2028 Forecast: DRaaS Market Poised for a 38.5% CAGR
Disaster-Recovery-as-a-Service (DraaS) has witnessed an upward curve over the last four years, with more demand among small and medium firms that want to brace up themselves against cybercrimes & threats.
In its report titled “Disaster Recovery-as-a-Service Market: Global Industry Analysis 2013 – 2017 and Opportunity Assessment 2018 – 2028”, leading analytics and research firm Future Markets Insights (FMI) provided some key insights into this popular cloud technology’s growing demand.
According to the report, the global Disaster Recovery-As-A-Service market is expected to register a significantly-high global CAGR of 38.5 percent during 2018-2028, with Western Europe and North America contributing to 50% market shares.
The DRaaS market was valued at USD 2,457 million in 2017 and is expected to grow significantly to USD 8,417 million by 2021.
Furthermore, the report classifies the global DRaaS market based on:
- Type of Service: The Type of Service is divided on the basis of the service provider, vertical, end-user and regions. Under this category, the report listed recovery & backup service as the segment with maximum preference. The service holds a bigger market share compared to data protection services.
- Service Provider: The DRaaS market is divided into cloud service provider, telecommunication service provider and managed service provider. In this category, the cloud service provider segment is expected to dominate the global disaster recovery-as-a-service throughout 2018-2018
- Vertical: Based off vertical, the market is divided into BFSI, IT & Telecommunication, Retail & Consumer Goods, Public Sector, Healthcare, Media & Entertainment, Defense and others. Since DRaaS was started, BFSI and IT & Telecommunication verticals have been major adopters of the technology. These segments also have high growth potential in the global market. The report advises service provider to target the mentioned sectors for the same.
- End User: Based on the end user, the market is segregated into large enterprises and small & medium enterprises. Comparatively, large enterprises hold a high market share in the global DRaaS market under this category.
- Region Geography: As mentioned earlier, the DRaaS market witnesses a boost in North America & Europe and other countries including Latin America, Middle East & Africa, China, Japan, South East Asia, and APAC. The North American DRaaS market is expected to dominate, considering high awareness, the presence of a large number of Tier-1 disaster recovery-as-a-service providers and high demand for implementation in the region during 2017.
However, the Asia Pacific, China, and Japan will likely dominate the global market during the forecast period, owing to high growth rate expected in the regions.
Interestingly, the reports observe that DRaaS vendors are now focusing on striking partnerships with various solutions provides to enhance and expand their sales and services.
The list includes tech giants such as Amazon Web Services, GCP, Citrix Systems, Microsoft Azure and IBM Corporation. With the Disaster Recovery Service Market already showing steady performance, the future of this cloud technology looks bright.