Infrastructure as a Service (IaaS) Market to Grow at CAGR of 26% through 2032 – Growing Need to Optimize Business Processes Will Propel Growth
The global infrastructure as a service (IaaS) market size is anticipated to grow from USD 80 billion to USD 806.85 billion in 10 years. The market will experience rapid growth due to integrating artificial intelligence with IaaS during the forecast period.
Newark, Jan. 08, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 80 billion in 2022 global infrastructure as a service (IaaS) market will reach USD 806.85 billion in 2032. Infrastructure as a service (IaaS) refers to outside parties providing cloud services to companies. If they use AIaaS, customers or enterprises can eliminate the requirement to run an on-site data centre. A cloud computing service called Infrastructure as a Service (IaaS) gives users access to networking, storage, and processing power when and when needed. It provides enterprises with several advantages. IaaS is highly scalable and adaptable, requiring no significant infrastructure improvements or large upfront expenditures. IaaS makes cloud computing services more accessible to small and medium-sized enterprises due to its low cost. Operations are automated, increasing efficiency and production. Other advantages of IaaS include location independence, data security, and remote accessibility. IaaS provides development, testing, recovery, backup, and storage.
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Key Insight of the Global Infrastructure as a Service (IaaS) Market
North America will dominate the market during the forecast period.
The region is home to the headquarters of major IaaS providers, which propels innovation in the industry. Due to the region’s established IT and telecom sector and the readily available resources, new technology is adopted faster in the region.
In 2022, the hybrid segment dominated the market with the largest market share of 42% and market revenue of 33.60 billion.
The deployment type segment is divided into public, private and hybrid. In 2022, the hybrid segment dominated the market with the largest market share of 42% and market revenue of 33.60 billion.
In 2022, the computing segment dominated the market with the largest market share of 37% and market revenue of 29.60 billion.
The service segment is divided into computing, storage, networking and others. In 2022, the computing segment dominated the market with the largest market share of 37% and market revenue of 29.60 billion.
In 2022, the IT and telecom segment dominated the market with the largest market share of 27% and market revenue of 21.60 billion.
The industry segment is divided into BFSI, healthcare, manufacturing, retail and e-commerce, education, IT and telecom and others. In 2022, the IT and telecom segment dominated the market with the largest market share of 27% and market revenue of 21.60 billion.
Advancement in market
The market-leading cloud services platform from HPE, the HPE GreenLake edge-to-cloud platform, was chosen by Fastweb, one of the top telecom operators in Italy, to modernize its Fastcloud Business Unit and boost agility by accelerating the rollout of new services. The new platform improves operations, security, and governance with better utilization and cost visibility. Three million users use Fastweb’s mobile network, while 3.1 million use its fixed network. Its commercial unit, Fastcloud, offers government agencies and businesses cloud solutions, including software as a service (SaaS) and infrastructure as a service (IaaS).
Driver: The increasing demand for business process optimization.
Due to the growing competition, businesses are being forced to examine their operations and make changes. Automation and digitization across industries have allowed maximisers to completely change their operations by digitizating monotonous jobs and repetitive processes to maximize resources and boost revenue. Given the modern digital environment in which producers and consumers live, IaaS services have played a critical role in bringing about this shift. Flexibility, scalability, cost-effectiveness, rapid upgrades, downtime, security, and dependability have all been provided by IaaS. Therefore, IaaS adoption will rise and contribute to its global expansion due to the increasing requirement to optimise corporate processes to survive market competition and enhance customer happiness and retention.
Restraints: Threats and hazards to cyber-security have increased.
Given that IaaS provides networking and computing services, Threats and cyber-security hazards have increased. Because thousands of people use the internet to access computing, networking, and storage services provided by IaaS, there is an increased danger of cyberattacks. Businesses risk collapsing due to data breaches, thefts, and other hacking incidents. Other consequences include lost time, money, and client confidence. There may occasionally be some danger involved in using third-party IaaS services. As a result, worries about data privacy and other security issues will impede the market’s expansion.
Opportunities: The combination of large data and AI.
The development of AI, IoT, and big data technologies has given market participants new options. When these technologies are combined with IaaS, automating tasks, increasing productivity, decreasing redundancy, saving money, and gaining new insights previously unattainable with outdated computing algorithms will be feasible. These would create new business channels and chances for enterprises, propelling market expansion over the projection time.
Challenges: the regulations governing the use of IaaS.
The IaaS providers are responsible for the data they store or share. A set of rules and regulations by relevant authorities governs them. These regulations might be different for each country. However, the virtual nature of IaaS makes it difficult for the provider to standardize their checks and balances to incorporate each country’s guidelines. Therefore, the regulations governing IaaS will challenge the market’s growth.
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Some of the major players operating in the global infrastructure as a service (IaaS) market are:
• Alibaba Group Holding Limited
• Amazon Web Services, Inc.
• Dell EMC
• Google LLC
• Hewlett Packard Enterprise Development LP
• International Business Machines Corporation
• Microsoft Corporation
• Oracle Corporation
• Rackspace Hosting, Inc.
• Redcentric Plc
Key Segments covered in the market:
By Deployment Type
• Retail and E-Commerce
• IT and Telecom
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the UK, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analysed based on value (USD Billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyses driving factors, opportunities, restraints, and challenges to gain critical market insight. The study includes Porter’s five forces model, attractiveness analysis, Product analysis, supply and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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