The global cloud infrastructure services market size is expected 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.
Governments' increasing investments in digital transformation, increased awareness among enterprises about the benefits of cloud and its technologies, and business continuity requirements resulting in high demand for cloud storage, disaster recovery, and backup services are major growth drivers for the market. However, stringent government regulations, limited bandwidth providers, and lack of access to high-speed internet may affect market growth.
Storage as a service segment is estimated to hold the largest market size
Enterprises use storage as a service to mitigate the risks of disasters and enhance business continuity and availability. These services provide self-service portals that allow the provision of room, transfer of data to different tiers of storage, and the option to add or remove storage as needed. To address the security needs of enterprise data, cloud-based storage offers security controls to ensure that all the data is stored securely in data center facilities and is available for quick access.
Hybrid deployment mode to grow at the highest CAGR during the forecast period
The hybrid cloud deployment mode is expected to grow at the highest rate, as it offers the benefits of both private and public deployment modes. Enterprises need a solution to exploit their data centers distributed across multiple environments, owing to the increasing business demands. Increased user and resource mobility, ongoing migrations of applications over the cloud, and the emergence of more sophisticated threats are driving organizations to adopt the hybrid cloud deployment mode.
North America is estimated to hold the largest market size
North America is estimated to hold the largest market size during the forecast period, as organizations are shifting toward innovative technologies with the increasing adoption of digital business strategies. Organizations have also invested in advanced technologies to gain a competitive edge and enhance their business operations. APAC is expected to be the fastest-growing region in the global cloud infrastructure services market, owing to the positive economic outlook in the region, increased spending on Information Technology (IT) infrastructure, and benefits of cloud infrastructure services tools to drive user experience and improve continuous delivery issues.
The research report also studies the strategic alliances and acquisitions by global and local players in the IaaS market. These players have majorly adopted the growth strategy of new product launches and product enhancements to enhance their business in the IaaS market and cater to the needs of diverse end users across regions.
Changing Market Trends and Agility
Increasing Cloud Infrastructure Services Benefits
Increased Cost-Savings and Roi
Edge Computing Going Mainstream
Concern Over Data Losses
Reluctance of Employees to Upgrade Existing Skills
Increase in the Adoption of Hybrid Cloud Services
Rise in Number of SMEs to Create New Revenue Opportunities for Cloud Vendors
Increased Need to Manage Regulatory and Compliance Policy Needs