Cloud Infrastructure Services Market Worth $166.6 Billion by 2024 - Exclusive Report by MarketsandMarkets
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.