Variant Market Research estimated that the global disaster recovery as a service (DRaaS) market is forecasted to reach $19 billion by 2024 from $2 billion in 2016; growing at a CAGR of 34.7% from 2016 to 2024. There are the several driving factors of the market such as rising demand for personalized IT services, high adoption of cloud based services and strict regulations for disaster recovery globally. However, security threats and high network bandwidth requirements may restrain the growth of the market. Furthermore, growing demand for managed services among various enterprises and rising trend of virtualization technologies are the major opportunities of the market.
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Key segments of the global disaster recovery as a service (DRaaS) market are company size, deployment model, cloud type, service type, service providers, application and geography. Small companies, mid-sized companies and large companies are the key sub segments of the company size segment. In 2016, mid-sized companies sub segment accounted for the highest market share and small companies is expected to dominate the segment during the forecast period 2016-2024. Moreover, application segment has been segmented into education, retail & e-commerce, media & entertainment, manufacturing & logistics, IT & telecom, BFSI, government and others.
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North America, Europe, Asia-Pacific and rest of the world are the major geographical sub segment of the global disaster recovery as a service (DRaaS) market. In 2016, North America region accounted for the highest market share of 34.5%, and is also predicted to grow at the highest CAGR during 2016-2024, owning to, high adoption by public and government sectors.
The market players have been adopting several strategies to increase their product portfolio and geographical presence. The key market players in the disaster recovery as a service (DRaaS) market are Microsoft Corporation, VMWare, Inc., IBM Corp., HP Enterprises Company, NTT Communications Corporation, Cisco Systems, Inc., Symantec Corporation, Amazon Web Services, SunGard Availability Services, and TierPoint, LLC, among others.
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