Disaster Recovery-as-a-Service Market Estimated to Reach $11.11Bn by 2021

New market research report published by MarketsandMarkets “Disaster Recovery as a Service Market” shows the market size is estimated to grow from USD 1.68 Billion in 2016 to USD 11.11 Billion by 2021, at an estimated CAGR of 45.9% from 2016 to 2021.

The key forces driving the DRaaS market, according to the report, are its features of faster recovery, cost-effectiveness, enhanced flexibility, and simple testing.

Also, DR services provide automation capabilities that lead to limited utilization of resources and low up-front cost.

With the increase in the adoption rate of DR services among Small and Medium Enterprises (SMEs), DRaaS market is expected to gain major traction during the forecast period.

Some of the Prominent Key Players in the Disaster Recovery as a Service Market are: Amazon Web Services (Seattle, Washington, U.S.); IBM Corporation (Armonk, New York, U.S.); Microsoft Corporation (Redmond, Washington, U.S.); SunGard Availability Services (Wayne, Pennsylvania, U.S.); VMware Inc. (Palo Alto, California, U.S.); Cable & Wireless Communications (London, U.K.); Cisco Systems (San Jose, California, U.S.); HP Enterprises Company (Palo Alto, California, U.S.); iLand Internet Solutions (Houston, Texas, U.S.); NTT Communications Corporation (Chiyoda, Tokyo, Japan); TierPoint, LLC (St. Louis, Missouri, U.S.) and Verizon Enterprise Solutions (New York, U.S.)

Backup service is expected to play a key role in the Disaster Recovery as a Service market

Backup service type is expected to have the largest market share in the services segment of the DRaaS market during the forecast period.

The backup service plays a key role in the DRaaS market as it provides cost-effective, automated, reliable, secure, and scalable solutions to the enterprises ensuring business continuity in the event of disaster.

Managed Service Provider (MSP) segment is expected to grow at the highest rate during the forecast period

Among providers, the MSP segment is expected to grow at the highest rate in the DRaaS market during the forecast period. MSPs offer DRaaS services to help organizations offload the burden of data protection and data security, and ensure business continuity in the event of a disaster.

They offer remote management and monitoring of IT infrastructure of the end-user under a subscription model.

Therefore, enterprises are increasingly opting for MSPs to overcome the challenges of budget constraint and technical expertise as they have specialized human resources, infrastructure, and industry certifications.

North America is expected to contribute the largest market share, Asia-Pacific (APAC) to grow the fastest

North America is expected to hold the largest market share and dominate the DRaaS market from 2016 to 2021 due to large investments in cloud-based solutions, early adoption of new and emerging technologies, and high penetration of internet.

The APAC region is in the initial growth phase; however, it is the fastest-growing region for the global DRaaS market. The key reasons for the high growth rate in APAC are the explosion of new technologies combined with increasing business needs and increase in the number of organizations adopting DR services.