Monday, May 16, 2022

Cloud Infrastructure Services Market Driving Factors, Industry Growth, Key Vendors and Forecasts to 2024

According to a research report "Cloud Infrastructure Services Market major growth drivers include low costs, flexibility, scalability, and security. The cloud infrastructure service offerings provide accelerated Time-to-Market (TTM) and speedy application development and running processes. Cloud Infrastructure Services Market by service types, deployment models, organization size, verticals, and regions - Global Forecast to 2024" published by MarketsandMarkets. The global cloud infrastructure services market to grow from USD 73.0 billion in 2019 to USD 166.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period.

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Storage as a service segment to hold the largest market size during the forecast period

Enterprises that lack the budget to implement and maintain their storage infrastructure or hardware generally avail this service. The demand for this service is growing as it helps minimize the operational and capital expenditure incurred. Enterprises are rapidly adopting the storage as a service, owing to its pay-as-you-go pricing model. This pricing model helps reduce the cost to a great extent, as the organization needs to pay only for what it has used.

Public cloud deployment model is estimated to hold the largest market size

The public cloud-based deployment model is witnessing an increasing demand, due to its cost effectiveness and easy availability. The public cloud is based on the cloud computing model, which shares resources (such as CPU, servers, and racks) among various businesses depending on its demand. Public cloud-based solutions require less physical setup and low maintenance, and provides 24/7 accessibility from any time, anywhere. Due to various benefits of public cloud, such as scalability, reliability, flexibility, utility-style costing, and location independence services, public cloud-based deployments are expected to record a high growth rate.

Banking, Financial Services, and Insurance (BFSI) vertical is estimated to have the largest market size

BFSI companies need to respond to varying market conditions for service variations and different consumer behavior. The cloud infrastructure services is transforming the BFSI vertical by empowering enterprises with increased speed-to-market. Efficient expense management, human resources, and customer communications are the top most needs of BFSI organizations. For better and efficient management BFSI institutes are now placing their email platforms and marketing tools in the cloud.

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Asia Pacific (APAC) is expected to grow at the highest rate during the forecast period

 

The increasing availability of skilled labor and keen focus of SMEs and large enterprises to enter and grow in APAC are primary driving factors for the adoption of cloud infrastructure services in the region. The increasing adoption of advanced application development technologies and increasing data volumes will drive the significant growth of the APAC market during the forecast period. The public cloud is gaining massive adoption in this region due to its low costs, on-demand availability, and improved security.

 

Significant vendors providing cloud infrastructure services include IBM (US), Microsoft (US), AWS (US), Oracle (US), Google (US), Alibaba (China), Fujitsu (Japan), Rackspace (US), DigitalOcean (US), Verizon (US), VMware (US), CenturyLink (US), Bluelock (US), Dimension Data (South Africa), OVH (France), Joyent (US), Skytap (US), Virtuestream (US), ProfitBricks (Germany), Tencent (China), DXC Technology (US), AT&T (US), NEC (Japan), and Navisite (US).

About MarketsandMarkets™

MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

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