ALBANY, New York, November 14, 2016 /PRNewswire/ —
Transparency Market Research states that in terms of revenue, the global DRaaS market will exhibit an exponential 35.7% CAGR over the period between 2016 and 2024. If the prediction holds true, the market, which was valued at US$1.29 bn in 2015, will reach US$21.55 bn by 2024.
The market for traditional disaster recovery systems (DR) has witnessed vast changes over the past decade. The advent and rising adoption of cloud-based disaster recovery services (also formally referred to disaster recovery as-a-service or DRaaS) has transformed the market and has significantly resulted in the replacement of traditional DR systems with the former. The drastic change in the growth dynamics of the traditional DR market has compelled many leading players in this field to make the move to cloud-based DR systems and services. This has introduced a large number of companies in the market, significantly intensifying competition as well as providing consumers a vast number of options to choose from.
North America to Continue to Account for Significant Chunk in Revenue
Geographically, North America is the leading revenue generator in the global market and is expected to remain the dominant application segment over the forecast period as well. In terms of end-use applications, the market earned the dominant share in revenues owing to business across the government sector in 2015. Over the forecast period, however, the IT and telecom sector will lead in terms of growth rate.
More Flexible and Cost-effective DRaaS Solutions to Witness Continuous Rise in Demand
Traditional disaster recovery systems require setting up servers with the same configuration as that of the primary site. The configuration of the server at a disaster recovery site must match the one at the primary site for smooth transition of applications and processes. Many times, the consumer is required to purchase both servers at the same time because if the configurations do not match, chances of an outage significantly rise.
Usage of technologies such as converged infrastructure allow DRaaS solutions to eliminate this difference between the primary and secondary sites, allowing little scope for issues associated with synchronization. This makes DRaaS a more flexible as well as a much more cost-efficient disaster recovery solution compared to traditional disaster recovery solutions. These factors have been central to the vast level of adoption witnessed by DRaaS solutions in the past years and will continue to remain a significant force driving the market over the forecast period.
Security and Compliance Issues to Continue to Hinder Adoption
Some of the key factors hindering the growth of the global DRaaS market are the concerns related to the security and compliance of critical business data, which disaster recovery systems are bound to handle during the replication of systems and data onto public/private cloud, and complexities related to the deployment of DRaaS solutions. Backing up processes and systems on cloud can lead to additional technical hitches owing to the complex nature of existing or conventional IT/system infrastructure of the clients.
Majority of small- and medium-sized companies tend to implement DRaaS solutions during the process of setting up new infrastructure, mitigating the need for surplus charges that large corporations might need to incur to make the move from conventional infrastructure to a DRaaS compliant one. This lack of a complex redundant solution for the deployment of DRaaS solution is one of the key restraints of the global DRaaS market.
With less than five vendors in the past two decades to over a hundred vendors presently, the global DRaaS (Disaster Recovery as a Service) market has witnessed a significant change in competitive dynamics and is now considered a highly fragmented marketplace, observes Transparency Market Research in a recent report. This vast array of vendors operating globally constitutes a vast number of start-up pure-play DRaaS vendors as well as several legacy DR (disaster recovery) heavy-weight DRaaS providers.
The move of some of the non-traditional disaster recovery providers such as CenturyLink and Citrix systems to a robust DRaaS market in the past few years has compelled traditional DR vendors such as IBM Corp., SunGard Data Systems, and HP Company to adopt the strategy of offering DR services on cloud-based technology as well. In the next few years, a large number of new vendors and traditional RS providers are expected to move to this futuristic technology. The field, as a result, will witness a large number of mergers and acquisitions in the near term.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Disaster Recovery as a Service (DRaaS) Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
For the study, the global DRaaS market has been segmented as follows:
Global DRaaS Market: By Geography
* North America
* Europe
* Asia Pacific
* Middle East and Africa (MEA)
* Latin America (LATAM)
Global DRaaS Market: By End User
* BFSi
* Retail and Ecommerce
* Government
* IT and Telecom
* Media and Entertainment
* Manufacturing and Logistics
* Education
* Others
Global DRaaS Market: By Service Providers
* Cloud Service Provider (CSP)
* Managed Service Provider (MSP)
* Telecom & Communication Service Provider
Global DRaaS Market: By Cloud Type
* Private Cloud
* Public Cloud
* Hybrid Cloud
Global DRaaS Market: By Company Size
* Large Companies
* Mid-Sized Companies
* Small Companies
Global DRaaS Market: By Deployment Model
* To Cloud DRaaS
* In Cloud DRaaS
* From Cloud DRaaS
Global DRaaS Market: By Service Type
* Real-Time Protection
* Backup
* Data Security
* Professional Services
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