Cloud Infrastructure Services Market: Riding the Wave of Digital Transformation
The global cloud infrastructure services market is experiencing remarkable growth, propelled by the rapid adoption of cloud computing, digital transformation initiatives, and the evolving needs of businesses worldwide. A recent report highlights the key factors contributing to this unprecedented expansion and the market’s future outlook.
Cloud Computing: A Game Changer
Cloud computing, a paradigm where applications run on a network accessible from multiple devices and servers simultaneously, is rewriting the history of computing. This transformation has given rise to innovative and faster methods for delivering computing solutions, infrastructure, and application layers. The surge in demand for cloud services is a primary driver of the cloud infrastructure services market’s growth. The increasing adoption of Infrastructure as a Service (IaaS) by small and medium enterprises (SMEs), along with a growing appetite for agility, flexibility, and control, are among the driving forces. Additionally, the adoption of cloud services in developing regions and the proliferation of SMEs offer new opportunities for cloud infrastructure service providers.
Cost-Effective Digital Transformation
Enterprises are increasingly focused on reducing upfront and ongoing costs associated with on-premises data hosting. Factors such as staff expenses and downtime concerns are pushing businesses towards cost-effective solutions. Digital transformation and enhanced customer experiences are compelling reasons for enterprises to embrace cloud infrastructure services, leading to overall cost reduction. The pay-as-you-go model of cloud services further reduces expenses, making it an attractive option. The COVID-19 pandemic has accelerated the adoption of cloud services as businesses seek continuity and resilience in the face of challenges.
Top Services in Demand
Disaster recovery and Backup as a Service (BaaS) are experiencing the highest growth rates in the cloud infrastructure services market. Storage as a Service (STaaS), Compute as a Service (CaaS), Networking as a Service (NaaS), and Managed Hosting are also significant segments. Software as a Service (SaaS) continues to dominate the market among various services.
Public Cloud Leads the Way
Public cloud deployment is the preferred choice for businesses due to its simplicity, ease of deployment, and low initial investment. It offers scalability, reliability, flexibility, and utility-style costing, attracting companies of all sizes and industries. The prominent verticals driving demand for cloud infrastructure services include IT and telecommunications, BFSI, retail, energy, manufacturing, healthcare, and media and entertainment.
China’s Ascendancy in the Global Market
North America currently holds the largest market share, but Asia Pacific is expected to witness the highest growth. Chinese cloud infrastructure providers like Alibaba and Huawei have made significant strides, focusing on e-government services and infrastructure investments. The competition from Chinese players poses a challenge to the global market position of the US.
Prominent players in the global cloud infrastructure services market include Amazon Web Services, Microsoft, Oracle, FUJITSU, Alibaba, and Rackspace, among others. The market continues to be dominated by Google, Microsoft, and Amazon, which collectively hold over 60% of the total market share.
In recent developments, Oracle and VMware joined forces to facilitate hybrid cloud adoption, while AWS expanded its global presence by opening new data centers in Hong Kong.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 – By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/cloud-infrastructure-services-market
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This press release first seen on Brilad