Disaster recovery as a service market

Disaster Recovery as a Service Market : Opportunity Analysis and Industry Forecast upto 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.

The market is expected to exhibit a remarkable 35.7% CAGR over the period between 2016 and 2024, states Transparency Market Research. If the prediction holds true, the market, which had a valuation of US$1.29 bn in 2015, is expected to rise to US$21.55 bn by 2024, in terms of revenue.

Obtain Report Details @ http://www.transparencymarketresearch.com/disaster-recovery-a-service-market.html On the basis of key applications of DRaaS, the global DRaaS market has been segmented into banking, financial services and insurance (BFSI), government, IT and telecom, media and entertainment, manufacturing and logistics, and education. Of these, the government sector contributed the dominant share of 18.3% of the overall market in 2015.

The vast demand for DRaaS solutions and services in the sector is attributed to the increased level of digitization across a number of processes and operations and the resultant rise in need for backing up critical public and private data.

Globally, North America dominated the global DRaaS market in terms of revenue, accounting for more than 34.0% in 2015 and is expected to continue dominance over the forecast period as well.

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The key force impelling the DRaaS market in North America is the presence of a large number of SMEs seeking affordable DRaaS solution and services. In the U.S., government departments and the public sector are also deploying DRaaS services to gain cost benefits. The presence of a large number of vendors and the resultant rise in the number of cost competitive options, for enterprises to choose from, has also helped bolster the growth prospects of the North America market.

Some of the key players operating in the global DRaaS market are IBM Corp., VMWare, Inc., Cisco Systems, Inc., Symantec Corporation, Amazon Web Services, and Commvault.

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