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Disaster Recovery-as-a-Service (DRaaS) Market Projected to Grow by USD 27.44 Billion by 2024

Strategic Insights

— 1 min read

The global disaster recovery-as-a-service (DRaaS) market is poised to grow exponentially, driven by the increasing adoption of cloud-based disaster recovery solutions. DRaaS allows businesses to mitigate potential downtime and data loss by replicating and protecting their data in a secure, off-site location. According to a recent report by Technavio, the DRaaS market is expected to grow at a CAGR of over 43% during the forecast period, reaching a value of USD 27.44 billion by 2024.

Key Takeaways:

  • The market is fragmented, with vendors such as Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., Dell Technologies Inc., iland Internet Solutions, International Business Machines Corp., Microsoft Corp., NTT Communications Corp., Oracle Corp., and Sungard Availability Services LP dominating the market.
  • The degree of fragmentation will accelerate during the forecast period, driven by the increasing adoption of DRaaS solutions.
  • Improved manageability and protection will be instrumental in driving the growth of the market, offering immense growth opportunities for vendors.
  • To make the most of these opportunities, vendors should focus on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments.
  • The DRaaS market is segmented into three main deployment types: public cloud, private cloud, and hybrid cloud.
  • The market is geographically segmented into North America, Europe, APAC, South America, and MEA, with North America accounting for the largest market share.

Statistics:

  • The global DRaaS market is expected to grow at a CAGR of over 43% during the forecast period.
  • The market is expected to reach a value of USD 27.44 billion by 2024.
  • The DRaaS market is expected to grow exponentially, driven by the increasing adoption of cloud-based disaster recovery solutions.
  • The public cloud segment is expected to account for the largest market share, followed by the private cloud segment.

Sources:

  • Technavio. (2020, June 18). Disaster Recovery-as-a-Service (DRaaS) Market 2020-2024 (Graphic: Business Wire)
  • Technavio. (2020, June 18). Technavio Announces Three Forecast Scenarios for Disaster Recovery-as-a-Service (DRaaS) Market to Address COVID-19 Impact
  • Business Wire. (2020, June 18). Technavio Announces Three Forecast Scenarios for Disaster Recovery-as-a-Service (DRaaS) Market to Address COVID-19 Impact
  • Technavio. (n.d.). Disaster Recovery-as-a-Service (DRaaS) Market 2020-2024: Scope
  • Technavio. (n.d.). Disaster Recovery-as-a-Service (DRaaS) Market 2020-2024: Key Highlights

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