A recent business intelligence report from IndustryARC has identified the growing need for high-speed connectivity, high prices of software, and stringent regulatory compliance as the major driving factors for the Infrastructure as a Service (IaaS) market. Additionally, surging demand for hybrid cloud platforms from the IT sector is expected to create new opportunities for growth of startups. The IaaS market be valued at $31.6 billion in 2018, and the market growth is anticipated to grow with an impressive CAGR of 24.84% during the forecast period 2019-2024.
The report titled “Infrastructure as a Service (IaaS) Market - Industry Analysis, Market Size, Share, Trends, Application Analysis, Growth and Forecast (2019–2024).” The report detailed about reasons for rising demand for improved security and compliance, support for business continuity, and reducing the complexity of eliminations of backups and servers. Furthermore, cloud IaaS has two service models – Platform as a Service (PaaS) and Software as a Service (SaaS) by the cloud. The organizations are implementing IaaS solutions majorly to handle large volume of data.
Global IaaS Market: Leading Segments
The key applications segments cited by IndustryARC’s analyst are in IT and Telecom sector. Companies are investing in IaaS due to emerging technological advancements in the market. The market is expected to register a CAGR of 19.32% during the aforementioned forecast period.
Europe recorded the highest IaaS market share of 29.86% in 2018. Owing to increasing industrialization and investment from potential investors, there are continuous technological advancements in the market. Technological advancements such as cloud computing services with IoT, Big data, and DevOps have strengthened the cloud infrastructure. These advancements result in low-cost networking, virtual data centers, storage, servers, and storage solutions. IaaS market growth is attributed to improvement in digital transformation such as cloud technology in Germany and France. Furthermore, there is a greater demand for mobility in European enterprises, which is creating a demand influx in the IaaS market.
Global IaaS Market: Market Trends and Growth Drivers
· The enterprises present globally are focusing on reducing work pressure and creating a mobile workforce. These trends require low-cost IT infrastructure with faster data accessibility that in turn create an opportunity for the growth of IaaS market.
· Healthcare, banking and financial services, manufacturing, telecommunication, IT are among majorly adopting IaaS sectos. Owing to adoption of cloud services at rapid pace by various verticals.
· Hybrid cloud is an emerging trend in the IaaS market. For companies, the significant shift to hybrid cloud model is the primary deployment model. Switching cost between the private and public cloud infrastructure stimulates the demand for hybrid cloud models for several users. Small and medium-size enterprises are increasingly adopting the cloud infrastructure to increase uptime, operational speed, flexibility, and enrich IT services.
Global IaaS Market: Competitive Landscape
Some of the key companies identified in the report that are currently holding the majority of shares in the global IaaS market are VMware, Microsoft, Rackspace, Cisco Systems, Google Inc., AWS, IBM, Fujitsu, CSC, and Profitbricks.
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About IndustryARC: IndustryARC is a research and consulting firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.