DRaaS market to Expand at 36.0% CAGR 2014-2022 Fueled by Growing Demand from BFSI Sector

  • Posted by Pragati P
  • October 13, 2016 8:54 AM BST
Cloud-based services help protect companies from the loss of mission-critical data in the event of a man-made or natural disaster. In addition to protecting data, Disaster Recovery-as-a- Service (DRaaS) offerings help ensure business continuity by minimizing downtime and disruption to customers, clients, and employees in the event of server failure or other disasters.

Transparency Market Research, in a report titled “Disaster Recovery as a Service (DRaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2022,” states that the global disaster recovery as a service (DRaaS) market is anticipated to expand at an astounding 36.0% CAGR from 2014 to 2022, rising from a value of US$621.3 mn in 2013.On the basis of deployment, the DRaaS market is divided into in cloud DRaaS, to cloud DRaaS, and from cloud DRaaS. Accounting for a 51.30% share in 2013, the to cloud segment dominates the overall market in terms of revenue.

By product, the DRaaS market is bifurcated into hardware and software. Making up 60.80% of the overall revenue earned in 2013, the software segment dominated the market thanks to the entry of new vendors from across the globe.By company size, the DRaaS market is categorized into mid-sized, small, and large companies. Mid-sized companies held the largest share in the overall DRaaS market in 2013 owing to the growing popularity of cloud-based services.

On the basis of application, the DRaaS market is categorized into the government and public sector, e-commerce and retail, banking, financial services, and insurance (BFSI), telecommunications, manufacturing, and others. Accounting for a share of almost 33% in 2013, BFSI has emerged as the leading segment in terms of revenue. The use of DRaaS in the BFSI sector is driven by the need for constant and mandatory back-up of critical economic and financial data to avoid losses. The e-commerce segment is projected to witness remarkable growth in the coming years due to the surge in new online-based services and the rise in the number of startup companies.

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The global DRaaS market is geographically segmented into Europe, North America, Asia Pacific, Latin America, and the Middle East and Africa. Accounting for 36.80% of the overall market revenue in 2013, North America has been one of the most prominent contributors to the global DRaaS market owing to the presence of leading DRaaS providers and the growing demand from small and medium enterprises. The DRaaS market in Asia Pacific is anticipated to witness strong growth in the coming years owing to the flourishing manufacturing sector in countries such as India, Japan, Singapore, China, Australia, and South Korea and the presence of several large as well as small and medium enterprises in the IT sector. Latin America and the Middle East and Africa regions possess strong potential for future growth, according to the TMR report.

The leading players profiled in the DRaaS market report include Windstream Communications, SunGard Data Systems, Verizon Communication, Inc., Geminare, Inc., IBM Corp., Databarracks Ltd., Amazon.com, Inc., QuorumLabs, Inc., Columbus Business Solutions, NTT Communications, EMC Corp., HP Co., Rackscale s.r.o., NetApp, Inc., VMWare, Inc., and Cisco Systems, Inc.