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

Strategic Insights -

The global disaster recovery-as-a-service (DRaaS) market is poised to experience a significant growth trajectory, driven by the increasing adoption of cloud-based disaster recovery solutions. According to Technavio, the market is expected to grow by USD 27.44 billion during the period 2020-2024, progressing at a CAGR of over 43% during the forecast period. The market is dominated by vendors such as Amazon.com Inc., Broadcom Inc., Cisco Systems Inc., and Dell Technologies Inc., which are focusing on improving manageability and protection to drive growth.

Key Takeaways:

  • The market is segmented into deployment, geography, and vendor type, with public cloud and North America being the leading segments.
  • The increasing adoption of cloud-based disaster recovery solutions is driving the growth of the DRaaS market, with the estimated market size reaching USD 27.44 billion by 2024.
  • Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19 on the market, with the probable scenario projecting the highest growth rate of 43.1% during the forecast period.
  • Key vendors such as Amazon.com Inc., Broadcom Inc., and Cisco Systems Inc. are focusing on improving manageability and protection to drive growth, with the improved manageability and protection being instrumental in driving the growth of the market.
  • The market is expected to witness the entry of new vendors, with a growing demand for DRaaS solutions expected to increase competition in the market.
  • The growth of the DRaaS market will be driven by the increasing adoption of cloud-based disaster recovery solutions, with the market expected to reach USD 27.44 billion by 2024.
  • The DRaaS market is expected to witness a significant shift towards public cloud deployments, due to the increased scalability and flexibility offered by cloud-based solutions.

Statistics:

  • The global DRaaS market is expected to grow by USD 27.44 billion during the period 2020-2024, progressing at a CAGR of over 43%.
  • The market is expected to reach USD 27.44 billion by 2024, driven by the increasing adoption of cloud-based disaster recovery solutions.
  • The public cloud segment is expected to dominate the DRaaS market, accounting for a share of approximately 54.2% of the total market share by 2024.
  • North America is expected to be the largest market for DRaaS, accounting for a share of approximately 34.1% of the total market share by 2024.

Sources:

  • BusinessWire, "Technavio has been monitoring the disaster recovery-as-a-service (DRaaS) market and it is poised to grow by USD 27.44 billion during 2020-2024, progressing at a CAGR of over 43% during the forecast period" (July 9, 2020).
  • Technavio, "Global Disaster Recovery-as-a-Service (DRaaS) Market 2020-2024" (July 2020).
  • Technavio, "Technavio Presents 'Assessing the Impact of COVID-19 on the DRaaS Market - Estimated to Reach USD 27.44 Billion by 2024" (July 2020).