CHICAGO, Oct. 14, 2019 /PRNewswire/ -- According to a 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 2024", published by MarketsandMarkets™, the global Cloud Infrastructure Services Market size is expected to grow from USD 73.0 billion in 2019 to USD 166.6 billion by 2024, at a Compound Annual Growth Rate (CAGR) of 18.0% during the forecast period.
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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.
Storage as a service segment to hold the largest market size during the forecast period
Enterprises that lack the budget to implement and maintain their storage infrastructure or hardware generally avail this service. The demand for this service is growing as it helps minimize the operational and capital expenditure incurred. Enterprises are rapidly adopting the storage 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 is estimated to hold the largest market size
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 to record a high growth rate.
Banking, Financial Services, and Insurance (BFSI) vertical is estimated to have the largest market size
BFSI companies need to respond to varying market conditions for service variations and different consumer behavior. The cloud infrastructure services are transforming the BFSI vertical by empowering enterprises with increased speed-to-market. Efficient expense management, human resources, and customer communications are the top most needs of BFSI organizations. For better and efficient management BFSI institutes are now placing their email platforms and marketing tools in the cloud.
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 primary driving factors for the adoption of cloud infrastructure services in the region. The increasing adoption of advanced application development technologies and increasing data volumes will drive the significant growth of the APAC market during the forecast period. The public cloud is gaining massive adoption in this region due to its low costs, on-demand availability, and improved security.
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Significant 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), Joyent (US), Skytap (US), Virtuestream (US), ProfitBricks (Germany), Tencent (China), DXC Technology (US), AT&T (US), NEC (Japan), and Navisite (US).
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