The global disaster recovery as a service market has a highly fragmented and an intensely competitive vendor landscape, featuring a number of heavy-weight legacy disaster recovery companies and a vast number of pure-play DRaaS start-up ventures, observes Transparency Market Research in a recent report. Robust growth opportunities in the global DRaaS market have compelled several traditional disaster recovery companies such as HP Company, SunGard Data Systems, and IBM Corp., to venture into the sector of cloud-based disaster recovery services in the past few years.
The market has thus become increasingly intense and companies are focusing on expansion across high-growth potential regional markets such as Asia Pacific to tap their vast pool of growth opportunities. With a number of small ventures grabbing significant chunk of opportunities in such regions, the number of strategic collaborations, mergers, and acquisitions is expected to rise in the near future.
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Transparency Market Research projects that in terms of revenue, the global DRaaS market, which valued at US$1.29 bn in 2015, will exhibit an exponential CAGR of 35.7% from 2016 to 2024, rising to an opportunity of US$21.55 bn by 2024. In terms of application, the global DRaaS market witnessed the most promising uptake in the government sector in 2015. The government sector accounted for the dominant 18.3% of the global market’s revenue in the said year. From a geographical standpoint, the DRaaS market in North America is the dominant regional market in terms of revenue, accounting for more than 34.0% in 2015.