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IT spending across verticals has driven the growth of Disaster Recovery as a Service Market

DRaaS helps the Information Technology (IT) and Information Technology enabled services (ITes) industry to address many of its challenges such as the downtime of system and 24x7x365 service delivery to its customers/clients. As a solution to these challenges DRaaS is rapidly gaining demand as a cloud based app with – service providers, IT resellers and start-ups. Evaluating and considering all the factors such as cost and the impact data loss and downtime have on organizations, DRaaS becomes a viable – if not essential – option.
 
The key factors driving the growth of DRaaS market include benefits such as– greater flexibility, faster recovery, cost effective, automated and simpler to test. Increase in worldwide enterprise IT spending across verticals has driven the growth of DRaaS market. In addition, growth of micro, small and medium enterprises (MSMES) have led to the immense popularity of DRaaS. DRaaS have offered a viable solution to achieve effective and efficient disaster recovery in various application sectors.
 
As MSMEs face operating constraints such as access to finance and credit facilities, it poses a high risk in event of sudden disaster. This may lead to even closure/shutdown of MSME. This might affect all the value chain members linked directly or indirectly with the concerned MSMEs. To overcome this issue MSMEs are seeking technologies and solutions which may satisfy all the concerned parameters such as low cost, faster recovery, and flexibility. DRaaS solutions are in demand from small and medium based enterprises as compared to large corporations. Mid-sized companies held the largest market share in the overall DRaaS market in 2013. With the increasing popularity of cloud based DRaaS, this market segment is forecast to grow at a significant rate during the forecast period 2014 to 2022.
 
DRaaS market by application sector can be segmented into Banking, Financial Services and Insurance (BFSI), Government & Public sector, Telecommunication Sector, E-Commerce/Retail and Manufacturing Sector. In 2013, BFSI held the largest market share in the overall DRaaS market. BFSI is one of the crucial sectors for any economy across the world and, as such, governments make it mandatory to implement DR backup plans to avoid loss of information and transactions. This has led to the increase in deployment of DRaaS solutions within this market segment. E-Commerce sector is currently on rise with number of startups and new online based services entering the online retail market. Most of the e-commerce companies have their data/business operations in the cloud and  require DR plan to ensure smooth business continuity. 
 
By geography, North America was one of the largest contributors to the DRaaS market in terms of revenue in 2013 on account of large demand from SME enterprises and presence of leading DRaaS service providers in this region. Europe held the second largest revenue share of the overall DRaaS market in 2013. DRaaS market in Asia Pacific is expected to achieve significant growth during the forecast period from 2014 to 2022. Presence of large, small and mid-sized enterprises from IT and ITes, and manufacturing sector in huge numbers in countries such as China, India, Australia, Japan, South Korea and Singapore are expected to primarily drive the growth of DRaaS market in Asia Pacific region. Opportunities from other regions including Middle East and Africa, and Latin America are expected to further drive the growth of the DRaaS market during the forecast period from 2014 to 2022.
 
NTT Communications, Columbus Business Solutions, IBM Corp., HP Co., Geminare, Inc., VMWare, Inc., EMC Corp., Cisco Systems, Inc., QuorumLabs, Inc., SunGard Data Systems  were identified to be the leading players in the DRaaS service and platform providers market in 2013. Other key players include NetApp, Inc., Databarracks Ltd., Windstream Communications, Verizon Communication, Inc., Amazon.com, Inc., and Rackscale s.r.o.
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Tags: DRaaS, Disaster, Market, Recovery, Service, Share, a, as

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