Western Europe and North America may take the lion’s share of the global disaster-recovery-as-a-service (DRaaS) market between 2018 and 2028, according to recent forecasts by Future Market Insights.
The DRaaS market is expected to register a global CAGR of 38.5% during the forecast period, with both Europe and North America accounting for approximately 50% of the entire global market share values.
Already in 2018, North America alone accounted for 30.8% of the global DRaaS market share.
“The North America market is expected to dominate the global disaster recovery-as-a-service market due to high awareness, the presence of various Tier-1 disaster recovery-as-a-service providers and the high demand for the implementation of the same in the region in 2017,” states Future Market Insights.
“However, when considered in conjunction, Asia Pacific, China and Japan are expected to dominate the global market by the end of the forecast period due to the high growth rate expected in these regions.”
DRaaS encompasses many different service providers and services.
Services include recovery & backup services, real time replication services, data protection services, professional services and managed services. Of these, the recovery and backup services segment has gained the most momentum.
“As the solution disaster recovery-as-a-service is available in a suite that includes multiple solutions, such as backup, recovery and data protection, and the primary requirement is witnessed to be for recovery & backup services, a comparatively lower market share is held by the data protection services segment in the global disaster recovery-as-a-service market,” Future Market Insights states.
Service providers include cloud service providers, telecommunications service providers, managed service providers, and others.
Future Market Insights predicts that the cloud service provider segment will dominate the global DRaaS market. This is due to ease of deployment and the increasing establishment of cloud service providers globally.
Verticals including the BFSI, IT and telecommunication verticals have taken DRaaS on board faster than most other verticals such as the public sector, healthcare, and defence.
Future Market Insights predicts that the BFSI, IT and telecommunication verticals will be the ‘most attractive segments in terms of incremental opportunity in the global disaster recovery-as-a-service market. It is recommended for solution providers to target these two segments owing to the high opportunities associated with the same’.
Large enterprises will also make up a higher market share in the global DRaaS market, compared to small and medium enterprises.
“However, the small and medium enterprises segment is expected to dominate the market in countries such as South Africa owing to the presence of a larger number of small and medium enterprises in the region,” the company states.
“Vendors in the disaster recovery-as-a-service market are now focusing on partnering with various solution providers in the industry to enhance the solutions offered by them as well as to boost their sales channels across the globe.
Citrix Systems, IBM, Microsoft and NTT Communications are expected to hold a ‘considerable’ market share in the global DRaaS market, based on value.