Disaster recovery has been the need of every businesses whether it’s large or small. The companies must have a security system so as to avoid the failures of hardware to big natural disasters and try to recover them in the shortest time period. The disaster recovery as a service (DRaaS) has observed its fast development since 2012. The global disaster recovery as a service market has been expected to grow at the CAGR of 41.6% and the revenue has been estimated to grow around $12600 million by 2022.
The factors driving the market are fast recovery, high cost effective and high awareness. Rising awareness regarding the disaster recovery is an important key factor for the growth of this market. The most important strategy used to promote disaster recovery awareness, is to ensure senior management help and encourage investment for disaster recovery programmes. Frequently and visible occurring support from higher management will help to increase participation in the programme and raise awareness. Thus, arrangement for these programmes is helpful for rising awareness amongst people regarding disaster recovery.
The other key factors driving the market are higher flexibility and high growth potential in the developing countries. The market is facing some restraints such as minimal plans for disaster recovery in organizations and the applications are not universally compatible. A disaster recovery plan can be insufficient if it does not have the most important and common scenarios. It’s necessary to make a plan for “the large one,” but it also has to consider small disasters such as a failed power supply simple or hard drive failure.
The market has huge opportunities such as higher rate of returns for the vendors & the organizations and more investment in various regions. The market is facing some challenges such as adequate site separation not supported by DRaaS solution providers and lack of infrastructure.
The global disaster recovery as a service market is segmented on the basis of application sector, product, company, and geography. According to application, the market is sub segmented into banking & financial institutions market, government market, telecommunication & IT market, E commerce and retail market, healthcare market, education market, transportation & logistics market, media & entertainment market, manufacturing market and others. On the basis of application, the banking and financial institutions market has the largest market by approximately 33% of whole revenue generated in 2013. The financially and economically critical nature of data/information in the banking, financial services and insurance (BFSI) market, needs urgent backup plans for restricting losses, is estimated to enhance demand for DRaaS in this market during the forecasted period as well.
On the basis of product, the market is sub segmented into software market, hardware market, servers market, switches/routers market and others market. Software market is further sub segmented into RaaS platform market and hardware is further sub segmented into storage market, TB and below market, TB and 10 TB market, 10 TB and above market. According to product, the software components hold about 60.8% of the whole earnings occupied by the market in 2013. Entrance of new software service vendors from around the world in the DRaaS segment is estimated to enhance the competition in the software market high in the near future.
On the basis of company, the market is sub segmented into small companies, mid-sized companies and large companies. According to company size, large companies have the largest market share as they have higher investments and better plans.
On the basis of geography, Europe, Asia Pacific North America, and ROW are the major segments of this global disaster recovery as a service market. North America is the leader in the disaster recovery as a service market due to increasing adoption of DRaaS solutions in small, mid-sized and large companies. North America holds approximately 35% of the global market in 2013. The market in Asia Pacific has been expected to be the rapid growing market during the forecasted period due to rising awareness and all types of companies in the region. On account of new opportunities in countries such as Argentina, Mexico, Brazil, Venezuela, Colombia and the Caribbean region. In Latin America, DRaaS market has been estimated to grow at a CAGR of 36% during the forecasted period.
Some of the major players of the market include Amazon.com, Cisco systems Inc., IBM Corporation, VMware Inc., Zerto ltd, NTT Communications Corporation, Acronis international Gmbh etc. The companies has adopted major strategies such as mergers, acquisitions, product innovation, agreement etc. On April 2014, IBM has launched disaster recovery via SoftLayer. It has launched disaster recovery as a service on its SoftLayer cloud. This service can recover workloads that were operating under IBM's AIX, windows or linux in some minutes.