Cloud Infrastructure Service Market size worth $ 1384 Billion, Globally, by 2028 at 11.5% CAGR: Verified Market Research®

The development of technologies like big data, AI and Machine Learning (ML), as well as data security, meeting compliance requirement, data processing are some of the major factors the growth of the Cloud Infrastructure Service Market.

JERSEY CITY, N.J., March 31, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Cloud Infrastructure Service Market" By Service Type (Compute as a service, Storage as a service), By Deployment Model (Public Cloud, Private Cloud), By Vertical (IT and Telecommunications, Government and Public Sector), and By Geography. According to Verified Market Research, the Global Cloud Infrastructure Service Market size was valued at USD 235 Billion in 2020 and is projected to reach USD 1384 Billion by 2028, growing at a CAGR of 11.5% from 2021 to 2028.

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Global Cloud Infrastructure Service Market Overview

Owing to the availability of low costs, flexibility, scalability, and security are major development factors that are responsible for boosting the growth of the Global Cloud Infrastructure Service Market. Moreover, the government is 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 some other factors that may bolster the market growth. Nonetheless, stringent government regulations, limited bandwidth providers, and lack of access to high-speed internet might affect the market growth. The primary growth drivers for the market include low costs, scalability, flexibility, and security.

The cloud infrastructure service offerings give accelerated Time-to-Market (TTM) and rapid application development and running processes. Moreover, the expanding need to decrease the operational costs and maintenance of the IT infrastructure boosts the adoption of cloud infrastructure services by different organizations. Increasing IaaS benefits are providing ample opportunities for the growth of the market. Principal providers, including Microsoft, are now moving their solutions to cloud-associated models such as Dynamics 365. Office 365, and Windows as a Service, to name a few. Overall, cloud growth is impelled not only by the growth of IaaS but is being encouraged by three talented cloud players, including Google, Microsoft, and IBM.

However, due to COVD-19, Cloud Infrastructure Services and support services are affected globally. The current crisis due to the pandemic may see work volume increase for many of the contracts in the short term as firms need to use service partners to support home working arrangements, which in turn provides a boost to the market.

Key Developments

• October 2021: Expedient, a cloud computing solution, and data centre infrastructure provider, announced an opening of a new data centre in Milwaukee, United States. The new data centre is expected to help the company to better serve increasing customer demand for its cloud-based, Infrastructure as a Service (IaaS) offerings in the central United States.
• October 2021: Alkira Inc., a company offering a hybrid/multi-cloud network with network services, visibility, and governance, announced a partnership with Amazon Web Services (AWS). The partnership is expected to benefit in faster customer adoption of Alkira Cloud Services Exchange (CSX).

Key Players

The major players in the market are Amazon Web Services, Google, Microsoft, IBM, Interoute, Alibaba Cloud, Oracle, Fujitsu, VMware, Centurylink, AWS, Rackspace.

Verified Market Research has segmented the Global Cloud Infrastructure Service Market On the basis of Service Type, Deployment Model, Vertical, and Geography.

• Cloud Infrastructure Service Market, By Service Type
• Compute as a service
• Storage as a service
• Networking as a service
• Others
• Cloud Infrastructure Service Market, By Deployment Model
• Public Cloud
• Private Cloud
• Hybrid Cloud
• Others
• Cloud Infrastructure Service Market, By Vertical
• IT and Telecommunications
• Government and Public Sector
• Banking, Financial, and Insurance Services
• Others
• Cloud Infrastructure Service Market by Geography
• North America
• U.S
• Canada
• Mexico
• Europe
• Germany
• France
• U.K
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Rest of Asia Pacific
• ROW
• Middle East & Africa
• Latin America

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