Infrastructure As-A-Service Market Growth accelerated by demand for...

Infrastructure As-A-Service Market Growth accelerated by demand for cost-effective cloud services

Posted 2024-02-01 09:31:05

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Infrastructure as a service (IaaS) provides on-demand access to technology resources and applications over the internet. IaaS solutions offer scalable, pay-as-you-go cloud infrastructure that reduces upfront capital expenses for organizations.

The global Infrastructure as-a-Service Market is estimated to be valued at US$ 74.22 Bn in 2023 and is expected to exhibit a CAGR of 8.0% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:
The increasing adoption of hybrid cloud infrastructure is one of the major trends driving the growth of the IaaS market. Hybrid cloud allows organizations to integrate private and public cloud services to optimize costs and improve scalability. It provides flexibility to use different cloud deployment models based on specific application and data security requirements. Leveraging hybrid cloud infrastructure through IaaS solutions enables businesses to gain necessary control and flexibility over their IT environment.

Segment Analysis
The global infrastructure as a service market is dominated by the computing as a service sub-segment. This sub-segment held around 35% of the overall market share in 2024 owing to the rapid adoption of cloud computing services by enterprises across all industry verticals. Cloud computing allows enterprises to access computing resources such as virtual machines, servers, databases, networking components, and software services over the internet on a pay-as-you-go subscription basis, which is driving its adoption.

Key Takeaways
The Global Infrastructure As A Service Market Size is expected to witness high growth over the forecast period of 2024 to 2031 owing to the growing demand for scalable and cost-effective IT infrastructure from businesses of all sizes.

Regional analysis: North America currently dominates the global IaaS market and accounted for around 40% share in 2024 owing to rapid adoption of cloud technologies by well-established enterprises in countries like the US and Canada. Besides, the presence of major cloud providers like AWS, Microsoft, and Google in the region is also driving the regional market growth. The Asia Pacific region is expected to witness the fastest growth during the forecast period owing to growing investments by global cloud players and increasing spending on digital transformation initiatives by enterprises in countries like China, India, and Japan.

Key players operating in the infrastructure as a service (IaaS) market are Rubicon Technology Inc., KYOCERA Corporation, Saint-Gobain, SCHOTT AG, Monocrystal, Rayotek Scientific Inc., CRYSTALWISE TECHNOLOGY INC., ILJIN Display CO. Ltd, Namiki Precision Jewel Co., Ltd., Juropol Sp. z o.o. Rubicon Technology Inc. held the largest market share of around 15% in 2024 owing to its robust portfolio of computing, storage, networking, and other cloud services. Other major players like Microsoft and AWS are also expanding their cloud infrastructure capabilities to leverage the growin demand for scalable IaaS solutions.