Cloud Infrastructure Service Market: Current Analysis and Forecast (2021-2027)
Organizations prefer the cloud for a series of reasons such as cost-effectiveness, scalability, and lean management. Moving to the cloud saves the majority of the initial cost. Moreover, managing and updating application on the cloud is a lot cheaper, when compared to traditional ways of infrastructure. Furthermore, growing organizations are in constant requirement of more storage, optimizing resources from the cloud enables them to escape the large one-off payments of hardware and software, making operational costs minimal. Cloud is a better, faster, more powerful way to develop software and manage applications.
Thus, Global Cloud Infrastructure Market is expected to witness a robust CAGR of 16% during the forecast period 2021-2027F.
Insights Presented in the Report
"Amongst service type, storage as a service market category accounted for the majority share in the market in 2020”
Based on service type, storage as a service is expected to grab the majority of the market during the forecast period. Organizations across all sizes and industries are leveraging cloud infrastructure services for improving efficiency, lowering the cost of server space, and access to data anywhere. Increasing demand for storage as a service from the smartphone sector is anticipated to drive the market growth throughout the forecast period. With the proliferation of smartphones, market trends shifted towards applications that demand more storage space and computing power.
"Amongst Organization Size, the Small & medium segment is expected to witness highest CAGR during the forecast period”
Based on the organization size, the market is bifurcated into small & medium-sized enterprises and large enterprises. During the forecast period, small & medium-sized enterprises are expected to witness the highest CAGR. This is mainly due to the low implementation cost of cloud services and easy execution. Also, small companies don’t have enough mental and physical resources to burn-in operations.
"Amongst Industry Vertical, IT and Telecommunications is expected to witness the highest CAGR during the forecast period”
Based on industry vertical, the market is segmented into BFSI, IT and telecommunication, government and public sector, retail & consumer goods, manufacturing, energy and utilities, media and entertainment, healthcare and life science, and others. IT and telecommunications segment grabbed the major market share and dominated the market in 2020. This is mainly due to the growing requirement for software solutions in various different industry verticals, and also a requirement for managing a larger quantity of data.
"Amongst Deployment, Public cloud is expected to grow at the highest CAGR during the forecast period”
Based on deployment, the cloud infrastructure is segmented into public cloud, private cloud, and hybrid cloud. During the forecast period, the public cloud grabbed the major market share and dominated the market. Factors such as its cost-effectiveness, and easy availability are contributing to the market growth. Also, public cloud services have gained huge traction in APAC, as enterprises seek to enhance their digital initiatives. With the pressure to achieve greater business agility and satisfy their customers, cloud computing has become the core of how many businesses operate nowadays. Organizations are working on optimizing both application performance and ensuring a good customer experience.
"North America to witness significant growth during the forecast period”
North America transpires to be the dominant market when it comes to revenue generated by the cloud infrastructure services market. The region has been the early adopter of the technology. The emerging sector for cloud computing services in the North Americans region is the healthcare sector. The cloud computing services are adopted mainly in the data recording and keeping in both clinical as well as non-clinical information. Also, North America consists of countries like Canada and USA, these countries have larger budgets for R&D and technology implementation.
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