According to the new market research report "Cloud Infrastructure Services Market by Service Type (Storage as a Service, Compute as a Service, Disaster Recovery and Backup as a Service), Deployment Model, Organization Size, Vertical, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size is expected to grow from USD 30.00 billion in 2018 to USD 81.29 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 22.1% during the forecast period.
The key growth factors for the market include governments' increasing investments in new digital transformation initiatives, such as cloud and analytics; an increased awareness among enterprises about the benefits of cloud and its technologies and Internet of Things (IoT); and business continuity requirements resulting in high demand for cloud storage, disaster recovery, and backup services.
Disaster recovery and backup as a service segment to grow at the highest rate during the forecast period
Disaster recovery and backup as a service is critical for enterprises and consumers to protect their data to ensure business continuity at all times. The demand for this service is growing as it helps minimize the operational and capital expenditure incurred. Enterprises are rapidly adopting the disaster recovery and backup 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 to hold largest market size in 2018
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 anytime, 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 record a high growth rate.
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 main driving factors for the adoption of cloud infrastructure services in the region. The increasing adoption of advanced application development technologies and growing data volumes will drive the significant growth of the APAC market during the forecast period. The public cloud is gaining huge adoption in this region due to its low costs, on-demand availability, and improved security.
Major vendors providing Cloud Infrastructure Services Market 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), Interoute (UK), Joyent (US), Skytap (US), Virtuestream (US), ProfitBricks (Germany), Tencent (China), DXC (US), AT&T (US), NEC (Japan), and Navisite (US).
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