The Disaster Recovery as a Service (DRaaS) market size is expected to grow from USD 2.19 Billion in 2017 to USD 12.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 41.8% during the forecast period.
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Backup and recovery service is expected to play a key role in the Disaster Recovery as a Service market
The backup and recovery service type is expected to have the largest market share in the service type segment of the DRaaS market during the forecast period. The backup and recovery service plays a key role in the DRaaS market, as it provides cost-effective, automated, reliable, secure, and scalable solutions to enterprises ensuring business continuity in the event of disaster.
Managed Service Providers (MSPs) segment is expected to grow at the highest rate during the forecast period
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Among DRaaS providers, the MSPs segment is expected to grow at the highest rate in the DRaaS market during the forecast period. MSPs offer DRaaS services to help organizations offload the burden of data protection and data security, and ensure business continuity in the event of a disaster.
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They offer remote management and monitoring of IT infrastructure of the end-user under a subscription model. Therefore, enterprises are opting for MSPs to overcome the challenges of budget constraints and lack of technical expertise, as MSPs have specialized human resources, infrastructure, and industry certifications.
Asia Pacific (APAC) is projected to grow at the highest CAGR
North America is estimated to hold the largest market share in 2017, while APAC is projected to be the fastest growing region with the highest CAGR, due to the rapid data generation in many countries. The emergence of cloud technology and mandatory government regulations are expected to boost the growth of the cloud backup market in APAC.
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Major vendors providing DR services are Amazon Web Services (Washington, US), Cable & Wireless Communications Limited (London, UK), IBM Corporation (Armonk, New York, US), SunGard Availability Services (Pennsylvania, US), Microsoft Corporation (Washington, US), iland Internet Solutions (Texas, US), Infrascale, Inc. (California, US), Bluelock, LLC (Indiana, US), Recovery Point Systems (Maryland, US), Acronis International GmbH (Massachusetts, US), TierPoint, LLC (Missouri, US), and Geminare Incorporated (California, US).
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