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).
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