August 2024
08 Sep 2024
The global cloud infrastructure services market revenue was valued at USD 121.95 billion in 2023 and is poised to grow from USD 124.44 billion in 2024 to USD 598.83 billion by 2033, at a CAGR of 17.30%. during the forecast period 2024 – 2033. The increase in data quantities across the world is expected to enhance the growth of the cloud infrastructure services market.
The cloud infrastructure services market deals with the virtualization of infrastructure over the internet or the network. Cloud infrastructure offers the delivery of products or services on demand via delivery models such as cloud business process as a service, infrastructure as a service, platform as a service (PaaS), and software as a service (SaaS). The components of cloud computing include applications, firewalls, storage systems, memory, network switches, and servers.
The increasing adoption of cloud-based technologies by consumers to improve service delivery, integrity, and data security contributed to propelling the market growth. In addition, increasing smartphone adoption and internet penetration and increasing awareness in enterprises about the advantages of the cloud and its technologies are further expected to drive the growth of the cloud infrastructure services market.
Enhanced performance and quality, storage capacity, high data security, and improved data control to fuel market growth.
Cloud infrastructure services accurately produce maximum output with less workload and help to improve quality and efficiency. The application also offers the user the advantage of access from anywhere. In addition, the increasing storage server of cloud infrastructure service offers a huge capacity for keeping large amounts of data and provides flexibility in the storage capacity by responding quickly to maintain cost optimization, reducing the size when it's done, and increasing data storage depending upon consumer requirement.
Furthermore, cloud infrastructure services have made things secure and easier as they offer a very advanced security feature to maintain the data security and privacy of their applications. It offers integrated data and systematic authentication that ensures improved data over networks and secure communication and removing data breach issues. These factors are expected to enhance the growth of the cloud infrastructure services market.
However, limited control and flexibility of cloud infrastructure may restrain the growth of the market. Since the cloud infrastructure is entirely monitored, managed, and owned by the cloud service provider, it converts minimum control over to the users. To changing degrees, cloud infrastructure consumers may find they have minimum control over the execution and function of services within a cloud-based infrastructure. Management policies and end-user license agreements of cloud infrastructure impose limits on what users can do with their deployments. Users retain control of their services, data, and applications but may not have the same level of control over their infrastructure. These factors are responsible for restraining the growth of the cloud infrastructure services market.
| Report Attribute | Key Statistics |
| Market Revenue in 2024 | USD 124.44 Billion |
| Market Revenue by 2033 | USD 598.83 Billion |
| Market CAGR | 17.30% from 2024 to 2033 |
| Quantitative Units | Revenue in USD million/billion, Volume in units |
| Largest Market | North America |
| Base Year | 2023 |
| Forecast Period | 2024 to 2033 |
| Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Recent Innovation in Cloud Infrastructure Services by Macquarie Cloud Services
Recent Innovation in Cloud Infrastructure Services by Akamai Technologies
Regional Insights
Asia Pacific is expected to grow fastest during the forecast period. The rising preference for cloud-based solutions, increasing widespread internet accessibility, and increasing growth in digital transformation endeavors have contributed to propelling the market growth. In the dynamic technological sector in the region, cloud infrastructure services enhance cost-efficiency, scalability, and flexibility.
The escalating processing capabilities and need for data storage are coupled with the emergence of edge computing in this region. China, India, Japan, and South Korea are the major leading companies in this market. China is the major country and has the largest market share in this market. Alibaba, Huawei, and Tencent are the major and leading cloud infrastructure service companies in China. There are various developed storage services and cloud computing providers. Various Chinese branches and China-based companies of leading global cloud service suppliers also provide cutting-edge solutions. These are the major factors expected to drive the growth of the market in the Asia Pacific region.
North America dominated the cloud infrastructure services market in 2023. The market is enhanced by the presence of mature IT infrastructure and major technology hubs. The increasing adoption of cloud solutions across several industries, combined with favorable government initiatives to promote digital transformation, contributed to driving the market growth in the region. The U.S. and Canada are the leading countries in the region.
The U.S. is the dominating and holds the largest market share. The presence of leading cloud services suppliers like Google Cloud Platform, Microsoft Azure, and AWS fosters advancements and attracts businesses searching for advanced cloud solutions in the U.S. These are the major factors that are expected to drive the growth of the cloud information services market in North America.
The European cloud infrastructure services market is set for continued growth, driven by digital transformation, technological innovations, and increasing adoption across various sectors. Emphasis on security, hybrid and multi-cloud strategies, and advancements in AI and edge computing will shape the market dynamics. In summary, the European cloud infrastructure services market is thriving, supported by rising digital transformation efforts, technological advancements, and a growing need for scalable and efficient IT solutions. Key players are focusing on innovation and security to meet the evolving demands of the market.
Increasing growth in cloud usage to power AI and ML applications
Cloud infrastructure services offer machine learning (ML) and artificial intelligence (AI) applications through the cloud, as very few businesses have the resources to make their artificial intelligence infrastructure. Cloud providers are innovating these technologies to offer cost-effective and more efficient solutions to their customers by relishing the increased application of AI and ML. Building efficient ML and AI technologies requires massive computing power and storage space. It is more efficient to buy these technologies from cloud suppliers instead of building their big data infrastructure. These are lucrative opportunities that are expected to enhance the growth of the cloud infrastructure services market in the future.
Market Segmentation
By Service Type
By Deployment Model
By Organization Size
By End-user Vertical
Buy this Research Report@ https://www.precedenceresearch.com/checkout/3662
You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 650 460 3308
August 2024
February 2024
October 2023
July 2023