Cloud Infrastructure Market to See Steady Growth, Reaching $553.23...

Cloud Infrastructure Market to See Steady Growth, Reaching $553.23 Billion by 2034

Blogs IT, Cloud, Software and Technology

Posted 2024-08-21 09:28:41

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Revenue from the global cloud infrastructure market is expected to reach US$ 553.23 billion by the end of 2034, growing at a compound annual growth rate (CAGR) of 5.6% from its predicted US$ 320.12 billion in 2024.

As more companies become aware of the scalability, flexibility, and cost-saving benefits of cloud computing, its adoption has increased across the board. The drivers underlying this include the growing need for digital transformation as well as increased demands for data processing and storage.

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Hybrid cloud computing systems are growing in popularity as more companies want to profit from the advantages of both public and private clouds. By integrating on-premises infrastructure, it helps businesses to manage the demands for control, security, and agility. This trend will facilitate seamless job mobility and data transfer between environments, which will increase the size of the cloud infrastructure market overall.

The market for cloud infrastructure is growing as a result of edge computing, which provides low latency processing and real-time decision making that is becoming extremely profitable for business owners that want real-time market data.

Key Companies Profiled

Alibaba Cloud; Amazon Web Services, Inc.; CloudHesive; Coastal Cloud; DigitalOcean; Google; GroundCloud; IBM; Microsoft Azure; Oracle Cloud; Rackspace Technology, Inc.; Salesforce, Inc.; Tencent; The Descartes Systems Group Inc.; VMware LLC.

Businesses Highly Acknowledge the Benefits of AI and Machine Learning

Driven by the ongoing growth of artificial intelligence (AI) and remote work, digital transformation is one of the key market factors driving sales. Companies are starting to realize how useful AI and machine learning are, which is changing how they operate and making them rely more and more on cloud-based IT infrastructure. As more consumers choose online services over traditional ones, this quick digital transition improves flexibility, scalability, and cost savings.

The worldwide market circumstances have improved due to the remote work trend. It has increased demand for cloud-based communication and collaboration tools as well as the cloud infrastructure required to accommodate distant workers. AI and machine learning applications, which need a lot of data processing and storage for model training, also depend on cloud infrastructure.

The Use of Private Cloud Computing Solutions Is Growing

A cloud computing environment designated for a particular company or user is known as private cloud computing. Through a personal network or the internet, private cloud computing makes computer resources available to a limited number of users, as opposed to a broad public. Self-service, adaptability, and scalability are just a few of the numerous advantages that the company receives. Additionally, private clouds offer a far higher level of security than other conventional services accessible, protecting the privacy and security of third-party providers through the use of internal hosting and firewalls.

Companies have a lot of sensitive information that should never be shared with outside parties. Private cloud computing gives them the privacy and security they need to operate and store data without being accessed by unauthorized parties. This supports the other aspect, which is data security. It has been said how crucial it is for company owners to keep data securely, and cloud infrastructure provides them with the tools necessary to store sensitive data.

Restrictions on Network and Bandwidth and Strict Data Security & Privacy Guidelines

It is becoming more and more challenging for organizations and major business owners to connect cloud infrastructure with their existing on-premise systems. When organizations utilize more intricate systems than normal, this situation gets worse. The inability of small businesses, in particular, to manage cloud infrastructure internally is posing a challenge.

Because of the strict regulations and guidelines controlling data security and privacy, the use of cloud infrastructure is also becoming less common in commercial settings. Because certain places have lower quality network and bandwidth infrastructure available, the adoption of cloud infrastructure may be more restricted in certain areas.

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Competition Landscape

To stay ahead of the competition, major competitors in the cloud infrastructure industry are considering launching new products. Cloud computing and cloud-managed services are among the offerings.

AWS Cloud Formation Service was launched by Amazon Connect for management APIs. Customers may now manage Amazon Connect instances using AWS in February 2022 by integrating Lambda functions, approved origins, security keys, Lex bots (including Lex v2), and the rest of their AWS infrastructure.
IBM Corporation and Amazon Web Services Inc. struck a partnership agreement so that IBM could provide Software as a Service (SaaS) on AWS with a large software library. In May 2022, clients will be able to easily use IBM products for data, automation, and artificial intelligence thanks to this arrangement.
A new offering from AT&T and Google Cloud integrates their edge computing and 5G portfolios. In July 2021, this portfolio will feature wired, wireless, and wired LTE capabilities in addition to AT&T's on-site Multi-access Fringe Computing technology.

Segmentation of Cloud Infrastructure Market Research

By Type :
- Hardware
- Services
  - Infrastructure as a Service (IaaS)
  - Platform as a Service (PaaS)
  - Relational Database as a Service (DBaaS)
  - Container as a Service (CaaS)
  - Software as a Service (SaaS)
By End User :
- Banking, Financial Services, and Insurance (BFSI)
- Consumer Goods & Retail
- Manufacturing
- Business & Consulting Services
- Others
By Infrastructure :
- Public
- Private
- Hybrid
By Region :
- North America
- Western Europe
- Eastern Europe
- Latin America
- East Asia
- South Asia & Pacific
- Middle East & Africa

This growth underscores the critical role of cloud infrastructure in supporting the evolving technological landscape, making it an indispensable component of modern business operations. As innovation and investment in cloud technologies continue to rise, the cloud infrastructure market is set to be a cornerstone of global IT strategy and digital success.