ALBANY, New York, November 14, 2016 /PRNewswire/ -- Transparency Market Research states that in terms of revenue, the global DRaaS market will exhibit an exponential 35.7% CAGR over the period between 2016 and 2024. If the prediction holds true, the market, which was valued at US$1.29 bn in 2015, will reach US$21.55 bn by 2024. The market for traditional disaster recovery systems (DR) has witnessed vast changes over the past decade. The advent and rising adoption of cloud-based disaster recovery services (also formally referred to disaster recovery as-a-service or DRaaS) has transformed the market and has significantly resulted in the replacement of traditional DR systems with the former. The drastic change in the growth dynamics of the traditional DR market has compelled many leading players in this field to make the move to cloud-based DR systems and services. This has introduced a large number of companies in the market, significantly intensifying competition as well as providing consumers a vast number of options to choose from. Download Sample PDF Brochure for Professional & Technical Breakthroughs athttp://www.transparencymarketresearch.com/sample/sample.php?flag=B&rep_id=3622North America to Continue to Account for Significant Chunk in Revenue Geographically, North America is the leading revenue generator in the global market and is expected to remain the dominant application segment over the forecast period as well. In terms of end-use applications, the market earned the dominant share in revenues owing to business across the government sector in 2015. Over the forecast period, however, the IT and telecom sector will lead in terms of growth rate. More Flexible and Cost-effective DRaaS Solutions to Witness Continuous Rise in Demand Traditional disaster recovery systems require setting up servers with the same configuration as that of the primary site. The configuration of the server at a disaster recovery site must match the one at the primary site for smooth transition of applications and processes. Many times, the consumer is required to purchase both servers at the same time because if the configurations do not match, chances of an outage significantly rise.