According to a recent industry research study, the Disaster Recovery as a Service (DRaaS) market is set for a financial explosion. The market study, published by MarketsandMarkets entitled “Disaster Recovery as a Service Market by Solution, by Service Provider – Global Forecast to 2020″ predicts that Disaster Recovery as a Service solutions will generate more than $12 billion dollars by the year 2020. The cloud Disaster Recovery industry is currently worth an estimated $1.42 billion, and MarketsandMarkets believes that number will balloon to $11.92 billion in just five years, a compounded annual growth rate of 52.9 percent.
The report defines the DRaaS market and divides it into various subgroups with analysis and estimation of industry metrics. In addition, the trends, opportunities, and challenges of the market are revealed. MarketsandMarkets has produced a broadly segmented DRaaS market by solution, industry, and region. The firm believes that the lack of Disaster Recovery planning among SMBs and platform dependent cloud-based applications are constraints when entering the DRaaS market. Industry aside, those challenges speak to the potential hampering of adoption and deployment of DRaaS solutions.
The firm believes that the lack of Disaster Recovery planning among SMBs and platform dependent cloud-based applications are constraints when entering the DRaaS market. Industry aside, those challenges speak to the potential hampering of adoption and deployment of DRaaS solutions. This prediction may seem outlandish given how few organizations currently employ adequate recovery tools to deal with downtime. However, Gartner released their first ever Magic Quadrant for Disaster Recovery as a Service last April, signaling that the technology research giant believes this to be a viable enterprise market worth dedicating resources into. Gartner believes that by 2018, more organizations will employ cloud recovery tools than traditional offerings.
In order for this prediction to come true, we’re going to have to witness more widespread adoption of recovery tools. Though if this recent Cloudberry Lab study is any indication, there are going to be a whole slew of businesses that will need to be recovered due to their lackluster deployment of backup.