Disaster Recovery as a Service Market Projected to Grow $12.54 Billion by 2022

(IT-NEWSWIRE.COM, January 29, 2020 ) According to research report"Disaster Recovery as a Service Market by Service Type (Backup & Recovery, Real-Time Replication, Data Protection, and Professional Services), Service Provider, Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2022",published by MarketsandMarkets, global Disaster Recovery as a Service (DRaaS) market size is expected to grow from USD 2.19 Billion in 2017 to USD 12.54 Billion by 2022, at a Compound Annual Growth Rate (CAGR) of 41.8% during the forecast period.

The demand for DRaaS is majorly driven by increased flexibility and automation capabilities. With the increase in the adoption rate of cloud-based solutions among Small and Medium-sized Enterprises (SMEs), the market is expected to grow rapidly.

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

The backup and recovery service type is expected to have the largest market share in the service type segment of the DRaaS market during the forecast period. The backup and recovery service plays a key role in the market, as it provides cost-effective, automated, reliable, secure, and scalable solutions to enterprises ensuring business continuity in the event of disaster.

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

Among DRaaS providers, the MSPs segment is expected to grow at the highest rate in the Disaster Recovery as a Service Market (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 opting for MSPs to overcome the challenges of budget constraints and lack of technical expertise, as MSPs have specialized human resources, infrastructure, and industry certifications.

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Asia Pacific (APAC) is projected to grow at the highest CAGR

North America is estimated to hold the largest market share in 2017, while APAC is projected to be the fastest growing region with the highest CAGR, due to the rapid data generation in many countries. The emergence of cloud technology and mandatory government regulations are expected to boost the growth of the cloud backup market in APAC.

Major vendors providing DR services are Amazon Web Services (Washington, US), Cable & Wireless Communications Limited (London, UK), IBM Corporation (Armonk, New York, US), SunGard Availability Services (Pennsylvania, US), Microsoft Corporation (Washington, US), iland Internet Solutions (Texas, US), Infrascale, Inc. (California, US), Bluelock, LLC (Indiana, US), Recovery Point Systems (Maryland, US), Acronis International GmbH (Massachusetts, US), TierPoint, LLC (Missouri, US), and Geminare Incorporated (California, US).

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Disaster Recovery as a Service Market Projected to Grow $12.54 Billion by 2022