Published Date : Sep 09, 2016
As per Transparency Market Research, the global disaster recovery as a service (DRaaS) market is poised to surge at an exponential pace of 36% CAGR between 2014 and 2022. The market stood at US$621.3 mn in 2013 and is expected to reach US$10.52 bn by the end of 2022. Regionally, North America is expected to emerge as the dominant segment in the market. Application-wise the market is expected to make maximum gain from the use of DRaaS in the banking and financial institutions segment. Other application sectors of DRaaS include telecommunications, government and public sector, manufacturing, and ecommerce and retail.
Increasing Awareness about Benefits of DRaaS Over Traditional DR to Boost Growth of the Former
The demand for DRaaS has been increasing at a considerable pace since the past few years. As industries around the world come to realize the significance of DRaaS its implementation is likely to surge at a robust pace. DRaaS offers a wide range of benefits. It helps eliminating the pre-requisites that are commonly required for deploying traditional methods of disaster recovery (DR). The technology also helps customers address problems related to synchronization. Additionally, DRaaS is cost-effective and offers greater flexibility, faster recovery, and are automated and simpler to test. As consumers around the world become aware of the string of benefits provided by DRaaS over traditional DR solutions the demand for the former is expected to increase considerably.
Concerns Related to Data Privacy to Hinder Market’s Growth
Organizations nowadays are facing increasing concerns related to data privacy and protection. Breach of data privacy, theft or manipulation of data, and deletion of data are a few of the key concerns still persisting among organizations, compelling them to implement advanced DRaaS solutions. Besides these, companies also face several compliance issues with DRaaS vendors, which inhibit the market’s trajectory to an extent.
Nevertheless, with the rising opportunities across emerging economies, the global DRaaS market is expected to grow at a positive pace in the forthcoming years.