MarketsandMarkets expects 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. The major growth drivers for the market 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.
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The storage as a service, service type is
expected to hold a larger market size during the forecast period
Based on the service type,
the cloud infrastructure services market is segmented into computing as a
service, storage as a service, disaster as a service, networking as a service,
desktop as a service and managed hosting. Organizations across all size and
industries are leveraging cloud infrastructure services for improving
efficiency, lowering the cost of server space and access to data anywhere. The
disaster recovery and backup as a service segment is expected to grow at the
highest CAGR during the forecast period, whereas the storage as a service
segment is estimated to hold the largest market size in 2019. The cloud
infrastructure services have become a central part of business processes, due
to their ease of use, low operating costs, and flexibility.
The public cloud is expected to hold the
largest market size during the forecast period
Among deployment models, the public
cloud deployment model is estimated to hold the largest market size in 2019.
The advantages of using the public cloud include the simplicity and ease of
deployment. The initial investment required for the deployment is minimum, and
there are no responsibilities involved in managing the infrastructure. The
public cloud offers scalability, reliability, flexibility, utility-style
costing, and location independence services.
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North
America to hold the largest market size during the forecast period
Among
regions, North America is estimated to hold the largest market size in 2019,
whereas Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast
period. The increasing need for speedy and low-cost service delivery processes
and complete security while operating in cloud environments is expected to
drive the global cloud infrastructure services market.
Key
Market Players
Major
players in the global cloud infrastructure services market are 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).
These players have adopted various growth strategies, such as new product developments,
mergers and acquisitions, collaborations, and partnerships, to expand their
presence in the global cloud infrastructure services market.
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