Disaster Recovery as a Service Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 - 2024

Albany, NY -- (SBWire) -- 12/24/2018 --The global DRaaS market, which valued at US$1.29 bn in 2015, will exhibit an exponential CAGR of 35.7% from 2016 to 2024, rising to an opportunity of US$21.55 bn by 2024. In terms of application, the global DRaaS market witnessed the most promising uptake in the government sector in 2015. The government sector accounted for the dominant 18.3% of the global market's revenue in the said year. From a geographical standpoint, the DRaaS market in North America is the dominant regional market in terms of revenue, accounting for more than 34.0% in 2015.

The global DRaaS market is chiefly driven due to the vast cost and flexibility related benefits of cloud-based disaster recovery solutions over traditional disaster recovery solutions. Moreover, other benefits such as faster data recovery, simplicity in testing, and automation work in favor of DRaaS solutions as compared to traditional disaster recovery plans.

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The vast rise in worldwide enterprise spending on the development of internal IT infrastructures across a number of industry verticals is also key to the vast growth opportunities of the global DRaaS market.

Furthermore, growth of micro-, small-, and medium-sized enterprises (MSMEs) has increased the popularity of DRaaS as these solutions offer a viable cost-effective solution to achieve effective disaster recovery processes in a number of application sectors.

In terms of company size, the global DRaaS market is segregated into small companies, mid-sized companies and large companies. Mid-sized companies held the largest market share in 2015, with the increasing popularity of cloud based DRaaS, this market segment is forecast to grow at a significant rate during the forecast period 2016 to 2024.

Additionally the, global DRaaS market is divided into cloud type which includes private cloud, public cloud and hybrid cloud. In terms of service providers, the global DRaaS market is bifurcated into cloud service providers (CSP), managed service providers (MSP) and telecom & communication service provider. Furthermore, the DRaaS market has the following divisions on the basis of service type – Real Time Protection, Backup, and Professional services.

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