7% from 2016 to 2024, rising to an opportunity of US$21.55 bn by 2024. In terms of application, the global DRaaS market witnessed the most promising uptake in the government sector in 2015. The government sector accounted for the dominant 18.3% of the global market’s revenue in the said year. From a geographical standpoint, the DRaaS market in North America is the dominant regional market in terms of revenue, accounting for more than 34.0% in 2015.

The global DRaaS market is chiefly driven due to the vast cost and flexibility related benefits of cloud-based disaster recovery solutions over traditional disaster recovery solutions. Moreover, other benefits such as faster data recovery, simplicity in testing, and automation work in favor of DRaaS solutions as compared to traditional disaster recovery plans.

The vast rise in worldwide enterprise spending on the development of internal IT infrastructures across a number of industry verticals is also key to the vast growth opportunities of the global DRaaS market. Furthermore, growth of micro-, small-, and medium-sized enterprises (MSMEs) has increased the popularity of DRaaS as these solutions offer a viable cost-effective solution to achieve effective disaster recovery processes in a number of application sectors.

Concerns associated with the compliance and security of critical business data, which disaster recovery systems unremarkably handle during the process of replicating of data onto public/private cloud are some of the key challenges that limit the consumer-base of DRaaS solutions across the globe. Complexities related to the deployment of DRaaS solutions also hinder the rate of adoption of DRaaS solutions across a number of application areas and small-scale enterprises.

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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materia