Disaster Recovery as a Service (DRaaS) is a solution that enables the IT and ITES industry to effectively deal with challenges related to downtime resulting from system failure or natural calamities. The emphasis of DRaaS lies on enabling 24x7x365 service delivery. Currently, the demand for DRaaS as a cloud-based app is seen to be the highest. The demand for DRaaS is predominantly seen from IT resellers, service providers, and start-ups. DRaaS is being considered a viable option for enterprises that wish to guard their operations against downtime resulting from data loss and natural and manmade calamities.
The key factors that propel the DRaaS market are: Faster data recovery, greater flexibility, cost effectiveness, and easy testing and automation. With enterprise IT spending being on an upswing across various business verticals, the global DRaaS market has been afforded several opportunities for growth. Micro, small and medium enterprises (MSMEs) have shown much interest in deploying DRaaS solutions as downtime is reported to affect the bottom line of this sector most severely.
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Micro, Small and Medium Enterprises (MSMEs) Present the Highest Opportunities for DRaaS Market
MSMEs operate in the face of risks and constraints such as limited access to credit facilities and financing. Therefore, if a disaster were to strike, their business could be pushed to the brink of bankruptcy. A business shutting shown also affects other entities in the value chain or ecosystem. Considering these factors, MSMEs are increasingly showing an inclination toward adopting DRaaS.
As compared to large corporations, it is the small and medium enterprises that show greater demand for DRaaS. In 2013, mid-sized companies were seen to hold the largest share of the global DRaaS market. This high degree of interest in adopting DRaaS will lead the market to a CAGR of 36.0% between 2014 and 2022, states a latest study by Transparency Market Research. The market approximated US$ 621.30 million in 2013, and will expand to US$ 10.52 billion by 2022.
North America Trailed by Europe in the DRaaS Market While APAC Gathers Pace
The North America region contributed the highest revenue share to the global DRaaS market in 2013 thanks to the thousands of SMEs adopting DRaaS solutions here. The second highest revenue share in the global DRaaS market was held by Europe in the same year. By 2022, the Asia Pacific DRaaS market is projected to gather momentum and expand at a very high CAGR. Growth of the DRaaS market in the Asia Pacific region will be propelled by manufacturing enterprises of all sizes in countries such as China, Australia, Japan, India, Singapore and South Korea. The DRaaS market is poised to expand in other regions such as the Middle East and Africa as well as Latin America.
Banking, Financial Services and Insurance (BFSI) Sector to Lead Demand for DRaaS
The global DRaaS market can be segmented based on various application sectors as: Banking, Financial Services and Insurance (BFSI), Telecommunication Sector, Government & Public sector, Manufacturing Sector, and E-Commerce/Retail. According to recent reports, the BFSI sector was the largest application segment in the DRaaS market in 2013 chiefly because a disaster recovery system is mandatory for banking and financial institutions given that they are a central part of any economy.
The adoption of DRaaS by e-commerce portals is reported to be on the rise as hundreds of startups across the world are venturing forth into the online retail market. The data of most such entities is located on the cloud and they thus require a DR plan to continue operating smoothly in the event of a disaster.
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