Disaster recovery as a service market ‘worth 11.11 billion USD by 2021’
- Published: Wednesday, 03 August 2016 07:48
According to a new market research report published by MarketsandMarkets, the DRaaS (disaster recovery as a service) market size is estimated to grow from USD 1.68 billion in 2016 to USD 11.11 Billion by 2021, at an estimated CAGR of 45.9 percent from 2016 to 2021.
The key forces driving the DRaaS market are its features of faster recovery, cost-effectiveness, enhanced flexibility, and simple testing. Also, disaster recovery services provide automation capabilities that lead to limited utilization of resources and low up-front cost. With the increase in the adoption rate of among small and medium sized enterprises, the DRaaS market is expected to gain major traction during the forecast period.
Backup services are expected to have the largest market share in the services segment of the DRaaS market during the forecast period; and the managed service provider segment is expected to grow at the highest rate during the forecast period.
North America is expected to hold the largest market share and dominate the DRaaS market through to 2021 due to large investments in cloud-based solutions, early adoption of new and emerging technologies, and high penetration of Internet use. The APAC region is in the initial growth phase; however, it is the fastest-growing region for the global DRaaS market.