Infrastructure-as-a-Service Market to Be Worth $512.4 Billion by 2031 - Exclusive Report by Meticulous Research®

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Jul 03, 2024, 10:01 ET

REDDING, Calif., July 3, 2024 /PRNewswire/ -- According to a new market research report titled, 'Infrastructure-as-a-Service Market by Offering (Compute, Storage, Others), Deployment (Public, Private, Hybrid), Organization Size, Application (Hosting, Others), Sector (IT & Telecommunications, BFSI, Others), and Geography - Global Forecast to 2031,' the infrastructure-as-a-service market is projected to reach $512.4 billion by 2031, at a CAGR of 23.1% from 2024–2031.

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In cloud computing, there are three main categories of services, namely, Infrastructure-as-a-Service (IaaS), Platform-as-a-Service (PaaS), and Software-as-a-Service (SaaS). Infrastructure as a service (IaaS) is a form of cloud computing that provides access to cloud infrastructure resources from cloud service providers (CSPs), including servers, virtual machines, networking resources, and storage. Organizations use the IaaS to migrate IT infrastructure to the cloud. It helps to reduce the maintenance of on-premises data centers, save money on hardware costs, and gain real-time business insights. It also helps to provision new applications and adopt advanced technologies such as AI, ML, and big data.

Enterprises are adopting the IaaS model to eliminate the complexity and costs associated with building and maintaining physical infrastructure in an on-premises data center. The CSPs are responsible for managing and maintaining the infrastructure. The IaaS model is a pay-as-you-go basis that only allows for a particular resource that the consumer uses. IaaS gives flexibility to easily increase or decrease resources, allowing consumers to pay less when needed or instantly provision and scale out resources to meet new demands.

The infrastructure-as-a-service market is segmented by offering (compute, network, storage, other offerings), deployment mode (public cloud, private cloud, hybrid cloud), organization size (large enterprises, small & medium-sized enterprises), application (testing and development, hosting, storage, backup, and recovery, high performance computing, other applications), sector (IT & telecommunications, BFSI, healthcare, retail & e-commerce, government & defense, manufacturing, transportation & logistics, other sectors). The study also evaluates industry competitors and analyzes the market at the regional and country levels.

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Based on offering, the infrastructure-as-a-service market is segmented into compute, network, storage, and other offerings. In 2024, the compute segment is expected to account for the largest share of above 42% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing use of virtualized computing resources by SMEs due to limited IT budgets and increasing digital transformation by various sectors to transfer their workload to the cloud.

Based on deployment mode, the infrastructure-as-a-service market is segmented into public cloud, private cloud, and hybrid cloud. In 2024, the public cloud segment is expected to account for the largest share of above 50% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing use of the public cloud by small and medium-sized enterprises due lower cost of subscription-based or pay-per-usage pricing models in the public cloud.

Based on organization size, the infrastructure-as-a-service market is segmented into large enterprises and small & medium-sized enterprises. In 2024, the large enterprises segment is expected to account for the larger share of the infrastructure-as-a-service market. The large market share of this segment is attributed to the growing adoption of advanced technologies such as cloud computing, AI, and blockchain, and the rapid migration of IT infrastructure in the cloud.

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Based on application, the infrastructure-as-a-service market is segmented into testing and development, hosting, storage, backup and recovery, high performance computing, and other applications. In 2024, the storage, backup, and recovery segment is expected to account for the largest share of around 38% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing use of cloud storage applications in large enterprises due to the increasing volume of data and growing demand across SMEs to avoid the complexity of storage management, the lack of skilled professionals, and reduce cost.

Based on sector, the infrastructure-as-a-service market is segmented into IT & telecommunications, BFSI, healthcare, retail & e-commerce, government & defense, manufacturing, transportation & logistics, and other sectors. In 2024, the IT & telecommunications segment is expected to account for the largest share of around 32% of the infrastructure-as-a-service market. The large market share of this segment is attributed to the increasing adoption of advanced technologies, including cloud computing, and the increasing use of the IaaS model to reduce data centers and increase storage capacity. Telecommunications operators are migrating to cloud infrastructure to decrease operational costs and increase deployment times. For instance, Deutsche Telekom AG (Germany) is using Amazon Web Services, Inc. (U.S.) and Microsoft Corporation (U.S.) cloud infrastructure to reduce its data centers from 89 to 13 across the globe and increase computing and storage capacity by around 25%.

Based on geography, the infrastructure-as-a-service market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2024, North America is expected to account for the largest share of around 46% of the infrastructure-as-a-service market. The market growth in North America is driven by the increasing government initiatives for the implementation of cloud computing technologies, the presence of major technology companies in the region, the high acceptance & extensive adoption of cutting-edge technologies in the region, and growing cloud adoption to manage security, infrastructure, network, business continuity, mobility, and regulatory standards within the cloud infrastructure. Companies are increasingly adopting cloud infrastructure to improve business productivity and decision-making capabilities by migrating their on-premise workload to the cloud. For instance, in April 2022, Amazon Web Services, Inc. (U.S.) extended its partnership with Boeing (U.S.), the leading manufacturer of airplanes, rotorcraft, rockets, satellites, and telecommunications equipment, to migrate Boeing's applications from on-premises data centers to AWS cloud to strengthen their engineering and manufacturing processes.

The key players operating in the infrastructure-as-a-service market are Amazon Web Services, Inc. (U.S.), Microsoft Corporation (U.S.), Alibaba Cloud (China), Google LLC (U.S.), Huawei Technologies Co., Ltd. (China), Oracle Corporation (U.S.), IBM Corporation (U.S.), Cisco Systems, Inc. (U.S.), SAP SE (Germany), VMware, Inc. (U.S.), Rackspace Technology, Inc. (U.S.), DigitalOcean LLC (U.S.), Hewlett Packard Enterprise Company (U.S.), Tencent Cloud (China), Linode LLC (U.S.), NTT Communications Corporation (Japan), Utho (India), and Vultr (U.S.).

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Scope of the Report:

Infrastructure-as-a-Service Market Assessment—by Offering

Storage
Compute
Network
Other Offerings

Infrastructure-as-a-Service Market Assessment—by Deployment Mode

Public Cloud
Private Cloud
Hybrid Cloud

Infrastructure-as-a-Service Market Assessment—by Organization Size

Large Enterprises
Small & Medium-sized Enterprises

Infrastructure-as-a-Service Market Assessment—by Application

Storage, Backup, and Recovery
High Performance Computing
Hosting
Testing and Development
Other Applications

Infrastructure-as-a-Service Market Assessment—by Sector

IT & Telecommunications
Retail & E-commerce
BFSI
Manufacturing
Healthcare
Transportation & Logistics
Government & Defense
Other Sectors

Infrastructure-as-a-Service Market Assessment—by Geography

North America
- U.S.
- Canada

Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific

Europe
- U.K.
- Germany
- Italy
- Spain
- France
- Rest of Europe

Latin America
Middle East & Africa

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