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 substantial growth, driven by the increasing adoption of cloud-based disaster recovery solutions, improved manageability, and protection. According to a recent report by Technavio, the market is expected to progress at a compound annual growth rate (CAGR) of over 43% during the forecast period of 2020-2024.

Key Takeaways:

  • The DRaaS market is expected to grow from USD 5.62 billion in 2019 to USD 33.06 billion by 2024, at a CAGR of over 43%.
  • The market is anticipated to experience a fragmented landscape, with a high degree of fragmentation accelerating during the forecast period.
  • Key market participants include 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.
  • Improved manageability and protection are expected to drive the growth of the market, offering immense growth opportunities for vendors.
  • The market is segmented by deployment, covering public cloud, private cloud, and hybrid cloud, with public cloud expected to dominate the market during the forecast period.
  • The geographic landscape is divided into North America, Europe, APAC, South America, and MEA, with North America expected to hold the largest market share during the forecast period.

Statistics:

  • The global DRaaS market is expected to grow from USD 5.62 billion in 2019 to USD 33.06 billion by 2024.
  • The market is anticipated to progress at a CAGR of over 43% during the forecast period of 2020-2024.
  • Public cloud is expected to retain the largest market share of the deployment segment, reaching USD 18.29 billion by 2024.
  • North America is expected to hold the largest market share, reaching USD 12.45 billion by 2024.

Sources:

  • Business Wire
  • Technavio
  • "Global Disaster Recovery-as-a-Service (DRaaS) Market 2020-2024"
  • "https://www.businesswire.com/news/home/20200522005296/en/"
  • "https://www.technavio.com/talk-to-us?report=IRTNTR43407"
  • "https://www.technavio.com/report/global-disaster-recovery-as-a-service-market"