Albany, NY, June 1, 2015 (GLOBE NEWSWIRE) -- According to a new market report published by Transparency Market Research "Disaster Recovery as a Service (DRaaS) Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2012 - 2022", the global DRaaS market for terms of revenue, was valued at US$ 621.30 Mn in 2013 and is forecast to grow at a CAGR of 36.0% during the period 2014 to 2022. Benefits such as - greater flexibility, faster recovery, cost effective, automated and simpler to test are some key factors driving the growth of global DRaaS market. In addition, increase in worldwide enterprise IT spending across verticals are further expected to drive the growth of this market over the forecast period.
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The global DRaaS market by deployment model was dominated by To Cloud segment accounting for the market share of 51.3% in terms of revenue in 2013. It is expected that majority of the SMEs are looking for DR deployment solutions where their existing production systems can be replicated. To Cloud DRaaS segment is expected to be the preferred deployment model among the SMEs as they operate in virtualized environments and avoid complexity and expense involved in traditional DR options. The segment is expected to remain dominant throughout the forecast period from 2014 to 2022.By product, the major components going into making of DRaaS solution include software and hardware. Software component was the largest shareholder with 60.8% in terms of revenue in 2013. Software services available from multiple vendors are expected to boost the software market throughout the forecast period from 2014 to 2022.
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By application sector, Banking, Financial Services and Insurance (BFSI) sector with 33.9% held the largest share in the overall DRaaS market in terms of revenue in 2013. 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.
Developed markets such as North America led the global DRaaS market in 2013. North America held the largest share of about 36.8% in 2013 of the overall DRaaS market due to increasing adoption of DRaaS solutions in small, mid-sized and large companies. The market in Asia Pacific is expected to be the fastest growing during the forecast period. On account of new opportunities in countries such as Brazil, Mexico, Argentina, Colombia, Venezuela and the Caribbean region DRaaS market in Latin America is expected to grow at a CAGR of 37.1% during the forecast period 2014 to 2022.
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The key providers in the DRaaS market are defined under two categories namely product/service providers and vendor offering DR platforms. The key players in the DRaaS market are Acronis, Amazon, Axcient, Bluelock, Doyenx, EMC, eVault, IBM, Sungard, Microsoft Azure, VMware, Gemninare, nScaled, NTT Communications, Hosting.com Verizon, QuorumLabs, Inc., HP, Columbus Business Solutions, and Windstream among others.
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The global disaster recovery as a service (DRaaS) market has been segmented as follows:
DRaaS Market, by Deployment Model
- To Cloud DRaaS
- In Cloud DRaaS
- From Cloud DRaaS
DRaaS Market, by Product
DRaaS Market, by Company Size
- Small Companies
- Mid-sized Companies
- Large Companies
DRaaS Market, by Application Sector
- Banking and Financial Institutions (BFSI)
- Government and Public Sector
- Telecommunication Sector
- Manufacturing Sector
DRaaS Market, by Geography
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR's global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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Source:Transparency Market Research