Global Disaster Recovery as A Service (Draas) Market Is Driven by Surge in Preference for Commoditized IT Services and Increasing Adoption of Cloud Based Services

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 major driving factors of the Disaster Recovery as a Service market are, growth in preference for commoditized IT services and increasing adoption of cloud based services. Moreover, rise in legislation of stringent disaster recovery regulations globally, fuels the growth of the market. However, lack of security, and high network bandwidth requirements may hamper the growth of the market. Increasing trends of managed services among enterprises, and rising awareness towards virtualization technologies would provide several growth opportunities for the market during the forecast period.

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The global DRaaS market is categorized into service type, cloud type, service providers, deployment model, company size, application, and geography. The service type segment includes professional services, backup, data security, and real-time protection. By cloud type segment classified into private cloud, public cloud, and hybrid cloud. By service segment the market is bifurcated into, cloud service provider (CSP), managed service provider (MSP), and telecom & communication service provider. The market by deployment model is classified into from cloud DRaaS, to cloud DRaaS, and in cloud DRaaS. The market by company size is segregated into, large companies, mid-sized companies, and small companies. By application segment, the classifications are, government, IT & telecom, education, retail & e-commerce, media & entertainment, BFSI, manufacturing & logistics, and others.

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By geography, the market has been categorized into North America, Europe, Asia-Pacific, and RoW. In 2016, North America accounted for the largest market share of 34.5%, and is expected to dominate during the forecast period. The development of market is majorly seen owing to 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%, due to technological advancement and rising deployment of DRaaS across various application areas. In terms of growth, Asia-Pacific is anticipated to attain the fastest CAGR of 37.2% during the forecast period 2016-2024, driven by growing awareness regarding cloud based recovery solutions in the region.
Major players in the global disaster recovery as a service market are, HP Enterprises Company, Cisco Systems, Inc., Symantec Corporation, IBM Corp., VMWare, Inc., Microsoft Corporation, Amazon Web Services, NTT Communications Corporation, SunGard Availability Services, and TierPoint, LLC, and among others.

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